(The Associated Press circulated the following on May 6, 2010.)
OMAHA, Neb. — Union Pacific shareholders approved a resolution requiring the railroad to decide all ballot issues by majority vote but rejected a measure requiring an independent board chairman.
The Omaha-based railroad held its annual meeting Thursday in Salt Lake City, where the railroad was incorporated.
The resolution that passed will force the railroad to change bylaws requiring some things, like removing a board member, to be approved by 67 percent of shareholders.
The failure of the independent chairman resolution will allow Jim Young to continue serving as CEO and chairman.
Shareholders re-elected all 12 directors despite the efforts of activist investor Change to Win Investment Group, which had recommended ousting Thomas Donohue for lacking independence.