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Article: Investors vote for governance reform at Cheesecake Factory. (Wall Street West).(Brief Article)
- Article from:
- Los Angeles Business Journal
- Article date:
- May 26, 2003
- Author:
CopyrightCOPYRIGHT 2003 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHEESECAKE Factory Inc. shareholders approved four non-binding corporate governance reform measures last week, but company officials have yet to say if the proposals by a Culinary Workers Union local in Las Vegas will be adopted.
Shareholders recommended to the board of the Calabasas-based restaurant operator: that it submit its stock option plan to shareholder approval, hold annual elections for directors, submit its "poison pill" to prevent hostile talceovers to a shareholder vote, and lower the amount of votes needed to enact a binding shareholder proposal to a simple majority of shares from 80 percent.
Each of those proposals received between 66 and ...