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Shareholder Voting for May 20, 2004 Meeting
In an
April 19, 2004 proxy statement filed with the SEC, the management of
Crowley Maritime Corporation presents two issues for voting by the company's
shareholders: the reelection of directors and the approval of an executive
bonus plan.
Members of the board of directors were asked in a
May 7, 2004 letter to explain why they
recommended shareholder votes in favor of these proposals, and were
encouraged to comment specifically on issues raised by the proxy advisor
Glass Lewis & Co.
in its report to institutional
investor clients recommending votes against four of the eight directors
and against the compensation plan.
Although management's control of 76% of the votes will determine the
approval of these proposals, it is important for all shareholders to be
informed about their voting decisions. It is also important to
understand why the board believes its proposals will benefit the company's
non-management investors, since controlling shareholders are considered to
have special fiduciary duties to act in the interests of minority
shareholders.
NOTE: Neither the Forum nor anyone associated with its conduct is
soliciting proxies or willing to accept proxies if offered. Based on
available information, only the company’s management intends to solicit proxies.
Instructions for voting for or against the issues being presented at the
meeting, or for changing those votes at any time prior to the meeting,
are
provided in the company's proxy statement. |