February 26, 2010 03:40 PM Eastern Time
Colgate’s Board of Directors Approves
Shareholder Advisory Vote on Executive Compensation for 2010 Annual Meeting
NEW YORK--(BUSINESS
WIRE)--Regulatory News:
Colgate-Palmolive Company (NYSE:CL) today
announced that its Board of Directors has approved providing shareholders
with a non-binding advisory vote on executive compensation at Colgate’s
Annual Meeting of Stockholders on May 7, 2010.
Ian Cook, Colgate’s Chairman, President and
Chief Executive Officer, said, “By providing shareholders with an advisory
vote in 2010, Colgate continues its long-standing commitment to good
corporate governance. The Personnel & Organization Committee of the Board of
Directors welcomes an advisory vote on the Company’s strong
pay-for-performance based compensation programs that have helped drive the
Company’s superior business performance both in recent years and over the
long term.”
While Colgate will continue to monitor
developments regarding the advisory vote, including pending legislation that
would mandate an annual advisory vote, the Board currently plans to seek an
advisory vote on executive compensation every other year. The Board believes
this approach would align more closely with the multi-year performance
measurement cycle Colgate uses to reward long-term performance. It also
would provide the Company with sufficient time to engage with shareholders
to understand and respond to the vote results.
Timothy Smith, Senior Vice President
Environment, Social and Governance Group of Walden Asset Management and
Daniel Stranahan, Finance Committee Chair of The Needmor Fund said, “We
commend Colgate for taking this step, which further enhances its strong
corporate governance and accountability on compensation.” The Company’s
decision to hold an advisory vote in 2010 grew out of a constructive
dialogue with these shareholders as well as discussions with other
shareholders and Colgate’s participation in the Working Group on the
Advisory Vote.
About Colgate-Palmolive: Colgate-Palmolive is
a leading global consumer products company, tightly focused on Oral Care,
Personal Care, Home Care and Pet Nutrition. Colgate sells its products in
over 200 countries and territories around the world under such
internationally recognized brand names as Colgate, Palmolive, Mennen,
Softsoap, Irish Spring, Protex, Sorriso, Kolynos, Elmex, Tom's of Maine,
Ajax, Axion, Fabuloso, Soupline and Suavitel, as well as Hill's Science Diet
and Hill's Prescription Diet. For more information about Colgate's global
business, visit the Company's web site at
http://www.colgate.com.
Contacts |
Colgate-Palmolive Company
Bina Thompson, 212-310-3072
or
Hope Spiller, 212-310-2291 |
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