Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) has a successful Annual General Meeting of shareholders yesterday. Despite opposition, the company was able to approve its proposals although many shareholders sided with shareholder activist Benny Landa regarding Teva's corporate governance. 37% voted against the new appointments to the Board and 26% voted against directors' and officers' insurance.
At the end of the meeting, Teva's board said, "We appreciate the support of Teva's shareholders in our efforts to diversify the Board and strengthen our corporate governance, including reducing the size of the Board from 15 members to 13, nominating a director with extensive global pharmaceutical experience, and the continued service of our CEO as a member of our Board of Directors."
The Board added, "The message we received from shareholders is clear. We are committed and continuing our efforts to address matters important to our shareholders and to improve corporate governance."
"We have before us significant business challenges and opportunities linked to Teva's growth, and we will do our utmost to meet them."
Landa said, "Today is a victory for Teva's shareholders because the company got the message that corporate governance of the board must be improved." He added that the meeting had been held with appropriate transparency and he expects the company to translate words into deeds.
Chairman Dr. Phillip Frost, who is set to resign, did not attend the meeting "because of the situation," and in his speech Landa threw a barb when he asked whether Frost feared the terrorists' missiles or the words of the company's critics.
Published by Globes [online], Israel business news - www.globes-online.com - on July 31, 2014
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