PeopleSoft Shareholders Vote Down Options Expensing

PeopleSoft (PSFT) shareholders on Tuesday voted down a nonbinding proposal to expense stock options.

A preliminary tally of the vote at the company's annual shareholder meeting showed about 46.7% in favor and 53% against, said company spokesman Steve Swasey.

The company's senior management opposed the resolution.

Last week, Intel ( INTC) shareholders narrowly voted down a similar resolution, while Yahoo! ( YHOO) shareholders overwhelmingly disapproved. But shareholders at Veritas Software ( VRTS), Mercury Interactive ( MERQ), Apple Computer ( AAPL) and NCR ( NCR) have voted in favor of expensing. Shareholders of software company Cognos ( COGN) will vote on a similar proposal -- also opposed by management -- before its June 19 meeting.

Though votes on options expensing have been at the forefront of the shareholder reform movement this spring, the issue may well be moot, because the Financial Accounting Standards Board is expected soon to order companies to do it.

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