Caterpillar Inc. (CAT) shareholders rejected proposals from an activist investor to fire its auditor and replace three directors in a near-unanimous vote at the company's annual meeting.
Shareholders voted almost unanimously Wednesday to re-elect the company's board of directors and retain the same external auditor employed by the company for decades.
Shareholders also rejected a proposal to make it easier to claw back money paid executives who are later found to have violated certain norms.
The company prevailed in three other fights over shareholder proposals too.
"Like other new Caterpillar CEOs before me, I've formed a committee to review our enterprise strategy. This strategic planning committee is a diverse team that comes from many levels and functions across the company, and from many of our businesses around the world," Umpleby said, according to prepared remarks released by the company.
CtW, a labor and pension fund financial advisor who had introduced the executive pay clawback proposal, received just 28 percent of the vote, according to preliminary vote tallies at Caterpillar.
That's a better result than CtW's received in the past and the group's said that, "Today's vote is a wakeup call for the board to add some teeth to its existing policy to improve executive accountability in light of the intensified investigation of Caterpillar's offshore tax strategy," Dieter Waizenegger, CtW Investment Group executive director, said in a press release.