Release of official tallies for votes on shareholder initiatives at McKesson Corp.'s (MCK) Wednesday, July 26 annual meeting have been delayed until Friday morning.
The results of votes on a director election, a non-binding recommendation to separate the CEO and chairman's role and initially were expected to be disclosed in a securities filing Thursday.
The delay follows McKesson's annual shareholder meeting, which featured votes on initiatives pushed by the Teamsters labor union. On Wednesday, July 26, the International Brotherhood of Teamsters attended the shareholder meeting while simultaneously conducting a peaceful protest outside the meeting's doors.
The union argued that the supporting its proposals would be way for investors to express displeasure over the prescription drug distributor's failure to protect itself from financial risk created by the drug industry's role in the opioid addiction crisis.
During McKesson's annual shareholder meeting, at the Teamsters' suggestion, investors rejected management's proposed executive compensation package. However, the other initiative that the labor union led, which called for separating the company's chairman and chief executive roles, did not pass.
The margin of defeat is critical, however, because a narrow loss would signify substantial support for the idea among investors. Indeed, it looks like the company fended off the executive duty breakup by a less-than-respectable margin.
Initially, McKesson recommended that investors vote against both proposals from the Teamsters, but now it appears that the company is at least acknowledging shareholder desire for splitting the executive roles. After the vote McKesson said it intends to split the CEO-Chairman duties sometime in the future, basically when current Chairman and CEO John H. Hammergren steps down, which the company expects to be years into the future.