A challenge to two sitting directors of
fell short Monday.
Shareholders at the company's annual meeting voted to re-elect all 11 members of the board to one-year terms. CA's preliminary results indicate that all directors received between 74% and 98% of the votes cast.
Also coming out on the winning side was KPMG, which will remain CA's independent auditor.
Three proxy advisory firms -- Institutional Shareholder Services, Proxy Governance and Glass Lewis -- had recommend that shareholders withhold approval of former Sen. Alfonse D'Amato, the company's longest-serving director and a member of its audit committee.
Glass Lewis had also recommend votes against Chairman Lewis Ranieri and KPMG, saying the accounting giant failed to exercise adequate oversight. And Ranieri "should be held accountable for failing to put in place an effective management team to improve the company's financial performance," the advisory firm said.
Proxy Governance noted that D'Amato has been on the board since 1999, "a period when the Long Island-based software company confronted accounting scandals, financial restatements and executive departures."
A number of CA's former top executives, including one-time CEO Sanjay Kumar, have pleaded guilty to felony fraud charges and are awaiting sentencing. The prosecutions resulted from a $2 billion accounting fraud in which sales were recognized earlier than they were actually booked to help the company meet financial targets for certain quarters.
Shares of CA were recently up 17 cents, or 0.7%, to $23.66.