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IPG Shareholders Reject 2 Proposals, Including Gender and Race Reporting

Directors also reelected, PWC reappointed at annual meeting

Interpublic Group shareholders, at their annual meeting today, rejected a proposal that would have required the company to publicly report on the number of minorities and women it employs.

The measure called on IPG to provide a “comprehensive breakdown of its workforce by race and gender according to 10 employment categories,” beginning this year. Under federal law, companies with more than 100 employees already provide such data annually to the Equal Employment Opportunity Commission. 


Michael Roth

Nevertheless, the proposal garnered little support, with fewer than 7 percent of the voting shareholders supporting it. About 77 percent voted against it and the rest abstained.

IPG management opposed the measure, suggesting it was unnecessary, given the company’s ongoing efforts to promote diversity and inclusion.

Another proposal, calling for IPG to slow the vesting of equity awards that top management can get if the company is sold, also was rejected. However, more than a third of the voting shareholders (38 percent) supported it. Still, in sync with management’s opposition, 61 percent voted no.

Also at the meeting, which was steered by IPG CEO and board chairman Michael Roth, shareholders reelected all nine members of IPG’s board and reappointed longtime outside auditor PricewaterhouseCoopers.

Support for board members ranged from 94 percent for Roth to 99 percent for four others: David Thomas, William Kerr, Mary Steele Guilfoile and Jocelyn Carter-Miller. Each election is for one year.

About 75 people attended the meeting, which lasted 40 minutes and took place at the McGraw-Hill Building in New York.

 

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