NEW YORK Interpublic Group shareholders on Tuesday reelected the company's 10 directors and approved new plans for rewarding employee performance and issuing stock to outside directors. IPG also recognized the efforts of 16 agencies working on the Bank of America account with the Philip H. Geier Award for client service.
Reelected to one-year terms were IPG chief executive David Bell; chief financial and operating officer Chris Coughlin; McCann Erickson WorldGroup CEO John Dooner; presiding director Frank Borelli; and outside directors Jill Considine, H. John Greeniaus, Richard Goldstein, Michael Roth, Reginald Brack and J. Phillip Samper.
The performance plan, which passed by a vote of 85 percent yes, 14 percent no and 1 percent abstaining, provides stock options, restricted stock and cash bonuses to up to 5,600 employees who contribute to the growth, profitability and success of IPG.
The stock incentives plan for non-management directors, which passed by a vote of 90 percent yes, 9 percent no and 1 percent abstaining, creates a pool of 200,000 shares of common stock as a means for attracting and retaining board members.
In addition, shareholders reappointed PricewaterhouseCoopers as IPG's independent auditor and rejected a resolution to adopt equal opportunity employment principles in Northern Ireland. (Bell said IPG units there already complied with fair employment practices.)
The votes were tabulated at IPG's annual shareholder meeting, which lasted about 70 minutes and took place at the Museum of Television and Radio in New York. Roughly 82 percent of all eligible shareholders voted, either in person or by proxy, according to Bell.