June 11, 2012
DiNapoli Proposals Garner Over 90 Percent of Vote
Shareholders Call For Annual Election of Directors at Ann Inc. and Healthways
Shareholders of clothing retailer Ann Inc. and health-care company Healthways Inc. overwhelmingly voted to support non-binding resolutions filed by the New York State Common Retirement Fund to declassify their boards of directors and make board members subject to annual shareholder approval votes, State Comptroller Thomas P. DiNapoli announced today.
"The ability to elect directors is the most important power shareholders have," DiNapoli said. "The practice of electing directors by classes, for three-year terms, minimizes accountability and deprives shareholders of their rights to judge the performance of a company's board of directors. I am encouraged that the shareholders of Ann Inc. and Healthways Inc. have supported my efforts to make the directors of each company more accountable and fully expect that the boards will implement these proposals."
Investors controlling more than 96 percent of Ann Inc. common stock voted to support DiNapoli's resolution. Investors controlling more than 90 percent of Healthways Inc. common stock voted for the proposal.
Ann Inc., based in New York, markets Ann Taylor and LOFT in 947 stores in 46 states, the District of Columbia and Puerto Rico. Nashville-based Healthways Inc. provides well-being programs for companies, health systems, hospitals, physicians, health plans, communities and government entities.