Statement From Comptroller DiNapoli on Massey Energy
New York State Comptroller Thomas P. DiNapoli released the following statement on the Massey Energy Company shareholder vote at its annual meeting today:
“The New York State Common Retirement Fund, joined by many other Massey Energy shareholders, today spoke with our votes to deliver a clear message to the company’s board of directors: Massey must bring to a close an era of disregarding risk and substantially ignoring the concerns of its shareholders.
“While three board members might have been able to cling to their seats by the thinnest of margins, it can hardly be viewed as a vote of confidence in their poor performance in steering the company and managing its risks. Investors rely upon the board of directors to protect our shared interests, and we will fight to protect ourselves whenever and wherever board members shirk their responsibilities to us.”
DiNapoli, as sole trustee of the $129.4 billion New York State Common Retirement Fund, which holds about 300,000 shares of Massey stock, had in November proposed a resolution calling for Massey to declassify its board. Massey yielded to pressure from shareholders and on Friday announced it would take steps to voluntarily declassify its board. Shareholders today voted overwhelmingly in support of the DiNapoli resolution.
Additionally, DiNapoli called last month for Chairman and Chief Executive Officer Don Blakenship to resign from the board, and urged shareholders to withhold support of Directors Baxter F. Phillips, Jr., Richard M. Gabrys and Dan R. Moore.