Shareholders Approve Teamsters Proposal
to Hold Annual Elections for Entire Board of Directors
April 22, 2008
(Wilmington,
DE) – Today, a Teamster shareholder proposal calling on the Board of Directors
of Con-Way, Inc. [NYSE: CNW] to amend the company’s governance documents to
declassify board of director elections by providing that all director nominees
take part in annual elections received support from both a majority of the
shares cast as well as the shares outstanding in the Company.
At Con-Way’s Annual Shareholders Meeting, the
Company reported that 60% of the shares cast supported the Teamster-proposed
corporate governance, or approximately 53 percent of Con-Way’s outstanding
shares.
“We are pleased to see Con-Way shareholders
stand up for this important reform,” said C. Thomas Keegel, General
Secretary-Treasurer of the International Brotherhood of Teamsters. “By holding
annual elections shareholders will have an enhanced ability to evaluate the
performance of their elected representatives to the Con-Way Board. A majority of
shareholders have voted for Board accountability and we will be watching
intently to see if the Board adopts this important reform.”
Founded in 1903, the International
Brotherhood of Teamsters represents more than 1.4 million hardworking women and
men throughout the United States, Canada and Puerto Rico.