Putnam Funds Report Proxy Voting Results
August 07 2009 - 11:33AM
Business Wire
The Putnam Funds have reported their proxy voting records for
the twelve month period ended June 30, 2009. During this period,
the Putnam Funds voted against approximately 29% of the proposals
by U.S.-based companies to adopt or amend stock option or
restricted stock equity compensation plans in which company
executives or directors would participate. The Funds also withheld
votes from approximately 14% of the nominees for director at
U.S.-based companies, primarily because the nominees failed to
satisfy the Funds’ independence standards or failed to meet the
Funds’ standards for sound corporate governance.
“The Trustees are dedicated to voting proxies on behalf of Fund
shareholders with a rigorous focus on the quality of corporate
governance practices at companies in which the Putnam Funds
invest,” said John A. Hill, independent Chairman of the Funds. “We
have long believed that this can enhance shareholder value by
encouraging principled conduct and accountability.
“The Funds believe that stockholders of public companies are
entitled to the honest services of boards of directors that are
effectively independent from company management,” said Mr. Hill.
“The recent economic turmoil has helped to highlight the importance
to companies of boards that are independent and conscientious. The
Funds employ strict criteria for director independence that are in
some respects even more demanding than the NYSE standards, and will
generally withhold votes from entire boards or individual director
nominees if these criteria are not satisfied. The Funds may also
withhold votes from directors who fail to observe good corporate
governance practices or who demonstrate a disregard for the
interests of shareholders. We pay particular attention to executive
compensation arrangements, which we believe can offer insight into
a board’s attitude towards corporate governance and shareholder
interests more generally. The Funds’ proxy voting guidelines
emphasize the importance of reasonable executive compensation that
aligns the incentives of a company’s management with the long-term
interest of stockholders in the company’s performance. We believe
that boards of directors should be held accountable for all
elements of the compensation arrangements that they approve,
including equity-based compensation plans, severance arrangements,
and perquisites. Consistent with this belief, we consider on a case
by case basis whether a company’s board has approved compensation
arrangements for company management that are excessive by
reasonable corporate standards, taking into account the company’s
performance record. We also evaluate the quality of the company’s
compensation disclosure; we believe that shareholders are entitled
to complete and forthright disclosure of compensation practices. We
will continue our diligent focus on critical elements of corporate
governance in future years.”
The Putnam Funds’ 2009 proxy voting guidelines and their proxy
voting records for the twelve-months ended June 30, 2009 are
available on Putnam’s website at www.putnam.com.
The Putnam funds are distributed by Putnam Retail
Management.
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