NLPC: Benioff’s Failed Attempts to Share Power at Salesforce Demand Board Reform

Today, National Legal and Policy Center presented a “Stockholder Proposal Requesting the Adoption of Cumulative Voting” at the annual meeting of Salesforce, Inc.

Board elections are usually conducted on a majority voting basis, and shareholders can only vote “yea” or “nay” for each member across the entire slate. That means that a coalition representing 51% of shareholders can effectively control 100% of board seats. Cumulative voting would allow investors to aggregate their votes so that representation would be proportional to ownership. In theory, if you own 50% of the company, you would get to elect 50% of the board.

https://nlpc.org/corporate-integrity-project/nlpc-benioffs-failed-attempts-to-share-power-at-salesforce-demand-board-reform/