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J & J shareholders reject 'say on pay' proposal

Thu, 04/22/2010 - 8:17am
The Associated Press

Shareholders of health care giant Johnson & Johnson have narrowly rejected a proposal to give themselves a "say on pay" of top executives.

The close vote — 52 percent against it and 48 percent for — was on a proposal to give stockholders an advisory vote on executive compensation. It comes at a packed annual meeting in the company's headquarters town, New Brunswick, N.J.

J&J Chief Executive William Weldon says because the preliminary vote is so close, it is possible that the final tally, including votes cast at the meeting, could change. A final result will be reported next week.

Shareholders also rejected a proposal to reduce the percentage of shares needed to call a special meeting, on a vote of 63 percent against and 37 percent for the plan.

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