Delaware trounces North Dakota at Home Depot’s annual meeting

Where should Atlanta-based Home Depot be incorporated?

In Delaware, where it is now, along with a zillion other companies? Or in upstart North Dakota, which has passed a law giving shareholders more input in corporate affairs?

That question was the 10th and last among shareholder proposals voted on today during the company’s annual meeting at the Cobb Galleria.

The proposal, by John Chevedden of California, would have moved the company’s incorporation to North Dakota, so shareholders would gain more rights, including an annual vote on executive pay practices.

But company officials, opposed the move, saying it would mean incurring “substantial expense and would result in a costly diversion of significant management time and resources.”

In the end, the vote wasn’t much of a nail biter. The status quo prevailed, with corporate champ Delaware garnering 95 percent of the vote to 5 percent for North Dakota.

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2 comments Add your comment

Maj. Wood

May 20th, 2010
11:18 am

Trying to move incorporation to ND is like asking a politician to let go of their strangle hold on the tax code.

No way will a board will put the shareholders interest ahead of management’s self-serving interest.

???

May 20th, 2010
4:38 pm

Why aren’t you talking about business stuff like THIS

Do you censor websites? Well then google “Is It Game Over for Atlanta” for an article from New Geography. The article talks about how Atlanta is the new Detroit and Philadelphia instead of Chicago and New York like Dallas and Houston.