10:48 am May 20, 2010, by Henry Unger
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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