Pursuits
Viacom Says Majority Backs Board Even Without Redstone Vote
- Directors re-elected despite ISS, Glass Lewis recommendations
- Shares rise Monday, though down 43% in the past 12 months
Viacom Inc. headquarters in New York.
Photographer: John Taggart/BloombergThis article is for subscribers only.
Viacom Inc. investors voted to re-elect its board Monday, with widespread support for the directors even beyond the backing of controlling shareholder Sumner Redstone.
Redstone’s National Amusements Inc. owns 80 percent of Viacom voting shares, ensuring re-election for the board at the company’s annual meeting Monday. A “substantial majority” of the rest of the holders of voting shares also supported the board members, General Counsel Michael Fricklas said at the meeting in Miami. The shareholders also rejected a proposal to eliminate the company’s dual-class structure.