FedEx Must Allow Shareholder Vote on Golden Parachutes, SEC Says (1)

FedEx Corp. must let shareholders vote on a proposal that would give them a greater say on severance packages awarded to senior executives, the Securities and Exchange Commission said.

The agency denied FedEx’s request to exclude a proposal by activist shareholder John Chevedden from a proxy vote at the company’s Sept. 27 annual meeting.

The proposal would allow shareholders to vote on new or renewed pay packages for senior executives that allow severance or termination payments more than 2.99 times the individual’s base annual salary plus any target short-term bonuses.

The SEC said it didn’t agree with FedEx’s arguments that ...