Massey Directors Narrowly Prevail

Massey Energy Co.’s slate of three directors was narrowly reelected in a shareholders' vote.

Posted by Matthew Keenan at May 19, 2010 at 05:55 AM

Massey Energy Co.’s slate of three directors was narrowly reelected in a shareholders' vote, calling into question the legitimacy of the board, CtW Investment Group said.

According to Bloomberg BusinessWeek: "Baxter Phillips, Richard Gabrys and Dan Moore, members of Massey’s safety committee, were opposed by 48.5 to 49.8 percent of the shares voted at the Richmond, Virginia-based company’s annual meeting, CtW said."

"Massey said that each of the candidates received at least 55 percent of the vote, which took place six weeks after the explosion at the Upper Big Branch mine killed 29 workers."

“It’s an unambiguous call for new directors,” CtW spokesman Michael Garland was quoted as saying. “The vote casts a cloud over the legitimacy of this board. The onus is on the board now to name new directors.”

The California Public Employees' Retirement System, Florida State Board of Administration, AFSCME Employees Pension Plan and Christian Brothers Investment Services withheld votes from the candidates.