Shareholders of Caterpillar Inc. approved the company's executive compensation plan but a large minority voted against those policies.
A spokeswoman for the company said preliminary results showed 66% of the shares voted were in support of the compensation plan in a nonbinding vote at the company's annual meeting.
Proxy advisers Glass, Lewis & Co. and Institutional Shareholder Services Inc., along with the union-affiliated CtW Investment Group, had urged shareholders to vote against Caterpillar's compensation policies. A CtW spokesman said the vote turned up substantial opposition to the compensation plan. Typical support for pay plans is above 90%, he said.
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