Best Buy’s directors want shareholders to reject a proposal that would “declassify” the board and make all its members stand for re-election every year, the company said in a preliminary proxy filed at the SEC for its annual meeting June 21 at its Richfield, Minn., headquarters. Under Best Buy’s current “classified” structure, board members serve staggered terms and only some stand for re-election at each annual meeting. The declassification proposal was submitted by the Florida State Board of Administration, an investment manager for the Florida Retirement System, which owns about 2/10 of one percent of Best Buy shares, the proxy said. “Having directors stand for elections annually makes directors more accountable to shareholders, and could thereby contribute to improving performance and increasing firm value,” says the proposal, as quoted in the proxy. “Over the past decade, many S&P 500 companies have declassified their board of directors” because there’s “evidence in academic studies that classified boards could be associated with lower firm valuation and/or worse corporate decision-making,” it says. But Best Buy’s board disagrees, the proxy said. Best Buy’s classified board structure has “served the shareholders very well” since the company went public many years ago, it said, and it remains “in the best interests of Best Buy and our shareholders.” The proposal “cites studies which link classified boards with lower firm valuation and/or inferior corporate decision-making as an argument to change our current board structure,” it said. “Our company has demonstrated both superior performance and high business ethics including strong corporate governance practices."
The International Trade Administration has issued a Federal Register notice announcing that it has initiated antidumping and countervailing duty investigations on certain steel wheels from China (A-570-973 and C-570-974).
The International Trade Administration has issued a proposed rule to modify its antidumping and countervailing duty regulations under 19 CFR Part 351 so that cash deposits would become the normal provisional measure used during the period prior to an AD or CV order’s effective date1. Bonds would no longer be allowed as a provisional measure.
The Department of Transportation announces a Web conference of the Intelligent Transportation Systems Program Advisory Committee on May 18, 2011. The preliminary agenda includes a review of the Technology Strategy Subcommittee and Standards and Harmonization Subcommittee, and Program Evaluation and Strategy Subcommittee Findings. The Web conference will be available to the public, but limited conference lines will be available on a first-come, first-serve basis.
The International Trade Administration has issued a fact sheet announcing the initiation of antidumping duty investigations on imports of stilbenic optical brightening agents from China and Taiwan.
On April 22, 2011, the Federal Maritime Commission announced that at its request, a federal court has barred Indigo Logistics, LLC, located in Savannah and Atlanta, Georgia, from violating the Shipping Act by acting as an ocean freight forwarder without a FMC-issued license or proof of financial responsibility.
The International Trade Administration has issued the preliminary results of the antidumping duty administrative review of certain polyester staple fiber from Taiwan (A-583-833) covering the period May 1, 2009 through April 30, 2010. Interested parties are invited to comment on these preliminary results.
The International Trade Administration has issued the preliminary results of the antidumping duty new shipper review of certain frozen warmwater shrimp from Vietnam (A-552-802) covering the period February 1, 2010 through July 31, 2010. Interested parties are invited to comment on these preliminary results.
The International Trade Administration has issued the preliminary results of the antidumping duty administrative review of purified carboxymethylcellulose (CMC) from Mexico (A-201-834) covering the period July 1, 2009 through June 30, 2010. Interested parties are invited to comment on these preliminary results.
The International Trade Administration has issued a fact sheet announcing the initiation of an antidumping duty investigation on imports of steel nails from the United Arab Emirates.