The workers-on-the-board resolution that goes to the vote at Microsoft today builds on the Business Roundtable’s statement on the primacy of “stakeholders” over shareholders.
Before August this year, this would have been unthinkable. But since the business lobby group placed the primacy of employee stakeholders above that of shareholders, investors seeking to place employee representatives on corporate boards now have an unexpected new ally.
While it does not refer to the BRT statement in its shareholder resolution in the proxy statement, the filer of the resolution – SRI firm Northstar Asset Management -- explicitly quotes it in its supporting filing with the SEC: its “exempt solicitation”.
NorthStar is asking the board “to prepare a report to shareholders describing opportunities for the company to encourage the inclusion of non-management employee representation on the Board”.
It is shareholder resolution number one at today’s annual mee…