Putnam will vote against stock option plans that permit replacing or repricing of underwater options in companies whose stock it owns.
Putnam also will withhold votes for the entire board of directors if the board does not have a majority of independent directors or is the boards nominating, audit and compensation committees are not entirely staffed by independent directors.
"The thrust of Putnams proxy guidelines is to strengthen the accountability of corporate boards of directors to shareholders," John Hill, chairman of the board of Putnam Trustees, said in a statement.
- __
The staff of Mutual Fund Market News ("MFMN") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MFMN, and have not prepared, sponsored, endorsed, or approved these summaries.