Hell hath no fury like shareholders scorned. Little surprise, then, that when Home Depot shareholders—irate that the company’s board of directors didn’t even attend its annual meeting last month—voted in favor of a nonbinding resolution requiring majority election of directors, the company responded. In a hurry.
Within a week of the May 25 meeting, the $81 billion retail chain announced that it would implement some sort of majority election measure in advance of its 2007 shareholder meeting. Details of exactly what Home Depot will do are still vague, but the quick concession demonstrates how far the majority vote movement has advanced in three years.
