UPDATE 1-Motorola investors vote for power to call meetings

Tue May 5, 2009 3:17am BST
 
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* Voters approve shareholder power to call special meeting

* Elect all 13 nominated directors

* Investors complain on exec pay, directors, div suspension

By Rick Popely

ROSEMONT, Ill, May 4 (Reuters) - Frustrated Motorola Inc (MOT.N) shareholders voted on Monday to give holders of 10 percent of its stock the power to call special shareholder meetings, and complained about everything from executive pay to the performance of the board at the loss-making phone company.

About 80 percent of votes cast were in favor of a shareholder proposal, which the company opposed, to allow investors to call special meetings.

Shareholders voted in line with the rest of the company's recommendations, including the election of 13 nominated directors.

Several shareholders stood up to show their impatience over issues such as Motorola's recent suspension of its dividend and a weakening of its once-iconic brand at the annual meeting in Rosemont, Illinois near Motorola's Schaumburg headquarters.

George Polous, a shareholder from Burbank, Illinois complained Motorola's "directors should not be re-elected because they have not done their jobs."  Continued...

 

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