UPS Franchisees Did Not Follow Shareholder Rules

Blue MauMau:

Norman Black, spokesperson for UPS, said in an interview today that it is clearly and unequivocally wrong that two franchisee shareholders were denied access to last week’s UPS shareholder meeting unfairly.

Black, who was at the meeting in Wilmington, explained there were at least four franchisee share owners who showed up for the meeting and two of them were admitted because they followed the rules. He said, “They had proof of their stock ownership. That does not mean proof of who you are. It does not mean you can get in by your social security number or your drivers license or a picture ID. Two did so, and two of them didn’t.”

Black also explained that those shareholders would not have automatically received an annual report from UPS. He explains that as with many corporations now in an effort to be environmentally conscious as well as even more time responsive to shareholders, UPS uses other methods. He said, “Instead, we send a letter specifically known by the SEC and lawyers as the Letter of Notice and Access. It’s a very common procedure, and not UPS specific, that I’m describing.” According to Black, the letter gives shareholders several options. He again explains, “How they can get access to the annual report online, if they want it immediately. How they can get access to a proxy so they can vote online if they want to do it immediately. And, how they can get a printed copy of the report and proxy, if they prefer to kill trees.”

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