Rejecting the recommendation of Comcast Corp.’s top management, independent shareholders approved a nonbinding resolution that seeks to dismantle the Philadelphia company’s poison-pill takeover defense.
The shareholder vote was 186.5 million votes for the resolution, or 52 percent, and 171.4 million, or 48 percent, against.
Brian Roberts, the chairman and chief executive officer, controls 33.3 percent of the votes through a special super-voting class of stock, which experts thought should have been sufficient to defeat the resolution.
Kenneth Steiner, longtime shareholder activist and private investor who submitted the Comcast proposal, said Monday, "I was surprised because so much of the stock is controlled by insiders. … I win a lot of votes, but not always when I start so far behind."