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CBRE Group shareholders reject mandatory arbitration policy report proposal

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CBRE Group shareholders reject mandatory arbitration policy report proposal

CBRE Group Inc. shareholders voted down a proposal requesting that the company's board prepare a report on the impact of mandatory arbitration policies on sexual harassment claims.

The proposal, made by the AFL-CIO Reserve Fund, received a vote of 97,767,511 shares in favor and 179,516,420 shares against it. The abstentions totaled 10,314,970 shares and the broker non-votes on the proposal totaled 15,219,818.

The commercial real estate services and investment firm said shareholders also rejected a proposal seeking changes to CBRE's proxy access bylaw. The proposal, made by John Chevedden, called for the removal of a limit on the number of stockholders that can aggregate their shares to meet the 3% of common stock required to nominate directors under CBRE's proxy access provisions. A total of 77,105,708 shares were voted in favor of the proposal, 209,858,438 shares were against it, 634,755 shares were abstentions and 15,219,818 were broker non-votes.

Both proposals were presented at the company's May 17 annual shareholder meeting, according to a May 22 filing. The aforementioned fund and Chevedden each beneficially owned at least 100 shares of the company's common stock as of April 4.