Boeing investors urged for second straight year to vote against chairman
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[CHICAGO] For a second consecutive year, advisory firm Glass Lewis is recommending that Boeing shareholders vote against the reelection of chairman Larry Kellner to the board at the company's virtual annual meeting later this month.
The Apr 6 report faults Kellner's oversight of 737 Max development as then-chairman of the audit committee.
"We believe he is in part responsible for the board's failings in regard to its risk assessment and management. Given these factors, we question whether this director should continue to serve on the company's board and as its chair".
Kellner is the third-longest serving director at 11 years; CEO Dave Calhoun is No. 1 at 13 years.
AThe firm recommends against advisory vote on executive compensation, citing "poor overall design". A Boeing spokesman referred to information shared in the company's proxy statement.
Boeing's AGM is scheduled for Apr 29. BLOOMBERG
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