Majority of Cisco Shareholders Urge "Say on Executive Pay"
Christian Brothers Investment Services Sponsored Resolution Garners 51% of Vote
NEW YORK, Nov.13, 2009///Christian Brothers Investment Services (CBIS), a leader in socially responsible investing (SRI) for Catholic institutions, today announced that a majority of shareholders voted in support of its "say on executive pay" proxy resolution at the Cisco Systems' (NASDAQ: CSCO) annual meeting of shareholders. Fifty-one percent voted in favor of the resolution. Cisco initially declared the vote "too close to determine" and therefore declined to report it with the other preliminary vote results.
"This majority vote by Cisco's shareholders sends a clear message. The onus is now on Cisco to take a leadership stance and enact Say on Pay before federal legislation mandates such policies for all public corporations," said Julie Tanner, Assistant Director of Socially Responsible Investing (SRI) at CBIS. "A number of leading technology corporations have already adopted non-binding Advisory Votes. We call on Cisco's board to be as responsive to its investors and immediately issue a statement on how it plans to demonstrate its acknowledgement of shareholder concerns."
CBIS presented its resolution, backed by 804,564 shares of Cisco common stock, at Cisco's annual meeting on November 12, 2009. The majority vote follows a strong 48% vote received for a similar CBIS resolution in 2007.
Co-sponsors of CBIS's resolution include members of the Interfaith Center on Corporate Responsibility (ICCR): Community Church of New York, Sisters of St. Francis of Philadelphia, The Funding Exchange, Glenmary Home Missioners, Needmor Fund, Tides Foundation, Christus Health, The Sisters of St. Joseph of Boston, Sisters of the Holy Names of Jesus and Mary U.S. Ontario Province, and Northwest & Ethical Investments L.P.
Mary Pat LeRoy, of Sisters of the Holy Names of Jesus and Mary U.S. Ontario Province, which is a co-sponsor of the resolution, said, "Executive pay and compensation practices have contributed to a concentration of incredible wealth in the hands of a few. We urge Cisco to listen to its shareholders and make this important move toward a more equitable society."
For the full text of CBIS's resolution, listed as "Proposal No. 6: Advisory Vote on Executive Compensation" on the Cisco proxy ballot, visit CBIS' Shareholder Advocacy Directory at http://www.cbisonline.com/page.asp?id=165 and select "Cisco" from the list of companies.
For more information on CBIS, or to speak with Julie Tanner, please contact Carol Graumann at (973) 732-3521 or firstname.lastname@example.org
About Christian Brothers Investment Services
Christian Brothers Investment Services, Inc. (CBIS) is a leader in Catholic socially responsible investing (SRI) with approximately $3.6 billion in AUM for more than 1,000 Catholic institutions worldwide, including dioceses, religious institutes, educational institutions and health care organizations. CBIS' combination of premier institutional asset managers, diversified product offerings, and careful risk-control strategies constitutes a unique investment approach for Catholic institutions and their fiduciaries. CBIS strives to integrate faith-based values into the investment process through a disciplined approach to socially responsible investing that includes principled purchasing (stock screens), active ownership strategies (proxy voting, dialogues, and shareholder resolutions) and community investment. Visit CBIS on the Web at http://www.cbisonline.com.