The position of Steven Burd, chairman and chief executive of Safeway in the US, appears safe after rebel shareholders mustered only 16.7 per cent vote against his reappointment.

The 83.3 per cent vote in Burd’s favour disappointed five public pension funds pressing for corporate governance reforms at the third biggest US grocer.

The funds had hoped for a 25 to 30 per cent “no” vote. They believed a vote of that size would have sent a powerful message to Safeway’s board. Mr Burd said the vote in his favour was a strong expression of investor confidence and support. “This result shows that our shareholders understand and support our strategy, and they believe we have the team to expect it.”

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