Arun Sarin, the embattled chief executive of Vodafone Group, survived re-election as a director, despite votes by some large institutional investors against him. Sarin has come under increasing pressure from shareholders about the operator's strategy, including its refusal to sell its stake in Verizon Wireless to partner Verizon Communications. Vodafone said 33.4 billion shares supported Sarin's reappointment, while 3.7 billion shares voted against. There were 2.2 billion abstentions. Among large shareholders who voted against Sarin were: Morley Fund Management, which owns about 2.1 percent of Vodafone's shares; Standard Life Investments, which has about a 1.7-percent stake in the company; and Hermes Pension Management, with about a 1.1-percent share.
To read more about Sarin's reappointment:
- check out this article from The Wall Street Journal (sub. req.)