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Ackman's CP slate wins nearly 90 per cent of boardroom proxy vote

John Cleghorn, chairman of the board at Canadian Pacific Railway, is seen on a video monitor as he addresses the company's annual meeting in Calgary, Thursday, May 17, 2012.

Jeff McIntosh/The Canadian Press/Jeff McIntosh/The Canadian Press

Final results of the hotly-contested boardroom proxy contest at Canadian Pacific Railway Ltd. show that the dissident slate of directors backed by activist Bill Ackman won close to 90 per cent of votes tendered for the annual meeting on Thursday.

According to a statement released by CP late Friday night, Mr. Ackman and his six boardroom nominees individually garnered between 83 per cent and 93 per cent of the submitted votes. Mr. Ackman won the greatest number of votes with 92.7 per cent.

The nominees put forward by CP earned a sharply lower share of the votes, ranging from 48 per cent for director Linda Morgan to 33 per cent for Madeleine Paquin, who was named the railway's acting chairperson after the meeting.

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CP's statement did not include vote results for six directors, including former chairman John Cleghorn, who agreed not to stand for re-election the day before the annual meeting after early vote results showed they had insufficient shareholder support.

CP Vote Breakdown

Bill Ackman 92.73%

Stephen Tobias 91.09%

Paul Haggis 90.67%

Rebecca MacDonald 89.06%

Gary Colter 88.07%

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Paul Hilal 86.97%

Anthony Melman 83.30%

Linda Morgan 48.07%

David Raisbeck 47.26%

John Manley 47.12%

Rick George 46.08%

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Richard Kelly 43.23%

Hartley Richardson 43.10%

Krystyna Hoeg 41.28%

Tony Ingram 37.99%

Madeleine Paquin 32.89%

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About the Author

Brent Jang is a business reporter in The Globe and Mail’s Vancouver bureau. He joined the Globe in 1995. His former positions include transportation reporter in Toronto, energy correspondent in Calgary and Western columnist for Report on Business. He holds a Bachelor of Commerce degree from the University of Alberta, where he served as Editor-in-Chief of The Gateway student newspaper. Mr. More

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