Shareholder Rights Project
The Shareholder Rights Project (SRP) was established by the Harvard Law School Program on Institutional Investors to contribute to education, discourse, and research related to efforts by institutional investors to improve corporate governance arrangements at publicly traded firms. During the previous three academic years (2011-2012 through 2013-2014), the SRP operated a clinic that assisted institutional investors (several public pension funds and a foundation) in moving S&P 500 and Fortune 500 companies towards annual elections. This work contributed to board declassification at about 100 S&P 500 and Fortune 500 companies. With work on the declassification project completed last summer, the clinic has not been operating during the current academic year. This website provides information about the work done by the SRP clinic during its three years of operation; a detailed final report on this work will be issued in 2015. Any communications with respect to the SRP clinic should be attributed solely to the SRP and not to Harvard Law School or Harvard University.

102 Companies Declassified

This page provides details about the 102 declassifications that have taken place as a result of the work of the SRP clinic and investors that worked with the SRP clinic. These 102 companies had an aggregate market capitalization exceeding one trillion dollars as of July 14,2015. As explained in greater detail below:


42 Companies Declassified during the 2012 proxy season

Altogether as a result of the work by the SRP clinic and investors that worked with the SRP clinic, 42 companies declassified during the 2012 proxy season (listed in Table 1 below). These declassifications resulted from following ways:


39 Companies Declassified during the 2013 proxy season

Altogether as a result of the work by the SRP clinic and investors that worked with the SRP clinic, 39 companies declassified during the 2013 proxy season (listed in Table 2 below). These declassifications resulted from following ways:


17 Companies Declassified during the 2014 proxy season

As a result of the work by the SRP clinic and investors that worked with the SRP clinic, 17 companies declassified during the 2014 proxy season (listed in Table 3 below). These declassifications resulted from following ways:


4 Companies Declassified during the 2015 proxy season

As a result of the work by the SRP clinic and investors that worked with the SRP clinic, 4 companies declassified during the 2015 proxy season.


Table 1 below provides information concerning the declassifications that took place during the 2012 proxy season. Table 2 below provides information concerning the declassifications that took place during the 2013 proxy season. Table 3 below provides information concerning the declassifications that took place during the 2014 proxy season.


Table 1: 2012 Proxy Season Declassifications Due to Work by the SRP clinic and investors that worked with the SRP clinic

Company Proponent
Panel A: Declassification Following Agreements during the 2012 Proxy Season  
Amphenol Corporation (APH) NCF
BlackRock, Inc. (BLK) ISBI
C.H. Robinson Worldwide, Inc. (CHRW) NCF
C.R. Bard, Inc. (BCR) OPERS
Cabot Oil & Gas Corporation (COG) NCDST
Cameron International Corporation (CAM) NCDST
CenturyLink, Inc. (CTL) ISBI
CIGNA Corporation (CI) OPERS
Coventry Health Care, Inc. (CVH) ISBI
DeVRY, Inc. (DV) PRIM
FMC Technologies, Inc. (FTI) NCDST
Fidelity National Information Services, Inc. (FIS) ISBI
Flowserve Corporation (FLS) NCDST
Helmerich & Payne (HP) NCDST
Hudson City Bancorp, Inc. (HCBK) NCF
Intuitive Surgical, Inc. (ISRG) NCDST
Janus Capital Group Inc. (JNS) NCDST
JDS Uniphase Corporation (JDSU) PRIM
Juniper Networks, Inc. (JNPR) ISBI
KLA-Tencor Corporation (KLAC) PRIM
McDonald’s Corporation (MCD) LACERA
NRG Energy, Inc. (NRG) NCDST
Newell Rubbermaid Inc. (NWL) ISBI
Owens-Illinois, Inc. (OI) ISBI
Patterson Companies, Inc. (PDCO) PRIM
Pioneer Natural Resources Company (PXD) LACERA
TECO Energy, Inc. (TE) NCF
The Progressive Corporation (PGR) ISBI
The Western Union Company (WU) NCF
Rowan Companies, Inc. (RDC) NCDST
Stanley Black & Decker, Inc. (SWK) NCDST
Wyndham Worldwide Corporation (WYN) NCF
 
Panel B: Declassification Following Agreements during the 2011 Proxy Season
CME Group Inc. (CME) NCF
Dean Foods Co (DF) SBA
Dr Pepper Snapple Group, Inc. (DPS) NCF
E*Trade Financial Corporation (ETFC) SBA
eBay Inc. (EBAY) NCF
Fiserv, Inc. (FISV) SBA
Hospira (HSP) NCF
 
Panel C: Declassification Following Successful Precatory Proposals during the 2012 Proxy Season
Bemis Company (BMS) NCDST
Urban Outfitters, Inc. (URBN) ISBI
V.F. Corporation (VFC) NCF


Table 2: 2013 Proxy Season Declassifications Due to Work by the SRP clinic and investors that worked with the SRP clinic

Company Proponent
Panel A: Declassification Following Agreements during the 2013 Proxy Season
Management Declassification Proposal Passed
Best Buy Co, Inc. (BBY) NCF
CareFusion Corporation (CFN) NCF
CarMax, Inc. (KMX) NCF
CF Industries Holdings, Inc. (CF) LACERA
Chipotle Mexican Grill, Inc. (CMG) ISBI
Cognizant Technology Solutions Corporation (CTSH) LACERA
Crown Castle International Corp. (CCI) SERS
DENTSPLY International Inc. (XRAY) LACERA
Edwards Lifesciences Corporation (EW) ISBI
EQT Corporation (EQT) OPERS
F5 Networks, Inc. (FFIV) ISBI
FLIR Systems, Inc. (FLIR) NCF
FMC Corporation (FMC) NCF
Hess Corporation (HES) NCDST
Johnson Controls, Inc. (JCI) PRIM
Lexmark International (LXK) NCDST
Lorillard, Inc. (LO) ISBI
Manpower Inc. (MAN) SBA
Monsanto Company  (MON) PRIM
Moody's Corporation (MCO) NCF
NII Holdings, Inc. (NIHD) SBA
People's United Financial, Inc. (PBCT) NCDST
Red Hat, Inc. (RHT) LACERA
Ryder System, Inc. (R) NCDST
salesforce.com, inc. (CRM) NCF
Snap-On Inc. (SNA) NCDST
The J. M. Smucker Company (SJM) LACERA
United Natural Foods, Inc. (UNFI) ISBI
Xylem Inc. (XYL) NCF
 
Bylaws Amended
Lincoln National Corporation (LNC) SERS
 
Panel B: Declassification Following Agreements during the 2012 Proxy Season
Citrix Systems, Inc. (CTXS) LACERA
GameStop Corp. (GME) NCF
L-3 Communications Holdings Inc. (LLL) NCDST
MetroPCS Communications, Inc. (PCS) LACERA
O'Reilly Automotive, Inc. (ORLY) NCF
Roper Industries, Inc. (ROP) LACERA
Unum Group (UNM) LACERA
 
Panel C: Declassification Following Successful Precatory Proposals during the 2012 Proxy Season
MEMC Electronic Materials, Inc. (WFR) NCDST
Quest Diagnostics Incorporated (DGX) ISBI


Table 3: 2014 Proxy Season Declassifications Due to Work by the SRP clinic and investors that worked with the SRP clinic

Company Proponent
Panel A: Declassification Following Agreements during the 2014 Proxy Season
Aecom Technology Corporation (ACM) ISBI
Air Products and Chemicals, Inc. (APD) NCF
Ashland Inc. (ASH) ISBI
BorgWarner Inc. (BWA) NCF
Foot Locker, Inc. (FL) NCDST
Hertz Global Holdings, Inc. (HTZ) ISBI
Huntsman Corporation (HUN) SBA
Jacobs Engineering Group Inc. (JEC) NCF
Jarden Corporation (JAH) NCDST
Kansas City Southern (KSU) ISBI
United States Steel Corporation (X) NCDST
Varian Medical Systems, Inc. (VAR) NCF
WESCO International, Inc. (WCC) SBA
 
Panel B: Declassification Following Agreements during the 2013 Proxy Season
Autoliv, Inc. (ALV) LACERA
Owens Corning (OC) ISBI
Tech Data Corporation (TECD) SERS
The Mosaic Company (MOS) OPERS