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Kraft Foods Inc. (KFT) disclosed Thursday that Chairman and Chief Executive Irene B. Rosenfeld is asking shareholders to vote in favor of the board recommended director nominees.
In a letter filed with the Securities and Exchange Commission, Rosenfeld also asks shareholders to vote against the shareholder proposal regarding special shareholder meetings.
A shareholder has proposed that the board amend the by-laws to reduce the ownership threshold for calling a special meeting to 10% from 20%, which Kraft believes is too low.
Rosenfeld noted in the letter that RiskMetrics Group Inc. (RMG) recommended that its clients vote against director nominee Ajay Banga because of his relationship to Citigroup Inc. (C).
According to the letter, Kraft believes that its transactions with Citigroup are immaterial under its independence standards - and those of the New York Stock Exchange.
In addition, RiskMetrics recommended that its clients vote for the shareholder proposal regarding special shareholder meetings.
-By Chad Clinton, Dow Jones Newswires; 202-862-1349; chad.clinton@dowjones.com
(END) Dow Jones Newswires
05-14-09 0907ET
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