New York City Comptroller William C. Thompson, Jr. today announced that Blockbuster shareholders have overwhelmingly endorsed a New York City Employees’ Retirement System proposal calling on the company to allow shareholders to ratify executive compensation packages.

The NYCERS’ shareholder proposal specifically called on Blockbuster’s Board of Directors to adopt a policy that allows its shareholders to vote at each annual meeting on an advisory resolution - proposed by management - to ratify compensation for named executive officers.

The NYCERS proposal – which was submitted for the first time with the company - was supported by a 57% majority of the total votes cast for and against at the Company's annual meeting in New York City on Wednesday.

“We are encouraged by the high level of shareholder support and hope that Blockbuster’s Board of Directors will act swiftly to implement the expressed will of its shareholders,” Comptroller Thompson said.

NYCERS holds 157,000 shares valued at $998,520 in Blockbuster. NYCERS additionally filed shareholder resolutions on executive pay this season with Home Depot of Atlanta, GA, and Par Pharmaceutical Companies, Inc. of Woodcliff Lake, N.J. 

NYCERS holds 2.5 million shares valued at approximately $95.8 million in Home Depot – which votes on the measure on May 24 - and 28,347 shares valued at more than $767,000 in Par Pharmaceutical.

The resolutions point out that shareholders should be informed that the vote is non-binding and would not affect any compensation paid or awarded to the named executive officers.

In addition to Thompson, NYCERS trustees are: New York City Finance Commissioner Martha E. Stark (Chair); New York City Public Advocate Betsy Gotbaum; Borough Presidents Scott Stringer (Manhattan), Helen Marshall (Queens), Marty Markowitz (Brooklyn), Adolfo Carrion (Bronx), and James Molinaro (Staten Island); Lillian Roberts, Executive Director, District Council 37, AFSCME; Roger Toussaint, President Transport Workers Union Local 100; and, Gregory Floyd, President, International Brotherhood of Teamsters, Local 237.

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