Three Massey Directors Eke Out Re-Election (sit on the board's safety committee)

[Omaha Steve]

Source: Wall Street Journal

By KRIS MAHER And JOANN S. LUBLIN

RICHMOND, Va.—Three Massey Energy Co. directors who sit on the board's safety committee narrowly won re-election at the annual shareholders meeting, after coming under fire from activist institutional investors alleging that safety lapses by the company contributed to an April explosion that killed 29 coal miners.

Massey President Baxter F. Philips won re-election Tuesday by 57.8% of the votes cast, while outside directors Dan Moore and Richard Gabrys got 55.1% and 55.4% of votes, respectively, according to the company.

Michael Garland, of CtW Investment Group, an arm of labor federation Change to Win, whose members' pension funds own less than 1% of Massey shares, disputed the accuracy of the company's certified figures, citing preliminary tallies showing smaller margins of victory. "This casts a cloud over the legitimacy of the board," said Mr. Garland.

The vote follows heavy lobbying by retired Adm. Bobby R. Inman, the board's lead independent director, who spoke with about 20 institutional shareholders, some more than once, according to a personal familiar with the matter.


Read more: http://online.wsj.com/article/SB10001424052748703957904575252151659986256.html?mod=WSJ_WSJ_US_News_5

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More than 750 United Mine Workers of America members and some environmental protesters picketed outside Massey Energy's annual meeting.