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Old 09-11-2006, 06:16 PM
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fdxbusdriver
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Default Mr. Smith's compensation 'excessive'

Adviser: Withhold votes for FedEx board

SEP. 11 6:05 P.M. ET Proxy Governance Inc. recommended Monday that shareholders withhold their votes for five board nominees who are on the FedEx Corp. compensation committee, saying Chief Executive Frederick W. Smith's pay is excessive compared with that of his peers. The shareholder advisory firm compared Smith's compensation with that of CEOs at 20 other companies, including rival United Parcel Service Inc., Union Pacific Corp., Yahoo Inc. and McDonald's Corp.

Proxy Governance also said that the compensation for Smith, who is also chairman and president, is high given FedEx's financial performance compared with its peers.

The firm suggests that at FedEx's annual meeting on Sept. 25, shareholders withhold their votes for nominees who have served on the compensation committee for the past three years. Those nominees are James L. Barksdale, August A. Busch IV, Philip Greer, Charles T. Manatt and Paul S. Walsh.
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