The National Legal and Policy Center (NLPC) has submitted a shareholder proposal urging Salesforce, Inc. shareholders to vote for Proposal 6, which advocates for the separation of the roles of Chairman and CEO at the company. The proposal emphasizes the need for an independent chair to ensure better oversight and accountability within Salesforce's corporate governance. NLPC's submission, made voluntarily for public disclosure, cites various sources, including the CFA Institute and ITT Corporation's late CEO Harold Geneen, to argue that a combined Chairman and CEO role concentrates too much power in one individual and may impair the board's independence. The proposal also references Salesforce's recent financial performance and leadership issues under current Chairman and CEO Marc Benioff...Show More

The National Legal and Policy Center (NLPC) has submitted a shareholder proposal urging Salesforce, Inc. shareholders to vote for Proposal 6, which advocates for the separation of the roles of Chairman and CEO at the company. The proposal emphasizes the need for an independent chair to ensure better oversight and accountability within Salesforce's corporate governance. NLPC's submission, made voluntarily for public disclosure, cites various sources, including the CFA Institute and ITT Corporation's late CEO Harold Geneen, to argue that a combined Chairman and CEO role concentrates too much power in one individual and may impair the board's independence. The proposal also references Salesforce's recent financial performance and leadership issues under current Chairman and CEO Marc Benioff, suggesting that these factors underscore the urgency of adopting the policy. Salesforce's board has opposed the proposal, citing the need for flexibility in leadership structure and defending the current combined role as beneficial for shareholders. The NLPC counters this by highlighting the risks of such concentration of power and the potential for misallocation of company resources. The NLPC has also accused Salesforce of misrepresenting their willingness to discuss the proposal. The NLPC's proposal will be included on the 2024 proxy ballot for shareholder voting.