During The Timken Company's 109th annual meeting of shareholders on Tuesday in Canton, Ohio, shareholders voted in support of the non-binding shareholder proposal to spin off the company's steel business with approximately 47 percent of the outstanding shares voted for the proposal and 41 percent of the outstanding shares voted against the proposal. Of the shares voted, approximately 53 percent were in favor with 47 percent against.
"The Timken board of directors takes its fiduciary responsibilities seriously and remains committed to driving shareholder value," said Ward J. "Tim" Timken, Jr., chairman of the board. "We appreciate the thoughtful feedback we've received from our shareholders on the spin-off proposal as well as their broader input on corporate governance and capital allocation. The board will carefully evaluate the views of our shareholders and announce next steps within 45 days."
Additionally, at the meeting, shareholders re-elected all 12 members of the board of directors to new one-year terms.