Asbury Automotive Group, Inc. | Interfaith Center on Corporate Responsibility

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<h4>Resolution Details</h4>
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<strong>Company:</strong>
<p>Asbury Automotive Group, Inc.</p>
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<strong>Year:</strong>
<p>2026 </p>
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<strong>Issue Area:</strong>
<p>Corporate Governance </p>
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<strong>Focus Area:</strong>
<p>Shareholder Rights </p>
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<strong>Status:</strong>
<p>Filed</p>
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<h2>Resolution Text</h2>
<p><strong>RESOLVED</strong>: Shareholders ask our Board of Directors to take the steps necessary to amend the appropriate company governing documents to give the owners of a combined 10% of our outstanding common stock the power to call a special shareholder meeting or the owners of the lowest percentage of shareholders, as governed by state law, the power to call a special shareholder meeting. Such a special shareholder meeting can be an online shareholder meeting.</p>
<p><strong>SUPPORTING STATEMENT:</strong></p>
<p dir=”ltr”>There shall be no discriminatory rule to mandate ownership of Asbury Automotive shares for a specific period of time in order for shares to participate in calling for a special shareholder meeting or that most such shareholders be record holders. It is important to enable shareholders who recent purchased Company stock to call for a special shareholder meeting because those shareholders can be the shareholders who are most informed about the prospects of the Company since they recently did research on the Company that triggered their decision to purchase Company stock.</p>
<p dir=”ltr”>To guard against the Asbury Automotive Board of Directors becoming complacent shareholders need the ability to call a special shareholder meeting to help the Board adopt new strategies when the need arises. </p>
<p dir=”ltr”>There is no concern that allowing 10% of shares to call for a special shareholder meeting, as called for in this proposal, is too easy. It is almost unheard of for any special shareholder meeting, called for by shareholders, to ever occur at any company even though a significant number of companies allow 10% of shareholders to call for a special shareholder meeting. </p>
<p>Currently it takes 50% of Asbury Automotive shares to call for a special shareholder meeting. This 50% can translate into more than 60% of the shares that vote at the annual meeting.<br> <br>In the vast majority of cases or in most cases, once a special meeting is called for by shareholders, the issues behind calling for a special shareholder meeting are quickly resolved.<br><br>With the widespread use of online shareholder meetings it is much easier for a company to conduct a special shareholder meeting online, in the unlikely event that a special shareholder meeting ultimately takes place, and the Asbury Automotive governing documents thus need to be updated accordingly.<br> </p>

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<h3>Lead Filer</h3>
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<div class=”views-field views-field-nothing”><span class=”field-content”> John Chevedden</span></div><div class=”views-field views-field-title views-field-field-shareholder”><span class=”field-content”>Chevedden Corporate Governance</span></div>
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<h4>Resolution Details</h4>
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<strong>Company:</strong>
<p>Asbury Automotive Group, Inc.</p>
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<strong>Year:</strong>
<p>2025 </p>
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<strong>Issue Area:</strong>
<p>Corporate Governance </p>
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<strong>Focus Area:</strong>
<p>Majority Vote </p>
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<strong>Status:</strong>
<p>On Proxy</p>
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<h2>Resolution Text</h2>
<p>Shareholders request that our board take each step necessary so that each voting requirement in our charter and bylaws (that is explicit or implicit due to default to state law) that calls for a greater than simple majority vote be replaced by a requirement for a majority of the votes cast for and against applicable proposals, or a simple majority in compliance with applicable laws. If necessary this means the closest standard to a majority of the votes cast for and against such proposals consistent with applicable laws. This includes making the necessary changes in plain English.<br> <br>Shareholders are willing to pay a premium for shares of companies that have excellent corporate governance. The supermajority voting requirements of Asbury Automotive Group have been found to be one of 6 entrenching mechanisms that are negatively related to company performance according to “What Matters in Corporate Governance” by Lucien Bebchuk, Alma Cohen and Allen Ferrell of the Harvard Law School. Supermajority requirements are used to block initiatives supported by most shareowners but opposed by a status quo management.<br><br>The current 80% vote requirement to improve the bylaws of Asbury Automotive Group is not practical because less than 80% of shares can typically cast ballots at Asbury Automotive Group annual meetings. <br> <br>The overwhelming shareholder support for this proposal topic at hundreds of major companies raises the question of why Asbury Automotive Group has not initiated this proposal topic on its own. It also raises the question that Asbury Automotive Group may be overlooking other areas of corporate governess improvement that could easily be adopted to increase shareholder value at virtually no cost.</p>

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Right of Shareholders to Call Special Meetings