Forum for Shareholders of Crowley Maritime Corporation

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Resolution of Shareholder Interests

In March 2007, the controlling shareholder of Crowley Maritime offered $2,990 per share to buy out public investors, a price equal to 258% of the last traded price of shares when the Forum started in April 2004.

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Shareholder Voting for May 20, 2004 Meeting


In an April 19, 2004 proxy statement filed with the SEC, the management of Crowley Maritime Corporation presents two issues for voting by the company's shareholders: the reelection of directors and the approval of an executive bonus plan.


Members of the board of directors were asked in a May 7, 2004 letter to explain why they recommended shareholder votes in favor of these proposals, and were encouraged to comment specifically on issues raised by the proxy advisor Glass Lewis & Co. in its report to institutional investor clients recommending votes against four of the eight directors and against the compensation plan.


Although management's control of 76% of the votes will determine the approval of these proposals, it is important for all shareholders to be informed about their voting decisions.  It is also important to understand why the board believes its proposals will benefit the company's non-management investors, since controlling shareholders are considered to have special fiduciary duties to act in the interests of minority shareholders.


NOTE:  Neither the Forum nor anyone associated with its conduct is soliciting proxies or willing to accept proxies if offered.  Based on available information, only the company’s management intends to solicit proxies.  Instructions for voting for or against the issues being presented at the meeting, or for changing those votes at any time prior to the meeting, are provided in the company's proxy statement.


The Forum is open to all Crowley shareholders, whether institutional or individual, and to any fiduciaries or professionals concerned with their investment decisions.  Its purpose is to provide shareholders with access to information and a free exchange of views on issues relating to their evaluations of alternatives, as described in the Forum Summary.

There is no charge for participation.  As stated in the Conditions of Participation, participants are expected to make independent use of information obtained through the Forum, subject to the privacy rights of other participants.  It is a Forum rule that participants will not be identified or quoted without their explicit permission.

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All material on this web site is published by Gary Lutin, who is responsible for conducting the Forum.