In this year's proxy there is a stockholder proposal mandating Directors & Senior Executives to purchase self financed stock.
In the Directors statement of opposition they state
.....if approved by our stockholders at the annual meeting, is not binding on the Company or its Board.
http://www.sec.gov/Archives/edgar/data/836564/000101968711003893/patriot_def14a.htm
However, in last year's proxy there was a stockholder proposal requesting that our BoD amend our charter documents to provide for the election of directors by majority vote
In the Directors statement of opposition I could find no mention of this proposal, if approved, being non binding on the company.
http://www.sec.gov/Archives/edgar/data/836564/000101968710004265/patriot_defr14a-113010.htm
It wasn't until the company PR dated 12/2/2011 that shareholders learned of FAQs on the company website. It was here that shareholders learned, for the first time, of the BoDs decision to treat this overhwelmingly approved proposal (11 months earlier) as a non binding proposal.
When, if ever, can any shareholder proposal included in a proxy and voted For become binding on this BoD?