Weyerhaeuser Rejects Proposal For Overhaul

Weyerhaeuser stockholders rejected a Spokane physician’s proposal Tuesday that it overhaul its board of directors and practice more sustainable forestry.

John Osborn appeared at the stockholder’s meeting in Federal Way, Wash., to propose the entire board of directors be elected every year to make it more responsive to stockholders and the long-term health of the company. Three of the nine-member board of directors face election each year, each for a three-year term.

Weyerhaeuser has been at the forefront of industrial overcutting of Pacific Northwest forests, Osborn argued. “The company leads shareholders and the public to believe it manages its forest on a sustainable basis, and holds itself responsible to the communities in which it operates,” Osborn said.

Instead, “after Weyerhaeuser overcuts its holdings, the company closes its mills,” he said.

George Weyerhaeuser called Osborn’s statements at the meeting “an interesting mixture of fact and fantasy.” Shareholders controlling 62 million shares voted for Osborn’s proposal. Those with 82 million shares voted against.

Osborn also gave each of the directors an autographed copy of “Railroads & Clearcuts,” a book he co-authored. The book alleges that Weyerhaeuser is one of the large corporations that obtained land President Abraham Lincoln intended for homesteaders as part of the Northern Pacific railroad land grant.