Morgan Stanley shareholders voted against a proposal Tuesday to require that the chairman be an independent director who had not previously been an executive officer of the company.

Shareholders rejected the plan at the company's annual meeting in Purchase, N.Y., where they approved all of management's proposals and voted down all the measures proposed by shareholders, Chief Legal Officer Gary Lynch said.

The chairman proposal was submitted by the Laborers National Pension Fund. Chairman John Mack, 65, was also chief executive officer until this year, when James Gorman, 51, succeeded him.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.