France Family Group holds nearly 70 percent of ISC voting stock

By Bob Pockrass

Thursday, March 11, 2010

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The France Family Group, which includes 46 entities ranging from members of the NASCAR-ruling France family to companies they operate, own 69.6 percent of the voting stock at International Speedway Corp., the company revealed today in its annual proxy statement. A year ago, the group owned 68.9 percent.

With the majority of the voting stock, the France Family Group controls the decisions of the company. ISC Chairman Jim France controls 44.9 percent of the voting stock (including his shares of the France Family Group) and his late brother Bill’s widow, Betty Jane France, owns 20.7 percent.

NASCAR Chairman Brian France (Jim’s nephew), who was listed as controlling only 0.23 percent of the voting ISC stock last year, now owns 1.3 percent.

Executive compensation also was revealed as part of the proxy statement. Chairman Jim France’s compensation package was worth $554,608, compared with $1.08 million last year when he was chairman and chief executive officer. Vice Chairman and Chief Executive Officer Lesa France Kennedy’s compensation package was worth $769,780, compared with $719,146 a year ago when she was the company president. The compensation package includes salary, bonus, incentives, perks, above-market returns on pay set aside for later and the value of stock options and restricted stock granted during the year.

Four members of the ISC board of directors are up for reelection at the annual shareholder meeting April 14 in Daytona. The four – former Ford executive Edsel B. Ford II, former Kansas governor William Graves, attorney Christy Harris and Intervest Construction Inc. Chairman Morteza Hosseini-Kargar – are all nominated and expected to receive another three-year term.