Proxy contest: AFSCME fund leading battle over candidate nominations.(News)

Pensions & Investments, March, 2003

Byline: Barry B. Burr WASHINGTON - The pension fund of the American Federation of State, County and Municipal Employees filed an appeal with the Securities and Exchange Commission over an opinion issued on shareholder proposals. AFSCME submitted proposals at six companies calling for shareholder access to corporate proxy statements to nominate candidates.

The SEC's Division of Corporate Finance issued an opinion that Citigroup Inc. could omit the proposal. Corporations often follow the SEC staff view, although it isn't binding, according to AFSCME. That opinion would affect similar proposals AFSCME submitted. At Citigroup, Sears, Roebuck & Co. and Exxon Mobil Corp., AFSCME submitted proposals for binding changes in company bylaws to allow proxy access...

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