Financial Services Industry
Industry: Email Alert RSS FeedGovernance: Activists take new paths for proxy season; Majority vote latest tactic in arsenal of shareholders.( )
Pensions & Investments, March, 2005 by Burr, Barry B.
Byline: Barry B. Burr With the Securities and Exchange Commission's shareholder proxy access proposal essentially dead, pension funds are taking different tactics to assert more influence in director elections. The $527 million United Brotherhood of Carpenters and Joiners of America Pension Fund, Washington, and other allied building-trades pension funds introduced shareholder proposals at 80 companies calling for elections to be based on a majority of proxy votes cast, rather than the current plurality structure.
The American Federation of State, County and Municipal Employees Pension Plan, Washington, filed suit against American International Group, New York, seeking to require the company to include a binding shareholder proposal that would allow...
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