Business Services Industry
Tyco Shareholders Seek Control over Executive Severance Packages.
Knight Ridder/Tribune Business News, March, 2003
By Nancy Dillon, Daily News, New York Knight Ridder/Tribune Business News
Mar. 7--Tyco gets to keep its Bermuda mailing address, but shareholders have now demanded control over lavish executive severance packages.
At the first annual meeting since the indictment of ex-CEO Dennis Kozlowski, investors voted 74 percent against a shareholder proposal seeking to move the company's legal base from the sandy-beached tax haven to Delaware.
Such a move could cost the company upwards of $200 million in extra U.S. taxes each year, experts have said.
The shareholders, gathered at the Fairmont Hamilton Princess hotel in Bermuda, also voted 58 percent in favor of giving themselves the right to approve or deny executive golden parachutes. The...
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