January 22, 2009 |
The head of the Washington State Investment Board is heading south to Sacramento to oversee investments at the nation's largest public pension fund, the California Public Employees' Retirement System. As chief investment officer, Joseph A. Dear, 57, faces the challenge of reversing steep losses inflicted by the financial downturn on the $178-billion fund, known as CalPERS.
April 10, 2004 |
A rule's a rule, for saints and sinners alike. That's why Institutional Shareholder Services, which advises big investors such as pension funds on corporate governance issues, says it is urging Coca-Cola Co. shareholders to withhold their votes from billionaire investor Warren E. Buffett for reelection to Coke's board of directors. The issue comes to a vote at the Coca-Cola annual shareholders meeting April 21 in Wilmington, Del. Buffett, who owns 8.
February 11, 2002 |
After Enron, the accounting and securities industries are in the same uncomfortable position as the airlines after Sept. 11. To reassure fliers wary of the skies after the terrorist hijackings, the airline industry had to accept a long list of federal safety regulations it had long grounded. Likewise, to lure back investors fearful of more Enron-like accounting scandals, the investment industries may now have to accept new federal investor protections they have long blocked.
January 26, 2004 |
Safeway Inc. recently awarded 11 senior and executive vice presidents millions of dollars in stock grants and options under a new compensation plan that is drawing fire from labor leaders and others. The plan came together in the wake of four high-profile corporate defections last year, including that of the chief financial officer, Vasant Prabhu, who left to join Starwood Hotels & Resorts Worldwide.
July 27, 1997 |
When Philadelphia lawyers sued directors of Archer-Daniels-Midland Co. last year for their role in a huge price-fixing scandal, they said they were striking a blow for the company's shareholders. ADM settled the suit recently for $8 million. But guess who gets the money? Not the shareholders, but the lawyers. "It's a classic case of lawyer greed," said Mark C. Hansen, an attorney for institutional shareholders protesting the settlement.
November 9, 2007 |
Two groups representing union pension funds turned their sights on Countrywide Financial Corp.'s directors Thursday, saying board members failed to curb what they called excessive compensation for Chairman and Chief Executive Angelo Mozilo.
February 15, 1985 |
Financier Carl Icahn said Thursday that if shareholders join him in rejecting a refinancing plan for Phillips Petroleum Co. next week, he will attempt to have the company sold to an employee group or another bidder "at a fair price" after first unseating the board of directors. "I'm not going away under any conditions," he said, adding that he would hold his stock--currently 7.5 million shares, or 4.
April 30, 1993 |
Shareholder activist Ralph Whitworth chuckles when people call him the Ross Perot of investor rights. While the maverick Texas billionaire has been making political headlines, Whitworth, 37, has been holding corporate feet to the fire on issues like executive pay packages and boards of directors dominated by management. Through a combination of persuasion and doggedness, Whitworth, president of the United Shareholders Assn.
July 27, 2005 |
Silicon Valley lost its best hope to avoid treating stock options as a formal expense, when the man poised to become the nation's new securities chief said Tuesday that he would support the accounting shift. While Rep. Christopher Cox tried to beat back the options change in Congress, he told a Senate committee weighing his nomination as Securities and Exchange Commission chairman that the agency should make sure "that the rule is implemented as the markets expect."
January 23, 2007 |
The Securities and Exchange Commission Monday said it would not intervene in a dispute over board election rules at Hewlett-Packard Co. and signaled that a clear policy governing director nomination contests probably would not be implemented until the 2008 season of corporate meetings. The announcement underscored the difficulties faced by the SEC and its chairman, Christopher Cox, in achieving consensus on a plan to give shareholders a greater voice in the corporate election process.