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Council Of Institutional Investors

January 22, 2009 | Marc Lifsher
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.
November 17, 2006 | Kathy M. Kristof, Times Staff Writer
Backdating of stock options was more likely to occur at companies that did not have independent board directors in the majority, according to a study being released today. The study, conducted by professors from Harvard and Cornell universities and the University of Chicago, examined stock option grant dates at 5,800 companies over the last decade.
February 11, 2002 | RONALD BROWNSTEIN
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 | Melinda Fulmer and Kathy M. Kristof, Times Staff Writers
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.
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 | Kathy M. Kristof and E. Scott Reckard, Times Staff Writers
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 | MICHAEL A. HILTZIK, Times Staff Writer
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.
They stocked away big stashes of cash for the proverbial rainy day, exceeded profit projections and cut costs. Now these same companies find themselves sitting ducks for takeover artists and other suitors. As Wall Street continues to digest last week's surprise bid for Chrysler Corp., many companies once praised as prudently run are now considered attractive takeover targets.
September 9, 2008 | William Heisel, Times Staff Writer
Shareholders in Fannie Mae and Freddie Mac saw the value of their stock nearly disappear Monday after the mortgage giants had been taken over by the federal government, but the companies' chief executives will leave after banking millions and taking millions more on the way out the door. Fannie Mae's Daniel Mudd and Freddie Mac's Richard Syron stepped down but are helping with the transition of their companies into federal conservatorship under the Federal Housing Finance Agency.
May 5, 2008 | Kelly Candaele, Kelly Candaele is a trustee of the Los Angeles City Employees Retirement System.
Last week, Fred Buenrostro, chief executive of the California Public Employee Retirement System since 2002, announced he was stepping down. Buenrostro's move came on the heels of the departure of Russell Read, CalPERS' chief investment officer, who told the organization's board two weeks ago that he was moving into the private sector. Leadership changes at public institutions occur all the time.
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