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.
July 23, 2011 |
A federal appeals court invalidated a controversial Securities and Exchange Commission rule that made it easier for shareholders to force out company directors. Acting on a suit by business groups, a three-judge panel of the U.S. Court of Appeals for the District of Columbia unanimously tossed out the rule Friday. The judges said the SEC did not adequately consider the rule's effect on companies. The rule let large shareholders place their board nominees on company-mailed proxy ballots along with the management's preferred candidates instead of being required to spend the money to send out separate ballots.
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.
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.
August 22, 2002 |
Vanguard Group may be best known for its "passive," index-style investing, but the mutual fund giant said it would begin taking a more activist role in corporate governance: The firm has revamped the standards it will follow in proxy voting, putting companies on notice about key governance issues.
April 22, 1995 |
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.
January 16, 2010 |
The latest earnings report from JPMorgan Chase & Co. provides a rough snapshot of the U.S. economy: Although Wall Street has roared its way back to financial might, much of mainstream America is still recovering from the Great Recession. JPMorgan Chase said Friday that its fourth-quarter earnings rose fourfold over the same period last year, enabling it to provide average pay of $121,124 for its 222,000 employees -- and $378,599 for members of its elite investment banking division.
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."