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Council Of Institutional Investors

April 10, 2004 | Thomas S. Mulligan, Times Staff Writer
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.
April 3, 2009 | Tom Petruno
Under intense pressure from Congress, accounting rule makers on Thursday voted to give banks more discretion in valuing dicey assets. The changes to so-called mark-to-market accounting standards could help banks avoid more write-downs on troubled mortgage-backed bonds. Banks also could decide to boost the value of those assets on their balance sheets, which could bolster their finances -- allaying concerns about the need to raise more capital.
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.
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.
April 16, 2009 | E. Scott Reckard
Bruised by a year of financial catastrophe, some bank shareholders are out for revenge as the corporate annual meeting season approaches -- with Bank of America Corp. Chairman and Chief Executive Kenneth D. Lewis a prominent target. His critics, who are calling on shareholders to vote him off the company's board at its annual meeting April 29, cite the bank's moves last year to acquire two struggling firms, mortgage giant Countrywide Financial Corp. and brokerage powerhouse Merrill Lynch & Co.
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.
January 23, 2007 | Jonathan Peterson, Times Staff Writer
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.
September 28, 2007 | Jonathan Peterson, Times Staff Writer
Shareholder activists Thursday blasted proposals by the Securities and Exchange Commission affecting investor rights in corporate elections, suggesting the agency's approach would not resolve a long-smoldering dispute. "I think this is a case where more work needs to be done," Rep. Barney Frank (D-Mass.), chairman of the House Committee on Financial Services, said after a hearing on the matter.
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