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Article: NEW YORK CITY PENSION FUNDS URGE 5 COMPANIES TO COMPLY WITH SHAREHOLDER MAJORITY VOTES IN DIRECTOR ELECTIONS
- Article from:
- US Fed News Service, Including US State News
- Article date:
- March 4, 2008
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The New York City Comptroller issued the following press release:
New York City Comptroller William C. Thompson, Jr., on behalf of the New York City Pension Funds, has submitted a shareholder proposal calling on five companies to adopt a majority vote standard in director elections.
"The election of directors is the most important responsibility of shareowners. But in the current plurality system, shareholders' opinions of Board of Director nominees have no real weight," Thompson said. "Companies are free to ignore shareholder wishes, even when a majority of shareholders withhold votes as an expression of their disapproval. The New York City Pension Funds' proposal seeks to change that and ...