Editore"s Note
Tilting at Windmills

Email Newsletter icon, E-mail Newsletter icon, Email List icon, E-mail List icon Sign up for Free News & Updates

December 2, 2004
By: Kevin Drum

R.I.P. SEAN HARRIGAN....CalPERS is the state of California's employee pension fund. Yesterday, as expected, Sean Harrigan finally lost his job as its president.

Why? Because he's a shareholder activist who has pushed hard for reform in the executive suite. He's a union official who fought the Safeway strike last year. And he and other activists have fought boardroom cronyism relentlessly and nearly got Disney's Michael Eisner fired a few months ago. And then there's this:

In addition, the [Chamber of Commerce] and the Business Roundtable say pension funds and other activist investors shouldn't be able to target corporate practices in the name of narrow agendas that don't have all shareholders' interests at heart.

To that end, both groups have vociferously opposed a pension fund-led proposal that would make it easier for unhappy shareholders to nominate their own director candidates for corporate boards.

That's a funny way of looking at things. Making it less onerous to nominate a new board which would still have to win the votes of a majority of shareholders is, for some reason, apparently not in everybody's interest.

And here I thought that competition was supposed to be good for capitalism. Just not in the boardroom, I guess.

Kevin Drum 1:08 PM Permalink | Trackbacks | Comments (0)
 
Comments




 

 
Email Newsletter icon, E-mail Newsletter icon, Email List icon, E-mail List icon Sign up for Free News & Updates

Advertise in WM

Advertise in College Guide






Search Now:
In Association with Amazon.com


Place Your Link Here

---Paid Advertisements---

Payday Loans

Personal Loans

Addiction Treatment

Phone Cards

Less Debt = Financial Freedom

Addiction Treatment Programs

Credit Cards & Debt Consolidation

Bad Credit Loans

Vacation Rentals