Cognizant Technology Solutions (CTSH) is one of the stocks in my portfolio. Their annual meeting is coming up June 2. ProxyDemocracy.org had four funds voting when I looked yesterday. Checking the Summary Compensation Table, it appears CEO/Chairman Francisco D’Souza was paid more than $11 million. Using the United States Proxy Exchange (USPX) released draft guidelines, I voted against most pay packages where […]
Archive | May, 2011
Biogen Idec (BIIB): How I Voted
James McRitchie, 05/31/2011 ,
Biogen Idec (BIIB) is one of the stocks in my portfolio. Their annual meeting is coming up June 2. ProxyDemocracy.org had five funds voting. Checking the Summary Compensation Table, it appears former CEO/Chairman James C. Mullen was paid more than $20 million and current CEO George A. Scangos was paid $9.4 million. Using the United States Proxy Exchange […]
Possible Stick Yields Results for Female Directors
James McRitchie, 05/31/2011 ,
The number of women being hired as non-executive directors to FTSE 100 companies is running at nearly double the rate it was before the Davies report, which threatened the introduction of fixed quotas. Over the past six months, 23 per cent of all new non-executive board appointments have been filled by women, compared with just […]
How I Voted: Home Depot
James McRitchie, 05/31/2011 ,
Home Depot (HD) is one of the stocks in my portfolio. Their annual meeting is coming up June 2. ProxyDemocracy.org had five funds voting. Checking the Summary Compensation Table, it appears CEO/Chair Francis S. Blake was paid about $10.5 million. Using the United States Proxy Exchange (USPX) released draft guidelines, I am voting against most pay packages over […]
Wal-Mart (WMT): How I Voted
James McRitchie, 05/31/2011 ,
Wal-Mart Stores (WMT) is one of the stocks in my portfolio. Their annual meeting is coming up June 2. ProxyDemocracy.org had four funds voting when I looked yesterday. Checking the Summary Compensation Table, it appears CEO Michael T. Duke was paid more than $17 million. Using the United States Proxy Exchange (USPX) released draft guidelines, I voted against most pay packages where […]
Google: How I Voted
James McRitchie, 05/31/2011 ,
Google (GOOG) is one of the stocks in my portfolio. Their annual meeting is coming up June 2. ProxyDemocracy.org had several funds voting. Although I reviewed how they voted, my votes didn’t align with any of the funds. Checking the Summary Compensation Table, it appears two senior vice presidents (Patrick Pichette and Nikesh Arora) each got […]
Directors Should Thank Dodd-Frank
James McRitchie, 05/28/2011 ,
Eleanor Bloxham, a contributor to Fortune magazine, tells readers Why corporate directors should thank Dodd and Frank. With investors focused on “say-on-pay,” ISS recommendations against directors are down substantially. Ture, but this isn’t likely to last. Most institutional investors seem to be taking a year off from voting against compensation committee members, giving them a free […]
CalPERS Runoff: Bilbrey & Ross — CalPERS Forum July 6
James McRitchie, 05/27/2011 ,
Michael Bilbrey got 46,032 preliminary count votes. Richard Ross placed second with 26,522 votes to qualify for a runoff. Donna Snodgrass and David Miller were close behind with 24,101 and 23,627 respectively. Ballots go out June 30 and are due back July 28. PERSWatch.net will hold another CalPERS Candidate Forum on July 6, from 6-8 […]
Bogle Spinning in His Grave: Vanguard, a "Pay Enabler"
James McRitchie, 05/27/2011 ,
No, he isn’t dead but he might as well be as far as his ability to influence Vanguard, the giant mutual fund he founded. John Bogle wants funds to introduce resolutions at companies requiring a 75% shareowner vote in order to make political contributions. Yet, Vanguard has never introduced a single shareowner resolution anywhere that […]
Believe it: Sometimes Governance is to Blame More than the Tax Code
James McRitchie, 05/26/2011 ,
The recent discussion in the media about the litigation around the Tribune Company LBO in 2007, is an excellent illustration of the consequences of a governance failure as well as the failure of many commentators to recognize the causal relationship. In the linked article, Holman Jenkins of the WSJ correctly notes that this deal was […]
InGovern Proxy Analysis Launched in India
James McRitchie, 05/25/2011 ,
A new proxy vote analysis service, InGovern Corporate Governance Platform, allows institutional investors to analyze various companies, follow the agendas of shareholder meetings, exercise votes and collaborate with other investors. Research based on “objective criteria” – Governance Radar – is also embedded into the platform, according to a press release from Bangalore. This is a […]
Where is the LUV for Shareowners at Southwest Airlines?
James McRitchie, 05/25/2011 ,
Looking for coverage of the Southwest Airlines (LUV) annual meeting, I couldn’t find much. Dispatchers picketed outside. (Southwest Airlines Dispatchers Not Feeling LUV, NBC) The rising cost of fuel and integration of AirTran Airways were listed as concerns. (Despite tough economic conditions, Southwest tells shareholders future bookings look (more…)
Bainbridge Draws False Analogy Between Speech & Access
James McRitchie, 05/24/2011 ,
Stephen Bainbridge, in an uncharacteristically sloppy argument, rails against Lucian Bebchuk and his “acolyte” Robert Jackson for continuing to spread the claim that shareholders ought to be actively involved in an ever-expanding array of corporate decisions, by giving shareholders “a greater role in corporate political speech decisions.” I can understand that Professor Bainbridge resents interference […]
India: Class Action, Insider Trading & CSR
James McRitchie, 05/24/2011 ,
Companies Bill 2009 proposes to introduce the concept of class action suits for the first time in India, which would empower investors to sue a company for “oppression and mismanagement” and claim damages. Among other things, it also proposes to tighten the laws for raising money from the public and seeks to prohibit insider trading […]
Clowns, Annual Election of Directors & ACGI
James McRitchie, 05/23/2011 ,
Like many, I read that a proposal at McDonalds to halt marketing to kids, retire Ronald McDonald, and report on links between fast food and children’s health, failed… winning only 6% of shares voted. Every change has to start somewhere. However, I also learned from a reliable source that a proposal submitted by Florida SBA, with the […]
IRobot: How I Voted
James McRitchie, 05/21/2011 ,
IRobot (IRBT) is one of the stocks in my portfolio. Their annual meeting is coming up May 24. ProxyDemocracy.org had only one fund voting, CBIS, when I voted yesterday. MoxyVote.com had none. Today is the last day to vote using MoxyVote.com. Checking the Summary Compensation Table, it appears CEO/Chair Colin M. Angle was paid more than $2.3 million, which is […]
Video Friday: NYSE Board Education
James McRitchie, 05/20/2011 ,
On “This Week in the Boardroom,” hosts TK Kerstetter, President, Corporate Board Member, and Scott Cutler, Executive Vice President, NYSE Euronext, announced the launch of the NYSE Board Education Program which is designed to provide voluntary education for public and private company board members and offers core information and critical updates through Corporate Board Member […]
Executive Pay
James McRitchie, 05/19/2011 ,
Pay continues to be the biggest issue this proxy season. The May 17 edition of Pirc Alert had several articles on point. In “A challenge to high pay” they discuss some of the findings by the High Pay Commission. Here’s a few choice tidbits from the Commission’s report: attempts to link top pay with company performance […]
Rovi: How I Voted
James McRitchie, 05/19/2011 ,
Rovi (ROVI) is one of the stocks in my portfolio. Their annual meeting is coming up May 24. ProxyDemocracy.org had only one fund voting, Calvert, when I looked two days ago. MoxyVote.com had four “good causes” but only one readily identifiable source, Calvert. Checking the Summary Compensation Table, it appears CEO/Alfred J. Amoroso was paid […]
Why Routinely Approve Auditors?
James McRitchie, 05/18/2011 ,
Ever since the demise of Enron, I’ve wondered why the vote by shareowners to approve auditors is considered such a routine nonevent. Ask anyone who used to work for former big five firm Arthur Andersen LLP. Yet, “ratification” of auditors remains among the last holdouts of broker voting. Who watches the watchers in the world of […]
Interface: How I Voted
James McRitchie, 05/18/2011 ,
Interface, Inc (IFSIA) is one of the stocks in my portfolio. Their annual meeting is coming up May 23. ProxyDemocracy.org had only one fund voting, CBIS, when I looked yesterday. Often they seem to vote against just about every management recommendation but not this time. MoxyVote.com had five opinions but only two readily identifiable sources, Calvert and Trillium. They […]
Waste Connections: How I Voted
James McRitchie, 05/18/2011 ,
Waste Connection (WCN) is one of the stocks in my portfolio. Their annual meeting is coming up May 20. ProxyDemocracy.org had only one fund voting, CBIS, when I looked yesterday. MoxyVote.com had none. Checking the Summary Compensation Table, it appears CEO/Chair Ronald J. Mittelstaedt was paid less than the $4.3 median for mid-cap stocks, using the United States […]
Kinetic Concepts: Victory for Shareowners!
James McRitchie, 05/17/2011 ,
I was about to sit down this morning and write another scathing post on Kinetic Concepts when I learned of their press release announcing they will gradually declassify their board. They gave no reason as to why they took this action just ahead of their annual meeting. Perhaps they looked again at their guiding principles, We […]
Insider Trading: Two Perspectives
James McRitchie, 05/17/2011 ,
Contrasting opinions from Marty Robins, attorney and adjunct law professor at Northwestern University School of Law and DePaul University College of Law, as well as a frequent commentator on Corpgov.net. As a retail investor, I’m told that I should be happy about the Rajaratnam conviction on various charges related to insider trading activity. The prosecutor […]
Exxon Mobil: Voting Recommendations
James McRitchie, 05/17/2011 ,
AFSCME and RAM Trust urge shareowners to rein in CEO Pay, implement governance improvements at their May 25 meeting. AFSCME and RAM Trust recommend: Against ratifying executive pay (Item 3) For One Year frequency of the advisory vote on compensation (Item 4) Adopt a policy that the XOM Board Chair be an independent (more…)
New Legal Resource, at Least to Me
James McRitchie, 05/16/2011 ,
I just discovered a blog from Davis Polk & Wardwell LLP, although it may be a year old. I’ve added it to our links page under Legal Services. Today, Bill Kelly discussed “nondeal road shows” and the hazards of violating Reg FD. (Heightened Focus on Private Meetings With Investors)
Talbots: How I Would Have Voted
James McRitchie, 05/15/2011 ,
Talbots (TLB), was one of the stocks in my portfolio. Their annual meeting is coming up May 19. I didn’t realize I had sold it until I went through how I would have voted, so I’ll post it up. ProxyDemocracy.org had only one fund voting, CBIS. MoxyVote.com had no voting (more…)
Scripps Networks: How I Voted
James McRitchie, 05/15/2011 ,
Scripps Networks Interactive (SNI), is one of the stocks in my portfolio. Their annual meeting is coming up May 18. ProxyDemocracy.org had two funds voting, CBIS and AFSCME. Checking the Summary Compensation Table shows the CEO/Chair, Kenneth W. Lowe, was paid about $8.3 (more…)
Morningstar: How I Voted
James McRitchie, 05/14/2011 ,
Morningstar, Inc. (MORN) is one of the stocks in my portfolio. Their annual meeting is coming up May 17. ProxyDemocracy.org had only one fund voting, Florida SBA, when I looked yesterday. Checking the Summary Compensation Table shows none of the named (more…)
Juniper Networks: How I Voted
James McRitchie, 05/13/2011 ,
Juniper Networks (JNPR) is one of the stocks in my portfolio. Their annual meeting is coming up May 18. May 14 is the last day to vote my proxy on the MoxyVote.com platform. ProxyDemocracy.org had only one fund voting, CBIS, when I looked yesterday. MoxyVote.com had no recommendations. The Summary Compensation Table shows CEO/Chair Kevin R. Johnson earned $10 last […]
Nay on Pay: Comments Sought on Draft Guidelines
James McRitchie, 05/12/2011 ,
The United States Proxy Exchange (USPX) released draft guidelines for shareowners to use in making say-on-pay voting decisions. Comment letters are due by June 2nd to contact@proxyexchange.org. Please put “Say-on-Pay Guidelines” in the e-mail subject line. Letters will be posted to the USPX website, unless you indicate you would rather remain anonymous. (Disclosure: I am a member of USPX. […]
Video: Abe Friedman on CEO Pay
James McRitchie, 05/11/2011 ,
CEOs at the biggest U.S. companies saw their pay jump sharply in 2010, as boards rewarded them for strong profit and share-price growth with bigger bonuses and stock grants. The median value of salaries, bonuses and long-term incentive awards for CEOs of the 350 biggest companies (that filed proxies between May 1, 2010, and April […]
Handbook on International Corporate Governance
James McRitchie, 05/11/2011 ,
Christine A. Mallin has edited an updated version of her 2006 book by the same title. Contributors are all well respected authorities and include: C.L. Ahmadjian, M. Ararat, L. Cabeza-García, M.J. Conyon, S.B. Dahiya, S. Gaia, J. Gillies, P.-Y. Gomez, S. Gómez-Ansón, M. Huse, R.P.C. Leal, C.A. Mallin, L. McGregor, A. Melis, O. Melitonyan, A. […]
Independent Board Oversight: Lessons from HP
James McRitchie, 05/10/2011 ,
Note: Republished with permission of the author. Originally published on the Bloxham Voice as Independent Board Oversight, 4/10/2011. Copyright The Value Alliance. Nominating and governance processes and independent board oversight: Do they really matter? If so, to whom? In a Digest publication late last year, I wrote about an ISS policy survey that found investors, […]
PwC Appoints Gillan
James McRitchie, 05/09/2011 ,
PwC has announced the appointment of Kayla Gillan, formerly SEC Chair Mary Schapiro’s Deputy Chief of Staff, as the firm’s head of the newly created Regulatory Relations Group. This confirms a report by Bloomberg from last week. Ms Gillan is no lightweight as she is a founding member of the PCAOB, served as general counsel […]