Archive | May, 2014

AST to Acquire D.F. King Offering Better Protection

AST FundSolutionsAmerican Stock Transfer & Trust Company, LLC (AST), announced that its affiliate, AST Fund Solutions, LLC (I first knew them as The Altman Group) has entered into a definitive agreement to purchase D.F. King & Co., Inc. and its operating businesses (D.F. King). When the transaction is finalized, the combined company will be the leading issuer and shareholder services firm across North America and Europe. Continue Reading →

Continue Reading ·

Fiduciary Duty to Announce Votes (Part 3): Take Action

PD-CkMutualVotingRecord

Take Action: Ask your mutual fund, pension fund, and/or endowment to:

  1. Send you a copy of their proxy voting policies and their proxy voting record.
  2. Report their votes in advance of annual shareholder meetings to ProxyDemocracy.org.  
  3. Make a small donation (not tax deductible) to ProxyDemocracy.org to keep that valuable service going or contact Andy Eggers to make a tax-deductible contribution through their 501(3) affiliate. I’ll match donations up to $2,000 until the end of June.

Continue Reading →

Continue Reading ·

Egan-Jones Proxy Services Acquires ProxyTell

ProxyTellEgan Jones Proxy Services announced today its acquisition of substantially all of the operating assets of ProxyTell, LLC. Egan-Jones Proxy Services, established in 2002 by Egan-Jones Ratings Co., is a leading independent provider of proxy research, voting recommendations and voting services to a variety of institutional investors. Specific financial terms of the acquisition were not provided. Continue Reading →

Continue Reading ·

Fiduciary Duty to Announce Votes (Part 2): Historical Background

A major landmark in establishing a fiduciary duty for proxy voting was the Department of Labor’s (DOL) 1988 Avon Letter, which was based on specific sections of ERISA (sections 402, 403, 404 and 405), summarized as follows:

Continue Reading →

Continue Reading ·

Genomic Health $GHDX Proxy Recommendations

GHDXGenomic Health (GHDX), is one of the stocks in my portfolio. Their annual meeting is coming up on June 6, 2014. ProxyDemocracy.org had collected the votes of one fund when I checked and voted on 5/27/2014.  I voted with management 92% of the time.  View Proxy Statement. (Note: GHDX proxy Table of Contents is only for stock incentive plan… not the proxy. Very poorly done.) Read Warnings below. What follows are my recommendations on how to vote the GHDX proxy in order to enhance corporate governance and long-term value.  Continue Reading →

Continue Reading ·

Fiduciary Duty to Announce Votes (Part 1): Editorial Calls For Advanced Disclosure

P&I-proxy-voters-cartoon
A recent editorial in Pensions & Investments (P&I), Winning over proxy voters, essentially argues that pensions have a fiduciary duty to announce their proxy votes in advance of the annual general meeting (AGM) if doing so is likely to influence the vote. This minor extension of current practice could have a profound impact and should also apply it to mutual funds and investment advisors, as well as other institutional investors, such as endowments.
The editorial discusses Warren Buffett’s recent reluctance to vote against the pay package at Coca-Cola.

Continue Reading →

Continue Reading ·

SolarCity $SCTY Voting Recommendations

SCTYSolarCity (SCTY), is one of the stocks in my portfolio. Their annual meeting is coming up on June 4, 2014.  ProxyDemocracy.org had collected the votes of no funds when I checked and voted on 5/26/2014.  I voted with management 75% of the time but won’t next year if corporate governance reforms are not made.  View Proxy Statement. Read Warnings below. What follows are my proxy voting recommendations for SCTY. Continue Reading →

Continue Reading ·

GT Advanced Technologies $GTAT Proxy Voting Recommendations

gtatGT Advanced Technologies $GTAT is one of the stocks in my portfolio. Their annual meeting is coming up on 6/5/2014. ProxyDemocracy.org had collected the votes of one fund when I checked and voted on 5/26/2014.  I voted with management 60% of the time.  View Proxy Statement. Read Warnings below.  What follows are my proxy voting recommendations for GTAT. Continue Reading →

Continue Reading ·

Marrone Bio Innovations (MBII): Proxy Voting Recommendations

MBIIMarrone Bio Innovations (MBII): is one of the stocks in my portfolio. Their annual meeting is coming up on 5/29/2014. ProxyDemocracy.org had collected the votes of two funds when I checked and voted on 5/23/2014.  I voted with management 33% of the time.  View Proxy Statement. Read Warnings below.  What follows are my proxy voting recommendations for MBII. Continue Reading →

Continue Reading ·

Report From ITC Meeting

Darius Peek

Darius Peek

Guest Post from Darius Peek, a junior at Wayne State University in Detroit, MI, majoring in Finance who presented our proposal to allow shareowners to call special meetings.

ITCITC Holdings (ITC), the nation’s largest independent electric transmission company, held its annual shareholders meeting yesterday at its headquarters in Novi, Michigan. ITC invests in the electric transmission grid to improve reliability, expand access to markets, lower the overall cost of delivered energy and allow new generating resources to connect to its transmission systems. Continue Reading →

Continue Reading ·

Chevron Enters Foxhole Contest

ChevronAs reported by CSRwire, Under Fire from Critics, Chevron CEO Quietly Moves Annual Shareholder Meeting to Remote Town In Texas.

PeabodyWe are still in the midst of our second Foxhole of the Year Award for the company that makes it the most difficult for shareowners turn up at their annual meeting. Last year’s winner was Peabody Energy for their choice of Gillette, Wyoming, a town with less than 30,000 residents.  

With Chevron (CVX), we have another 2014 entrant. Continue Reading →

Continue Reading ·

CalPERS Announces Board Candidates

CalPERSbldgThe California Public Employees’ Retirement System (CalPERS) is conducting two elections this fall for the State and public agency representative seats on the CalPERS Board of Administration. Current terms for both positions end in January 2015. The election for the school board member representative seat will not be conducted because the incumbent, Rob Feckner, was unopposed. George Diehr, Ph.D., the incumbent in the State member position announced he would not seek reelection.

Continue Reading →

Continue Reading ·

Amazon.com (AMZN): Proxy Voting Recommendations

AMZNAmazon.com (AMZN), is one of the stocks in my portfolio. Their annual meeting is coming up on 5/21/2014. ProxyDemocracy.org had collected the votes of four funds when I checked and voted on 5/15/2014.  I voted with management % of the time.  View Proxy Statement. All that talent at AMZN and they didn’t even bother to provide a linked table of contents. Read Warnings below. Here’s how I voted my proxy at Amazon. Continue Reading →

Continue Reading ·

CMG Shareowners Vote Down Pay & Supermajority Requirements

JMSelfie-CMG

McRitchie CMG Selfie

cmg
Just a brief post to thank shareowners at Chipotle Mexican Grill (CMG) for sending a strong message to the company’s board and management.  77% of shares were voted against the executive pay package and a majority supported our proposal to end supermajority voting requirements.

CalSTRS, Florida SBA, AFSCME, Calvert, Domini, Trillium, CBIS, CtW and many others joined to reject the non-binding say-on-pay measure and a proposed stock incentive plan. Both ISS and Glass Lewis recommended their clients vote against the package and the plan. Continue Reading →

Continue Reading ·

CalPERS Urges Nabors to Exclude Broker Non-Votes

NBRCalPERS-logoCalPERS filed a notice of exempt solicitation (PX14A6G) and urged shareholders to vote for a proposal asking the company to amend their bylaws to exclude broker non-votes when tabulating proxy votes at the 2014 AGM of Nabors Industries (NBR). I don’t personally own stock in NBR but the issue is an important one, so it is good to see CalPERS raising it at this high visibility company. Continue Reading →

Continue Reading ·

Proto Labs Inc (PRLB): How I Voted – Proxy Score 100

PRLBProto Labs Inc (NYSE:PRLB), is one of the stocks in my portfolio. Their annual meeting is coming up on 5/16/2014. ProxyDemocracy.org had collected the votes of one fund when I checked and voted on 5/13/2014.  I voted with management 100% of the time.  View Proxy Statement, which was not user friendly, since the Table of Contents contained no links. Read Warnings below. Continue Reading →

Continue Reading ·

Powered by WordPress. Designed by WooThemes