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About This Blog

The CtW Investment Group works with pension funds sponsored by unions affiliated with Change to Win. Our affiliates' six million members participate in public and Taft-Hartley pension funds with approximately $1.5 trillion in assets. The CtW Investment Group blog chronicles the latest developments in corporate governance and shareholder activism, with a specific focus on CtW Investment Group initiatives to increase long-term shareholder value through active ownership.

Financial News: Merrill Opts for Annual Board Elections, Following Campaign Led by CtW Inv Grp

Shanny Basar of Financial News writes:

“Merrill Lynch is proposing that from next year all board members are elected annually for one-year terms following a campaign led by CtW Investment Group, an umbrella body representing union pension funds, against banks that have written down billions of dollar related to the credit crisis.

“In January, CtW Investment Group had written to four Merrill directors asking them to describe what they did to protect shareholders from excessive mortgage-related risk over the past two years.”

The declassification was also received coverage by CNNMoney.com, Forbes, Business Week, and TheStreet.com.

Posted by Anna Mumford on April 25, 2008 10:08 AM