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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.
In today’s Wall Street Journal, Jed Horowitz reports that pressure is mounting on Morgan Stanley’s board as two more public pension funds joined CalSTRS in opposing the reelection of Morgan Stanley directors.
Horowitz writes:
“The State Universities Retirement System of Illinois, which owns about 240,000 Morgan Stanley shares valued at around $11.4 million, is opposing all 11 directors nominated for re-election. The State of Connecticut Retirement Plans & Trust Funds, which own 683,438 Morgan Stanley shares valued at $33.4 million, said Friday it has withheld votes for Messrs. Mack, Kidder and Davies. Those three are opposed by Change to Win Investment Group, a group that advises union pension funds on their votes.”
Horowitz also notes:
“Several proxy-advisory firms have recommended that pension funds hold Mr. Mack and other directors on the New York firm's audit committee responsible for allowing Mr. Mack to increase the company's risk appetite since he took the top posts in 2005.”
Posted by on April 7, 2008 10:01 AM
