The CtW director accountability campaign was featured prominently in Landon Thomas’ summary of Morgan Stanley AGM in the Business section of the Times today.

“One of the main CtW proposals was for Morgan Stanley to appoint an independent chairman who, in theory, would carry a greater degree of independence and thus provide a counterweight to Mr. Mack’s forceful personality. And while Institutional Shareholder Services, the influential proxy advisory firm, advised investors to vote for the Morgan Stanley slate, it also concluded that Morgan Stanley would be better served with an independent chairman.

“In addressing the issue, Mr. Mack was adamant in defending the directors on his board, most of whom have come on since he returned to Morgan Stanley in 2005.

“‘This board runs this company, and I would take exception to CtW saying anything negative about this board,’ he said, his voice rising slightly. ‘I report to the board and shareholders.’”

Shanny Basar of Financial News also discussed the CtW initiative in her piece on the Morgan Stanley meeting: “William Patterson, executive director of CtW Investment Group, said at the meeting: “We commend Morgan Stanley on its aggressive openness to shareholders but more is needed from the board. It needs the capacity to stand up to management when risks are getting out of hand...”

Posted by Anna Mumford on April 9, 2008 9:54 AM