We urge Washington Mutual shareholders to vote “Against” director nominees Mary E. Pugh, Chair of the Finance Committee, and James H. Stever, Chair of the Human Resources Committee at the Company’s April 15 annual meeting. As chairs of the committees charged with risk management oversight and compensation plan design, respectively, Ms. Pugh and Mr. Stever bear responsibility for Washington Mutual’s failure to recognize and act in a timely manner on the risks to shareholder value presented by the housing bubble, and for attempting to insulate executive bonuses from the consequences of this risk management failure.
On February 8, 2008, the CtW Investment Group released letters to members of Washington Mutual's Finance Committee:
On March 27, 2008, the CtW Investment Group released a letter to Washington Mutual shareholders urging them to vote against directors Pugh and Stever:
On April 14, 2008, the CtW Investment Group released a letter to the Washington Mutual board demanding that they request the resignation of any Directors who fail to win a majority vote, excluding broker votes, at the April 15, 2008 annual meeting.
On April 15, 2008, the CtW Investment Group sent the following letter to William G. Reed, Chairman, Governance Committee, Washington Mutual, Inc.:
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