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Pension Funds Target 75 Companies with New Proxy Access Plan

Joe Mont | November 14, 2014

New York City Comptroller Scott Stringer, on behalf of the city's $160 billion pension funds, has announced an initiative that could give shareowners a greater ability to nominate directors at U.S. companies. 

With what is called the Boardroom Accountability Project, Stringer has filed 75 proxy access shareowner proposals requesting bylaws that give shareowners who meet a threshold of owning three percent of a company for three or more years the right to list their director candidates, representing up to 25 percent of the board, on a company’s ballot.  The proposals will be subject to shareowner votes in 2015...

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