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Fund Votes

In the first summary of how mutual funds voted in 2007, compares 54 large funds. Funds’ votes on management- and shareholder-sponsored resolutions are tallied and funds are ranked on their ‘activism’ in these two areas. Drawing on a database of over 7.5 million voting decisions, funds’ 2007 voting records were compared with previous years […more…]

Shareholder support for Global Warming shareholder resolutions has been creeping up over the past three years. In 2006 a climate change resolution achieved a record 39% support by shareholders. This was put forward by the Nathan Cummings Foundation at Standards Pacific Corporation. A recent article by Bill Baue of SocialFunds entitiled Mutual Funds Inch Toward […more…]

On Tuesday this week The Corporate Library released a new report authored by this blogger. The report presents the results of an analysis of the voting behaviour of funds as reported in their 2004 and 2005 proxy filings. It compares voting records on a number of dimensions: across the two years (2004 and 2005), across […more…]

With the receding likelihood of the enactment of the ‘proxy access rule’, certain investor groups’ strategy has been to promote the ‘majority vote’ rule with respect to director elections. This may be seen as an alternative method of gaining some control over corporate board composition in the US. The rule requires that directors can only […more…]

Some funds are more likely to vote against management than others, both on management- and shareholder-sponsored resolutions. During 2004 US Investment Companies were required for the first time to publicly disclose their voting. Also during 2004 shareholders appeared to lose the battle for access to the proxy ballot in proposing their own nominees. So for […more…]

Socially Responsible Investment (SRI) firms often support individual directors on the boards of portfolio companies, even when those same individuals are deeply implicated in the dirty and dangerous industries from which SRI recoils. In the latest director voting disclosures it was revealed that Domini Social Investments, one of the nation’s leading socially responsible investment companies, […more…]