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Mar 27, 2015

Dodd-Frank co-author disappointed on pay votes, cites fund managers

BOSTON, March 27 (Reuters) – An architect of the shareholder
votes companies hold on executive compensation said he is
“disappointed” they have not led to more changes, noting that
wealthy mutual fund company leaders make weak overseers of CEO
pay.

“The decision-makers at the heads of these institutions also
get paid a lot of money. They’re not inclined to cut anyone
else’s salary,” said Barney Frank, the retired Massachusetts
congressman, in a recent telephone interview.

Mar 26, 2015

Bank of America skips vote sought by funds on CEO’s roles

BOSTON (Reuters) – Bank of America Corp will not hold a shareholder vote on its decision to reunite the roles of chairman and chief executive officer, according to the bank’s proxy statement filed on Thursday.

The Charlotte, North Carolina-based bank had been asked by pension funds including the California State Teachers’ Retirement System to let shareholders vote on its move to give CEO Brian Moynihan the additional title of chairman last fall.

Mar 25, 2015

Insight – Top U.S. CEOs reaped billions from stock gains in recent years, Reuters analysis shows

BOSTON (Reuters) – CEOs at large U.S. companies collectively realized at least $6 billion (4 billion pounds) more in compensation than initially estimated in annual disclosures in the five years after the financial crisis first hit, according to a Reuters analysis. The reason for the windfall: the soaring value of their stock awards.

About 300 CEOs who served throughout the 2009-2013 period at S&P 500 companies together realized about $22 billion in compensation in the form of pay, bonuses and share and option grants, or an average of $73 million each, figures provided by executive compensation data firm Equilar show.

Mar 25, 2015

Top U.S. CEOs reaped billions from stock gains in recent years, Reuters analysis shows

BOSTON (Reuters) – CEOs at large U.S. companies collectively realized at least $6 billion more in compensation than initially estimated in annual disclosures in the five years after the financial crisis first hit, according to a Reuters analysis. The reason for the windfall: the soaring value of their stock awards.

About 300 CEOs who served throughout the 2009-2013 period at S&P 500 companies together realized about $22 billion in compensation in the form of pay, bonuses and share and option grants, or an average of $73 million each, figures provided by executive compensation data firm Equilar show.

Mar 13, 2015

Coke CEO’s declined bonus not enough for pay critic Winters

BOSTON (Reuters) – A decision by Coca-Cola Co’s chief executive to decline his 2014 bonus did not go far enough, a well-known pay critic said Friday, indicating the company could face more scrutiny of its compensation ahead of its shareholder meeting this spring.

While Coke Chairman and Chief Executive Muhtar Kent declined a $2.5 million bonus, that amount was offset by increases in the value of his stock-based awards, said David Winters, whose Wintergreen Advisers owns about 2.5 million Coke shares.

Mar 12, 2015

Insight – Buy-and-hold fund prospers with no new bets in 80 years

BOSTON (Reuters) – Equity investors pursuing a buy-and-hold strategy might want to check out a fund that hasn’t made an original stock market bet in 80 years.

The Voya Corporate Leaders Trust Fund, now run by a unit of Voya Financial Inc bought equal amounts of stock in 30 major U.S. corporations in 1935 and hasn’t picked a new stock since.

Mar 12, 2015

Buy-and-hold fund prospers with no new bets in 80 years

BOSTON, Feb 27 (Reuters) – Equity investors pursuing a
buy-and-hold strategy might want to check out a fund that hasn’t
made an original stock market bet in 80 years.

The Voya Corporate Leaders Trust Fund, now run by
a unit of Voya Financial Inc bought equal amounts of stock in 30
major U.S. corporations in 1935 and hasn’t picked a new stock
since.

Mar 12, 2015

Exclusive: TIAA-CREF joins ‘proxy access’ push with letter to top holdings

NEW YORK/BOSTON (Reuters) – TIAA-CREF, one of the largest U.S. assets managers, is asking the top 100 companies in which it invests to make it easier for shareholders to nominate board candidates, according to sources close to the matter.

TIAA-CREF joins Vanguard Group and BlackRock Inc in backing a reform that is gaining traction ahead of the spring proxy season as investors seek greater influence. At issue is shareholders’ ability to get their candidates listed on company ballots, alongside management’s candidates.

Mar 3, 2015

Winter’s long grip on U.S. northeast takes a toll on ferries

, March 3 (Reuters) – With its black hull
rumbling against a field of broken ice, the Warren Jr. slowly
eased away from a dock in the Boston suburb of Hingham on
Tuesday, aiming to clear a path for some of the four ferries
that carry commuters from here into the city each day.

But in a sign of how long Massachusetts has been gripped by
freezing temperatures, no other vessels followed, as the tide
narrowed the channel behind the ocean-going supply boat pressed
into service as an icebreaker. It was the 15th day of canceled
ferry service since late January and the outing was meant to
speed the fleet’s return to service, which could still be days
away.

Feb 27, 2015

Energy companies lose round vs. NYC funds in proxy access battle

BOSTON (Reuters) – Exxon Mobil Corp and three other large energy companies failed to block shareholder resolutions on director nomination rules put forth by New York City pension funds, making it more likely investors will get to vote on the hot issue this spring.

The Securities and Exchange Commission rejected requests by Exxon, Chevron Corp AES Corp and Southern Company for permission to skip votes on the proposed new rules, according to agency documents.

    • About Ross

      "I cover mutual funds and the companies that offer them including Fidelity Investments and Legg Mason Inc, plus related topics like retirement savings issues and socially responsible investing. I'm based in Boston and joined Reuters in 2009."
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