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Rating:AFL-CIO Joins Proxy Watchers Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, September 7, 2004

AFL-CIO Joins Proxy Watchers

by: Theresa Sim

The AFL-CIO joins the growing mob of fund company proxy scrutinizers. According to a recent report, the 10 largest fund companies voted quite differently on 12 pay-related proxy votes.

While American Century, Vanguard, Janus and OppenheimerFunds received high marks for their votes supporting proposals that limited what they termed as "excessive executive pay" on 12 actions, Putnam, Fidelity and AIM Investments received low marks. The report authors gave firm low marks if they voted against proposals limiting excessive pay.

Franklin Templeton, American Funds and T. Rowe Price landed in the middle of the road, voting in opposition to limitations on executive pay roughly half of the time.

The AFL-CIO considered proposals at 12 companies, including Bear Stearns, Broadcom, Lucent, PeopleSoft, Raytheon, Sprint and Union Pacific.

In a May 5 vote on a shareholder proposal to require the expensing of stock options at Raytheon, Fidelity, Putnam, T. Rowe Price and AIM cast 'nay' votes, while American Century, American Funds,Vanguard, Franklin Templeton and OppenheimerFunds voted for the proposal. Janus' funds did not have any holdings in the company. 

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