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Thursday, July 14, 2011|
A Legg Mason Shareholder Fight Brews Over Fetting's Pay
What will Legg Mason [see profile] shareholders say about chairman and CEO Mark Fetting's $5.9-million compensation deal? The Baltimore Sun's Hanah Cho reports that proxy guidance specialists Glass, Lewis & Co is calling for a rejection of Fetting's deal, while Institutional Shareholder Services supports a vote in favor.
"In light of the company's track record of overpaying its executives and failing to promote a long-term focus," Glass, Lewis wrote in a report, "we believe shareholders should vote against this proposal to signal their dissatisfaction with the company's executive pay practices."
In a statement to the paper, Legg responded that Fetting's pay is "justified" thanks to "improved results" and comparisons with competitors.
The results of the vote will be revealed on July 26 at Legg's annual meeting.
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