NYC funds push for reform
US - The New York City pension funds have urged six US companies to change their board of directors election process so that they take place an annual basis.
Speaking on behalf of the funds, comptroller William Thompson criticised the companies’ three-yearly elections as "limiting to shareholders’ evaluation of performance".
He added: “The ability to elect directors is the single most important use of the shareholder franchise.
“The election of directors by classes, for three-year terms, precludes the full exercise of the rights of shareholders to approve or disapprove annually the performance of a director or directors.”
The five funds have $21.4m invested in the companies.
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