US - The California Public Employees' Retirement System (CalPERS) has turned up the heat on UnitedHealth Group's Inc over CalPERS' proposal allowing shareholders to nominate members to the company's board of directors.
The US$245.7bn pension fund is now due to start running newspaper advertisements urging other shareholders to vote for the proposal which will be presented at the company’s annual general meeting in Minneapolis on May 29.
The organisation has been at odds with UnitedHealth over the backdating of stock options for top company officials and the resulting stock price decline.
CalPERS believes shareowners need an effective mechanism to nominate qualified director nominees to restore genuine accountability in the boardroom.
In a separate development, CalPERS supported the revised Clear Channel Communications Inc buyout announced by the company.
A private equity group co-led by Thomas H. Lee Partners and Bain Capital Partners which proposed acquiring the company, reportedly increased its offer to US$39.20 in cash per share from $39.
It also reportedly offered Clear Channel shareholders an alternative of exchanging of Clear Channel shares for up to 30% in total, or $1.2bn in value of stock in the new corporation.
The Pension Protection Fund (PPF) is consulting on proposals to charge a "risk reflective" levy for commercial defined benefit (DB) consolidation vehicles.
The funding gap across FTSE 350 schemes could be slashed by as much as £275bn if schemes look beyond traditional ways of creating value. Victoria Ticha examines how
There will be "many flavours" of defined benefit (DB) consolidators but consolidation will only be the right answer for a minority of schemes, Alan Rubenstein says.
Work and Pensions Committee (WPC) chairman Frank Field has questioned the regulator on what lessons it can learn from the experience of the Kodak Pension Plan No.2 (KPP2).