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.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.