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We expect investors will be asking tough questions of their asset managers, particularly those who appear to be simply backing management most of the time".
Bill Miller of Legg Mason Value Trust, who has beaten the Standard & Poor's 500 for 11 consecutive years, has refused to support six management slates this year, including those of the MBNA Corporation and Starwood Hotels and Resorts Worldwide, after backing management 100percentt in 2001.
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If you really believe that those votes meant 97% of shareholders backed management, then I have some mortgage-backed securities I'd like to sell you.
Yet some workers back management's version of events.
"Edwardson always backed management even if the facts leaned heavily toward the employees," she said.
For the investment banks that backed management and other also-rans, the consolation prizes will be less sweet.
Of the four major unions in pro sports, baseball's is the only one that has successfully pushed back management on this issue.
Stockholders of the US Airways Group backed management's plan yesterday for the airline to be purchased by the UAL Corporation, the parent of United Airlines, for $60 a share.
Under a treaty with Termeer, Whitworth would get a board seat if he backed management against an attack.
Earth's biggest international hotelier Six Continents won its battle with hostile bidder Hugh Osmond on Wednesday, when shareholders backed management plans to split the business in two.
When you add back management fees that approximate 1.5% per annum you begin to ponder what you're getting for your money.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com