"It is hard to avoid the conclusion that the sweeping changes to this class of management nominees in March, a month after the proxy contest was announced, were not a de facto admission that the existing board would not withstand much scrutiny from shareholders given a real choice of nominees," I.S.S. analysts wrote in their report.
That did not sit well with Elliott, which said in a statement: "Hess should accept all five shareholder nominees and replace as many of their incumbent directors with management's nominees as is reasonable.
About nine out of 10 shareholders supported Mr. Dimon's $23 million compensation package and elected management's nominees to the board.
In 2003, the Securities and Exchange Commission recognised the patent unfairness of the system and proposed a partial solution, letting large investors propose director candidates that would appear on the company ballot alongside management's nominees, subject to a variety of conditions.
Congress rarely raises the issue of management when considering nominees for large, complicated cabinet agencies, many of which are larger than big corporations.
The federation, the largest public employees union, said it wrote to large institutional shareholders, urging them to back management's three nominees for director in voting that will culminate with Tenet's annual meeting on Oct. 11.
Shareholders gave all of the management board's nominees at least 75% of the vote, the firm said.
Services offered by BCS – which boasted of more than 16,400 offshore companies under its management – include virtual offices, nominee directors, company secretary services, mail-forwarding and remote access.
Facing polite but persistent questioning from senators about his professional record and management ability, the White House nominee for surgeon general described himself today as an "agent of change" who may have rattled the status quo but never disrespected his colleagues.
However, a HuffPost review found that Dodd had never before questioned a presidential nominee's management experience -- even when those nominees lacked it.
