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But a smaller advisory firm, Proxy Governance Inc., is telling them to vote yes.
Two smaller proxy advisers, Glass Lewis & Company and Proxy Governance, have urged shareholders to reject it.
Glass Lewis and Proxy Governance, however, came out against the transaction, citing the low valuation.
"Corporate boards, pay advisers and proxy governance firms need to rethink how they assess what executives are doing," he added.
(Two smaller proxy advisers, Glass Lewis & Company and Proxy Governance Incorporated, have urged shareholders to reject it).
Times, May 23, 2009 (referencing a study conducted by the Investor Responsibility Research Center Institute and Proxy Governance).
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This is especially striking in the case of the large institutional investors with long-term mandates (including in Australia's superannuation industry) who see effective board-level management of environment and sustainability-related issues as a key proxy for governance, risk management and good long-term strategy.
First, we use the concentration of institutional ownership from the Thomson Reuters Ownership Database as a proxy for corporate governance.
"I hate to call you a liar, but I don't believe you," he said curtly to one shareholder speaker, Stephen Mayne, director of the Australian Shareholders Association, as Mr. Mayne talked about having an open mind on a proxy vote involving governance.
The SEC itself has been very active, advancing a number of initiatives relating to such matters as credit rating agencies; money market funds; custody of investment adviser client assets; proxy access; corporate governance and executive compensation disclosures for public companies; and short selling.
Less understood, argues Madsen, is how in Asia they act as a good governance proxy as well.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com