It has several provisions meant to benefit stockholders, like allowing them to vote on shareholder issues online.
Using a signaling model, we show that the new controlling shareholder issues signals to outside shareholders to deliver private information on a firm's future economic return and her private rate of appropriation.
And finally, defenders point out that institutional investors are often conflicted in their desires, and that dual-class stock allows more deliberate consideration of shareholder issues.
Some foundations are leery of devoting much in the way of staff or time to shareholder issues, and activism rarely rises to the level of debate.
Since it is difficult to perform an in-depth independent analysis on the thousands of shareholder issues up for vote, many such investors rely heavily on the recommendations of shareholder advisory firms like Institutional Shareholder Services and Glass, Lewis & Company.
Mr. Einhorn's hedge fund firm, Greenlight Capital, has sued Apple in Federal District Court in Manhattan, arguing that the company improperly tied together several shareholder issues to be put for a vote into one proposal.
On the morning of an annual general meeting, a company knows it is in for a rough ride when a shareholder issues a statement to proclaim it has voted against the pay deals on offer to the chief executive.
Companies have taken charges totaling $5.3 billion to account for the impact of improper grants, according to Glass Lewis & Company, a research firm that advises big investors on shareholder issues.
The United Brotherhood of Carpenters, whose members have $35 billion in pension funds, took a look at the S.E.C. data and found it alarming, said Ed Durkin, who coordinates the union's shareholder issues.
"From the board's perspective, it is a no-brainer," said Patrick McGurn, the director of corporate programs for Institutional Shareholder Services, a Rockville, Md., group that advises large investors on shareholder issues.
