Word: fenne
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...financial crisis has no doubt played a role in this jump," says Scott Fenn, senior managing director for policy at Proxy Governance. "There's a greater willingness on the part of big institutions to hold boards accountable and to vote against directors when they perceive a problem at companies...
Indeed, about 60% of the directors facing the biggest opposition from voting shareholders were those who sat on compensation committees, Fenn noted. (Read "Why the Stock Market Looks Bullish for Autumn...
...Fenn expects this trend to continue in 2010 when a new rule, approved by the NYSE and the SEC, goes into effect and no longer allows brokers to vote shares if they haven't received specific instructions from the shareholder on how to vote those shares. In the past, Fenn says, brokers were allowed to use their own discretion to vote shares and "typically voted management's slate" of directors...
...many companies, these uninstructed broker votes may have constituted 10% or 20% of the vote, and with those votes no longer going in favor of management's candidates, it's going to naturally push up the percentages of opposition votes," Fenn says...
...elected official award and the Kennedy Library does the same for potential community activist honorees. The recipients are selected by the New Frontier Awards committee, which includes IOP Director Bill P. Purcell, Kennedy Library CEO John Shattuck, and former Kennedy Library Director and advisor to President Kennedy Dan H. Fenn, Jr. ’44. —Staff writer Lauren D. Kiel can be reached at lkiel@fas.harvard.edu...