Word: goldin
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...this nest egg belongs to pension funds like the $53 billion California Public Employees Retirement System. Their increasingly activist stance has strengthened the hand of the many religious groups that have waged an 18-year fight with corporations, seeking to influence policy through proxy battles at shareholders' meetings. Harrison Goldin, the comptroller of New York City and trustee of $30 billion in pension funds, led a campaign last spring to force Exxon's management to place an environmentalist on its board of directors...
...taking a harder look at the risks, and some junk-bond buyers are becoming picky. While cash has poured in from such staid investors as the Harvard and Yale endowment funds and many state pension plans, other money managers are refusing to play. Says New York City comptroller Harrison Goldin, who oversees the investment of some $30 billion in pension funds: "I cannot condone activities that divert so much time and energy from investments that create new jobs and opportunities to those that reshuffle chairs. Pension-fund managers are supposed to invest in the American economy...
...city and state financial officials who gathered last week at the Bayview Plaza Holiday Inn in Santa Monica, Calif., hardly looked like subversives. Nonetheless one participant, New York City Comptroller Harrison Goldin, declared the group's purpose to be "revolutionary." By the end of their two-day conclave, the 31-member Council of Institutional Investors, a group of pension-fund managers who control assets of nearly $200 billion, had endorsed a ringing "Shareholders Bill of Rights," intended as a challenge to every major U.S. corporate boardroom. Among other things, the group of hitherto largely passive investors drawn chiefly from...
...portfolio losses for investors as beleaguered corporate executives paid off would-be takeover artists with greenmail, adopted so-called poison-pill measures to dissuade unwanted suitors by making their firms less attractive targets, or handed themselves fat settlements known as golden parachutes. All too often, argues New York's Goldin, "the shareholders have gotten short shrift...
...bill of rights is no more than a talking paper. But the voices belong to some powerful investors. "Management is going to have to pay a lot more attention to us," asserts New York's Goldin. Massachusetts Investment Chief Paul Quirk, a council member, agrees. Says he: "In takeovers, management could always count on our vote. Now that has all changed...