Word: stockings
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...Catherine Stock...
...descends on Paris and quickly fans out--the goats to smell (and sometimes taste) the flowers in the Luxembourg Gardens, the cows to gaze at paintings of cows in the Louvre, the hens to cackle at the cancan dancers at the Folies Bergère. One of the joys of Stock's exuberant watercolors is the absolute sangfroid with which waiters, pedestrians and other Parisians greet this animal invasion, as if it were nothing out of the ordinary. Home again, Monmouton swears off vacations as too exhausting. But in the barn, the animals are already looking at travel brochures...
...times may be changing. After a bruising annual-meeting season during which CalPERS wielded its $166 billion portfolio like a bludgeon, members of its board gathered in Lake Tahoe, Nev., in July to take stock. One invited speaker, Richard Koppes, a former CalPERS general counsel, delivered a blunt message. "Your friends think you're unfocused and too political," Koppes said. "They say you're beginning to damage the corporate-governance movement." CalPERS president Sean Harrigan, a grocery workers' union boss and an architect of the institutional investor's bare-knuckle strategy, got a more pointed message two weeks ago from...
...that Harrigan and CalPERS didn't open the door to criticism. During most of the post-Enron era, CalPERS was above reproach, suing to hold WorldCom executives accountable for investor losses and helping lead popular, triumphant crusades for boardroom and executive-suite overhauls at the New York Stock Exchange and Disney. But earlier this year, CalPERS moved from the spotlight to the hot seat when it withheld support from Coca-Cola director and shareholder hero Warren Buffett because Coke's independent-auditor policy was allegedly too lax. At the time, John Castellani, head of the prestigious Business Roundtable, said...
...lawsuits, but even the most critical investors are applauding the speed and boldness with which the CEO faced the crisis. "He deserves a lot of credit," says Eric Knight of Knight Vinke Asset Management, which, together with the California state retirement fund Calpers, led the push for change. Shell stock has rebounded, and it's now well above where it was before the crisis began. Will Van der Veer be as forceful in less turbulent times? His perspective: a unified Shell under one leader will be more accountable--and a more effective competitor. "We sometimes had the right ideas...