CalPERS Seeks Proxy Access At UnitedHealth

Law360, New York (May 7, 2007, 12:00 AM EDT) -- The largest pension fund in the United States has asked shareholders of UnitedHealth Group Inc., a company embroiled in the stock options backdating scandal, to endorse a proposal that will give the company’s owners “effective” proxy access.

The California Public Employees' Retirement System, also known as CalPERS, said Monday its proposal will allow shareholders who own at least 3% of the company’s stock for more than two years to nominate two directors.

CalPERS asked UnitedHealth to open the door for “meaningful yet responsible access” to the...
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