NY Comptroller Sees Opportunity Amid Shareholder Revolt

Law360, New York (June 11, 2012, 8:01 PM EDT) -- Recent shareholder votes that overwhelmingly approved proposals crafted by New York Comptroller Thomas DiNapoli show how the steward of the state's $150 billion pension fund, who has vowed to aggressively protect investors, is using his powerful position to push for corporate governance reforms, an expert said.

More than 90 percent of shares at two companies, retailer Ann Taylor's parent Ann Inc. and health care provider Healthways Inc., backed DiNapoli's nonbinding proposal to force the companies' respective boards to win yearly investor approval.

"The ability to elect...
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