Analysis

Ackman's ADP Loss Puts Universal Proxies Back In Spotlight

By Chelsea Naso (November 7, 2017, 5:29 PM EST) -- Activist investor Bill Ackman attributed his hedge fund's failure to secure a minority position on ADP's board to the human resources software and services provider's refusal to hold the shareholder vote on a universal proxy card, bringing a U.S. Securities and Exchange Commission proposal for a formalized process back into the spotlight.

In prepared remarks delivered during ADP LLC's annual shareholder meeting Tuesday, Ackman said that Pershing Square Capital Management LP's dissident nominees — which included himself, Veronica Hagen and Paul Unruh — were "greatly disadvantaged" by shareholders' inability to mix-and-match which candidates to vote for because of their requirement to...

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