Shareholder Loyalty Is A 2-Way Street, Pension Funds Say

Law360, New York (April 24, 2013, 6:07 PM EDT) -- Two large institutional investors on Wednesday urged independent board members across corporate America to reach out regularly to shareholders to head off problems before they erupt into ugly and expensive proxy fights.

Executives at Dutch pension fund manager PGGM Investments and Britain's RPMI Railpen Investments, which control about $200 billion in retirement investments, want to see more engagement from independent directors — those not holding executive positions at the companies they oversee — to “create a culture of no surprises.”

It's a tired tale this time of year: A company finds itself in a surprise proxy fight, courtesy of an uppity...

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