A proposal for annual elections for directors at Dollar Tree Inc. Stores by the California Public Employees' Retirement System has been endorsed by three proxy advisers.
The proposal is on the proxy card for the discount chain's annual shareholders meeting June 19. Supporting the CalPERS decision are proxy advisers Egan-Jones Ratings Co., Glass Lewis & Co. and RiskMetrics Goup.
Dollar Tree (Nasdaq; DLTR), based in Chesapeake Va., has three classes of directors, with each class of director serving three-year terms. CalPERS' proposal seeks annual elections for all board members.
CalPERS owns 377,600 shares of Dollar Tree.
As of April 30, Dollar Tree's financial results have underperformed the Russell 3000 index by 47.4 percent and the Russell Peer Index by 13.9 percent over the past five years.
Over the years, CalPERS has been critical of public companies whose directors have long and staggered terms because it reduces accountability of directors to shareholders.
The pension fund last year put Dollar Tree on its "focus list" of underperfoming companies, primarily for its board structure. With its board structure, the company can entrench management and stymie takeover bids or proxy contests, RiskMetrics said in a prepared statement.
With more than $243 billion in assets, CalPERS is the nation's largest public pension fund.
28 June 2008
Three Dollar Tree proxy
26 June 2008
Investment Group Vows Proxy Fight
Three investors has disclosed in a long storage with SEC that they play to step? phase a proxy struggles to get three Napster (CARD GAME) board seats. Trio enters in it Perry Rod, what elaborates himself as one self-supporting investors and president from Market Rap LLC, a bevy developing one investor public locations, like also leader The Paradise Project, “ an nonprofit religion organization;” Thomas Sailors, from investment company Cloverdale Investments, and a former managing director in Bank from American Securities; and Kavan Singh, who owns 10 Cold Stone Creamery franchises and other business interests.
Where's Carl Icahn when you requires him?
Trio makes points some interesting, what summarizes to the fact that Napster trades at one particular market cap from $707 million, or almost exactly number of from cashes above of balance. Equally, market ascribes duck's egg to business Napster. “We believe this discrepancy is a result of negative sentiment surrounding almost all music content businesses due to the unresolved effects of piracy, but also due to a lack of confidence in the way the company is governed,” they give voice by writing name of storage of their SEC. They refer that In May 2007, CBS pays $280 million for LastFM; investors quarrels Napster “ may hold considerably more value.”
The three men together hold 648,100 Napster shares, or about a 1.4% stake.
Napster today unchanged close at $148.
