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.
In computer networks, a proxy server is a server (a computer system or an application program) which services the requests of its clients by forwarding requests to other servers. A client connects to the proxy server, requesting some service, such as a file, connection, web page, or other resource, available from a different server. The proxy server provides the resource by connecting to the specified server and requesting the service on behalf of the client. A proxy server may optionally alter the client's request or the server's response, and sometimes it may serve the request without contacting the specified server. In this case, it would 'cache' the first request to the remote server, so it could save the information for later, and make everything as fast as possible.
A proxy server that passes all requests and replies unmodified is usually called a gateway or sometimes tunneling proxy.
A proxy server can be placed in the user's local computer or at specific key points between the user and the destination servers or the Internet.
28 June 2008
Three Dollar Tree proxy
at 1:15 AM
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