Morgan Stanley’s board has come under renewed pressure to take responsibility for the group’s recent lapses in risk control after two shareholder advisory firms urged a vote against several directors at next month’s annual meeting. However, both Glass Lewis and Proxy Governance, which advise investors on company meetings, backed John Mack, Morgan Stanley’s chairman and chief executive, saying shareholders should vote for his re-election. Mack and two directors, Robert Kidder and Howard Davies, have been under fire from CtW, a coalition of union-backed investment funds, for “risk management failures” that led to $9.4bn in mortgage-related write-downs.

This entry was posted by Gwen Robinson on Tuesday, March 25th, 2008 at 5:45 and is filed under Hedge funds, People. Tagged with CtW, john mack, morgan stanley. Edit this entry.