US companies including Bank of America and American Express are to be targeted by activist shareholders over plans to replace their CEOs, in a move that highlights a recent SEC decision to relax rules against a shareholder vote on succession. The Laborers’ International Union of North America, whose pension funds manage about $30bn, said it had filed proposals with 14 companies asking them to detail succession planning policies and put them to a vote in annual meetings.

This entry was posted by Gwen Robinson on Friday, December 18th, 2009 at 5:44 and is featured in The 6am Cut London (18 Dec 2009) . Tagged with LIU, sec. Edit this entry.