A labor activist group called CtW Investment Group, the investment arm of the Change to Win federation of labor unions, is pressuring mutual fund companies to vote their proxies to rein in excessive executive compensation, Investment News reports.
After comparing the voting records of 20 large fund companies with those of other shareholders, said Brishen Rogers, an attorney with CtW, “It was highly frustrating to see that so many large money managers, entrusted with the retirement assets of millions of working families, ended up supporting executive pay packages even as those pay packages harmed shareholders.”
The organization sent letters to 14 investment firms this month expressing its concern over these voting records.
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