At least five large mutual fund groups are being cited for too often voting in favor of excessive pay packages for America's chief executive officers.

That's according to a report released last week studying the corporate proxy voting practices of 18 of the largest mutual fund groups between July 1, 2004 and June 30, 2005. That was the first year in which mutual funds were required by the Securities and Exchange Commission to publicly report how they voted on provisions of corporate proxies for the companies their mutual funds own. Fund companies have until Aug. 31 of each year to report their last 12 months' proxy votes.

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