Although Peter A. Langerman is not on the board of Pennsylvania based Sovereign Bancorp, he is making his outrage at chairman Jay S. Sidhu known to its voting members.

Langerman, head of Franklin Mutual Advisers, has publicly condemned Sidhu's plans to expand the company without an investor vote prior to the move, according to a report from The Philadelphia Inquirer. The news is another example of the increasing power that mutual funds, as holders of large blocks of company shares, can have over corporate decision-making. Franklin Mutual has a 3% stake in Sovereign.

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