Four of the countrys biggest state pension funds are backing off their push to place directors on the board of
The revelation follows MMC pronouncement that it plans to nominate Zachary Carter, a former federal prosecutor to its board of directors, who was endorsed by the foursome. Carter served as a U.S. attorney in New York from 1993 to 1999.
The
"Zachary Carters background as a federal prosecutor makes him an appropriate watchdog for the shareholders interest," said Gerald W. McEntee, AFSCME Chairman, in a statement. "As a new independent director Carter strengthens the board by making it more accountable and sensitive to shareholder concerns."
"When investors and management can operate on a level playing field, everyone benefits. The proposed proxy access rule would give shareholders the power they need to effectively work with boards and nominating committees," McEntee said. "The fact that Marsh & McLennan is willing to add an independent director to its board goes a long way to disprove businesses claim that proxy access would be destructive."
Putnam has since agreed to settle with the