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Shareholder firm offers advice to local companies
By Wire services
Published April 24, 2006
Institutional Shareholder Services, a Maryland firm that advises busy mutual fund managers how to vote on proxy proposals, has weighed in on two local companies hosting annual meetings this week.
ISS opposes an animal-rights group's disclosure plan for Outback Steakhouse Inc., calling Outback's stance on animal welfare "reasonable" and the plan burdensome.
But contrary to Outback's management, ISS supports making the company disclose its political contributions, arguing that shareholders are entitled to know what "political, ethical and legal platforms are being endorsed."
ISS recommends some tough love for Walter Industries Inc.
It opposes a cash bonus plan for roughly 10 top Walter executives because the Tampa company failed to disclose any performance criteria for it. And ISS suggests investors withhold support for the re-election of board member Howard L. Clark Jr., who chairs Walter's nominating and corporate governance committee and presides at executive sessions of its independent directors.
ISS says Clark should not sit on key committees because he is vice chairman of Lehman Brothers Inc., which stands to make up to $3.8-million if a planned IPO of Walter's water-products division materializes.
[Last modified April 24, 2006, 01:40:15]
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