Glass, Lewis & Co., LLC

Glass, Lewis & Co., LLC http://www.glasslewis.com Making Every Vote Count Mon, 13 May 2013 17:18:20 +0000 en hourly 1 http://wordpress.org/?v=3.3.2 Robert McCormick on CNBC’s “Squawk on the Street” Regarding Jamie Dimon at JPMorgan Chase http://www.glasslewis.com/blog/robert-mccormick-on-cnbcs-squawk-on-the-street-regarding-jamie-dimon-at-jpmorgan-chase/ http://www.glasslewis.com/blog/robert-mccormick-on-cnbcs-squawk-on-the-street-regarding-jamie-dimon-at-jpmorgan-chase/#comments Mon, 13 May 2013 17:16:09 +0000 Jaron Schneider http://www.glasslewis.com/?p=3335 Robert McCormick discusses the proposal to split the Chairman and CEO role at JPMorgan Chase & Co. at the 2013 Annual meeting. "[Glass Lewis has] generally supported the split of these two roles. As the shareholder representative, having the head of the board that's responsible for [oversight] also be the head of the executive team who is being overseen is almost an insurmountable conflict."

]]> http://www.glasslewis.com/blog/robert-mccormick-on-cnbcs-squawk-on-the-street-regarding-jamie-dimon-at-jpmorgan-chase/feed/ 0 Glass Lewis’ David Eaton on JPMorgan Chase & Co. http://www.glasslewis.com/blog/glass-lewis-david-eaton-on-jpmorgan-chase-co/ http://www.glasslewis.com/blog/glass-lewis-david-eaton-on-jpmorgan-chase-co/#comments Wed, 08 May 2013 16:30:48 +0000 Jaron Schneider http://www.glasslewis.com/?p=3328 David Eaton, Vice President of Proxy Research at Glass Lewis, explains his firm's call for JPMorgan to split Jamie Dimon's dual Chairman-CEO role on CNBC.

]]> http://www.glasslewis.com/blog/glass-lewis-david-eaton-on-jpmorgan-chase-co/feed/ 0 Anne Simpson (CalPERS) & Robert McCormick (Glass Lewis) on JPMorgan Chase & Co. http://www.glasslewis.com/blog/anne-simpson-calpers-robert-mccormick-glass-lewis-on-jpmorgan-change-co/ http://www.glasslewis.com/blog/anne-simpson-calpers-robert-mccormick-glass-lewis-on-jpmorgan-change-co/#comments Wed, 08 May 2013 14:59:39 +0000 Jaron Schneider http://www.glasslewis.com/?p=3322 From Bloomberg TV: Anne Simpson, senior portfolio manager at the California Public Employees' Retirement System, and Robert McCormick, chief policy officer at Glass Lewis & Co., talk about Glass Lewis's call for JPMorgan Chase & Co. to oust most of its board and split Jamie Dimon's dual roles as chairman and chief executive officer. They speak with Erik Schatzker and Sara Eisen on Bloomberg Television's "Market Makers."

]]> http://www.glasslewis.com/blog/anne-simpson-calpers-robert-mccormick-glass-lewis-on-jpmorgan-change-co/feed/ 0 Occidental Petroleum Results: Ray Irani is Out http://www.glasslewis.com/blog/occidental-petroleum-results-ray-irani-is-out/ http://www.glasslewis.com/blog/occidental-petroleum-results-ray-irani-is-out/#comments Fri, 03 May 2013 21:59:48 +0000 Glen Perry http://www.glasslewis.com/?p=3317 Occidental Petroleum shareholders have voted executive chairman Ray Irani off of the board of directors. Following weeks of shareholder criticism regarding Mr. Irani’s control over the board and the (now postponed) decision to replace current CEO Stephen Chazen, it appears as though shareholders will have their cake and eat it too. Not only did the board agree to implement a swath of corporate governance and compensation policy changes and extend Mr. Chazen’s tenure, but long-time lead director Aziz Syriani (who resigned the day before the meeting) and Mr. Irani, are definitively out.

]]> http://www.glasslewis.com/blog/occidental-petroleum-results-ray-irani-is-out/feed/ 0 Proxy Season Insider 2013/05/03: Telus http://www.glasslewis.com/blog/proxy-season-insider-20130503-telus/ http://www.glasslewis.com/blog/proxy-season-insider-20130503-telus/#comments Fri, 03 May 2013 17:15:33 +0000 Jonathan Hansen-Granger http://www.glasslewis.com/?p=3305 As the dust begins to settle from a widely criticized and particularly contentious play by Mason Capital Management, a U.S. hedge fund, Telus can definitively claim its victory after approximately 81.1% of the total shares voted in favor of the Company's share conversion, comprising 62.9% support from common shareholders and 99.5% support from non-voting shareholders.

]]> http://www.glasslewis.com/blog/proxy-season-insider-20130503-telus/feed/ 0 Update on Occidental Petroleum: Moxy at OXY http://www.glasslewis.com/blog/update-on-occidental-petroleum-moxy-at-oxy/ http://www.glasslewis.com/blog/update-on-occidental-petroleum-moxy-at-oxy/#comments Tue, 30 Apr 2013 20:19:16 +0000 Glen Perry http://www.glasslewis.com/?p=3297

occidental petroleum discusses CEO successon planning

An impressive display of shareholder might occurred Monday April 29th, as the board of Occidental Petroleum announced plans to retain current CEO Stephen Chazen until the end of 2014. The Company’s previous decision to replace Mr. Chazen was met with intense opposition by a number of significant, and vocal, shareholders. Monday’s press release also disclosed a number of corporate governance and compensation policies that will be adopted by the board, including an independent chairman policy, mandatory board and committee chair rotation, an increase in the number of independent directors, an immediate 20% decrease in director stock compensation, and several improvements to the executive compensation program.

]]> http://www.glasslewis.com/blog/update-on-occidental-petroleum-moxy-at-oxy/feed/ 0 Proxy Season Insider 2013/04/24: Schneider Electric, Graco Inc., AT&T & Credit Suisse http://www.glasslewis.com/blog/proxy-season-insider-20130424-schneider-electric-graco-inc-att-credit-suisse/ http://www.glasslewis.com/blog/proxy-season-insider-20130424-schneider-electric-graco-inc-att-credit-suisse/#comments Wed, 24 Apr 2013 17:04:17 +0000 Jaron Schneider http://www.glasslewis.com/?p=3287 The upcoming meeting of Schneider Electric will be one of the most controversial in France this year, serving as a barometer for shareholder acceptance of the recent trend of combining the roles of chairman and CEO in France. For three consecutive years, shareholders of Graco Inc. have expressed significant discontent with board nominees, casting withhold votes of over 40% for each nominee at the 2010, 2011 and 2012 annual meetings, including two nominees with over 58% votes withheld in 2012. AT&T dialed up strong results in 2012 despite a highly competitive and rapidly evolving marketplace. In the wake of its 2011 failed acquisition of T-Mobile, which cost the Company upwards of $4.1 billion in fees and lost data spectrum, AT&T has seen competitors in the crowded U.S. cellular market gain ground through consolidation. And lastly, following years of withering criticism of its pay practices, culminating in over 30% of shareholders voting against the advisory vote on the compensation report at the 2012 annual meeting, Credit Suisse appears to have taken pay reform seriously.

]]> http://www.glasslewis.com/blog/proxy-season-insider-20130424-schneider-electric-graco-inc-att-credit-suisse/feed/ 0 Proxy Season Insider 2013/04/22: Woodside Petroleum Limited & Barrick Gold Corporation http://www.glasslewis.com/blog/proxy-season-insider-20130422-woodside-petroleum-limited-barrick-gold-corporation/ http://www.glasslewis.com/blog/proxy-season-insider-20130422-woodside-petroleum-limited-barrick-gold-corporation/#comments Mon, 22 Apr 2013 17:41:44 +0000 Jaron Schneider http://www.glasslewis.com/?p=3277 Woodside Petroleum shareholders should insist on better disclosure than the vague "both at normal market prices and on normal commercial terms" of how Woodside's interest is protected in those transactions. Barrick Gold shareholders have a lot to ponder at Barrick Gold Corp's AGM this year following some notable changes in leadership, including the replacement of CEO Aaron Regent after less than three years on the job and the appointment of former banker and China finance and international relations expert, John Thornton, as co-chairman. Proxy Paper Company Profiles Now in Canada and Great Britain: Proxy Paper reports covering companies in Canada and Great Britain will now include the same “Company Profile” pages which have rolled out in other markets earlier in the season.

]]> http://www.glasslewis.com/blog/proxy-season-insider-20130422-woodside-petroleum-limited-barrick-gold-corporation/feed/ 0 Proxy Talk: Occidental Directors Discuss CEO Succession Planning http://www.glasslewis.com/blog/proxy-talk-occidental-directors-discuss-ceo-succession-planning/ http://www.glasslewis.com/blog/proxy-talk-occidental-directors-discuss-ceo-succession-planning/#comments Fri, 19 Apr 2013 15:30:29 +0000 Jaron Schneider http://www.glasslewis.com/?p=3265 A recording of the Glass Lewis Proxy Talk conference call with Occidental Petroleum Corporation directors, where they discussed CEO succession planning at the company, is now available. Occidental issued a press release on February 14, 2013 announcing the formation of a search committee as part of the company’s succession plan for President and Chief Executive Officer Stephen I. Chazen and reiterating the retirement of Executive Chairman Ray R. Irani at the end of 2014. More recently, on April 8, the company issued another press release further describing the board’s leadership succession plan and refuting press articles and speculation that there is a “fight at the top.”

]]> http://www.glasslewis.com/blog/proxy-talk-occidental-directors-discuss-ceo-succession-planning/feed/ 1 Proxy Season Insider 2013/04/18: 3SBio http://www.glasslewis.com/blog/proxy-season-insider-20130418-3sbio/ http://www.glasslewis.com/blog/proxy-season-insider-20130418-3sbio/#comments Thu, 18 Apr 2013 17:14:04 +0000 Mark Grothe http://www.glasslewis.com/?p=3246 The announcement of a management buyout often fills public shareholders with a sense of worry and skepticism, with good reason. When a company’s own senior executives decide to buy the company, unaffiliated shareholders need assurance that they haven’t been short-changed by a group of buyers with more and better information about the company. Chinese biotech firm 3SBio Inc., which trades primarily on the Nasdaq using American Depositary Shares, or ADSs, announced last September that it received a buyout offer from its chairman and CEO. The deal involves a total of 15 members of the company’s executive management team.

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