In today's WSJ Fund Track
, Tom Lauricella cites a study done by the American Federation of State, County and Municipal Employees, which found that funds supported 75.8% percent of management-sponsored proposals in the 12 months ended June 2006. This is contrasted with 46.5 percent of support received by shareholder proposals. So fund people tend to vote in a way that pleases those in charge of their promotions...truly shocking. The MFWire two weeks ago reported on a study done by a Stanford University professor (see " Board Candidates Unlikely to get a Shearing from Fund Managers,"
May 22, 2007), which arrived at the same conclusion.
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