Transamerica Holders to Vote On Severance Plan:...
From Times Staff and Wire Service Reports
Transamerica Holders to Vote On Severance Plan: The SEC ruled that Transamerica Corp. shareholders have the right to vote on severance plans for top managers, better known as “golden parachutes.” The ruling will force the San Francisco insurance company to include a shareholder proposal to bar such plans on its 1990 proxy statement. However, the company believes that its current plan, which gives four top executives about $8.6 million in the event they are “unjustly terminated” within three years of a takeover, is “grandfathered” in and cannot be overturned.
