P.M. BRIEFING : Pickens’ Group Targets Firms
T. Boone Pickens’ United Shareholders Assn. launched a campaign today against 50 major corporations it has accused of violating shareholder rights.
The corporate takeover specialist’s group, which claims 64,000 members, said all of the firms are incorporated in states with “anti-shareholder” laws, 44 have poison pill anti-takeover plans and 40 have lucrative “golden parachute” severance packages for senior management.
Pickens’ organization also said 40 firms have boards with staggered terms of office, preventing shareholders from replacing a majority of the board in any single year, while 47 have no confidential proxy voting.
“Proposals on these issues will be introduced by USA members for shareholder votes at the 1991 annual meetings of the companies,” according to the group, which is holding its annual meeting in the nation’s capital.
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