OTHER NEWS - Oct. 17, 1995
<i> Times Staff and Wire Reports</i>
CalPERS Votes to Oust ADM Board: The activist California Public Employees’ Retirement System, the huge Sacramento-based pension fund, plans to withhold voting for the incumbent directors of Archer-Daniels-Midland Co. at the food processor’s annual meeting Thursday. The move is largely symbolic, because CalPERS owns 3.6 million, or less than 1%, of ADM’s common shares outstanding. But CalPERS said the board should not be reelected because “public confidence in the leadership of ADM has been severely eroded” by ongoing federal probes into allegations of price-fixing and illegal compensation at the Decatur, Ill.-based concern. ADM did not respond to a request for comment.
