Funds Oppose Marriott Stock Plan
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Marriott International Inc. won’t get support for its dual-class stock plan from California’s and New York’s public pension funds, which want the hotel company to drop the plan because it only helps members of the Marriott family.
The Washington-based manager of hotels will let shareholders vote on the plan at its annual meeting May 20 in Arlington, Va.
It’s the second attempt to get shareholder approval for the new, supervoting Class A shares, which were issued in March when Marriott spun off its hotels from its food service and facilities management business.
Critics, including the California Public Employees’ Retirement System and New York City’s five pension funds, say the Marriott family, which holds almost a 20% stake in the company, created the new stock as a defense against unsolicited takeover attempts.
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