Funds Seek to Nominate Halliburton Directors

Two public pension funds filed a shareholder proposal seeking to give investors the right to nominate directors at oil field services company Halliburton Co., the funds said Thursday.

The proposal, which would allow investors with at least a 5% stake to nominate one or two directors, was jointly filed by the Connecticut Retirement Plans and Trust Funds and the American Federation of State, County and Municipal Employees Pension Fund, the funds said.

A similar proposal was filed this month at Walt Disney Co., and more will be made at other companies, pension officials said. A Securities and Exchange Commission shareholder-nomination plan is stalled as the agency’s commissioners debate the issue.

“We are moving ahead, and the SEC is going to have to address this issue one way or another,” Richard Ferlauto, director of pension and benefit policy at American Federation, said. “The cleanest way to do that is to pass their proposal.”

Wendy Hall, a spokeswoman for Houston-based Halliburton, declined to comment on the proposal.

“At this point, the company has not had an opportunity to read it or discuss any proposed handling,” Hall said.

Resolutions are being prepared for other companies, Ferlauto said.

“We are targeting companies where there has been poor board oversight and bad internal management,” he said. The federation holds 5,000 shares of Halliburton.

Halliburton shares fell 47 cents to $36.25 on the New York Stock Exchange.

At Disney, the California Public Employees’ Retirement System, AFSCME and the New York State Common Retirement Fund are backing a resolution calling for shareholder nominees for board seats.