Resources and Advisory Services
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Earlier this week (below) we highlighted for PMs the recent proxy access matter at Whole Foods.
A New York Times article by lead business writer Gretchen Morgenson prompted our assessment. Our write up both lauded the effort, and criticized how she characterizes the situation.
We since wrote a letter (email, actually) to Morgenson, explaining our critique. We thought others would enjoy seeing it.
No reply, yet.
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We love it when the New York Times features prominently one of our priorities, proxy access. They got some critical details wrong, but their hearts and minds are in the right place.
This weekend Gretchen Morgenson reported on the clever way Whole Foods dodged a shareholder's proxy access proposal. She highlights how the SEC staff allowed them to do it, too, either through carelessness or complicity.
What should PMs take away from this seemingly arcane debate over BoD election procedure? We think it reveals how hard portfolio companies will fight against shareholders, and how investors should consider warily the SEC as well as company management.
Alas, shareholders probably lost this one. The uproar probably helps the overall proxy access effort in 2015.
We explain further in a current blog post.
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