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Mutual Funds: Tossing Out the Proxy Voting Rubber Stamp
BusinessWeek
Nov. 10, 2003 Excerpt: [S]tarting next year, funds must reveal exactly how they voted in the preceding proxy season by Aug. 31 each year.... A big reason for the SEC's move: fears that money managers are failing as fiduciaries. Instead of voting in the best interests of the shareholders they represent, they're backing company managements that could reward them with new business such as handling billions of 401(k) retirement money, the SEC believes. MORE >> |
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