Shareholders Want to Select Directors / on Texaco Board

THE JOURNAL RECORD, August 18, 1988 | Go to article overview

Shareholders Want to Select Directors / on Texaco Board


NEW YORK (AP) - Two big institutional shareholders in Texaco Inc. want a voice in nominating directors to Texaco's board, and some analysts said Wednesday the move could run into stiff resistance from Texaco management.

Officials of the California Public Employee Retirement System and the New York State Employees Retirement Fund will ask for a formal, long-term role in choosing Texaco directors. They plan to make the request at a meeting on Aug. 24 with Texaco President James W. Kinnear, said Richard Koppes, general counsel of the California fund.

The New York pension holds 3 million Texaco shares and the California fund has 783,000 of the company's 244.3 million shares outstanding. The California system is the largest public employee pension fund in the country with more than $46 billion in assets, while the New York fund controls $39 billion.

Two seats on the Texaco board are expected to open within the next year. The two pension funds want institutional shareholders in Texaco to be permanently represented on the board's nominating committee by ``independent'' delegates who are neither executives nor shareholders.

The two funds are not seeking to place direct representatives on the board's nominating committee, Koppes said, since they would get access to confidential information about Texaco that could conflict with their fiduciary responsibilities as money managers.

The pension officials could be tempted to buy or sell Texaco stock on the basis of that information - and probably would have to give up the right to trade the stock before joining the board.

``This could very well be an important development for all of corporate America,'' said Rosario Ilacqua, vice president of equity research at the investment firm Nikko Securities Co. International Inc.

Texaco declined comment on the issue. Anita Larsen, a spokeswoman at the company's headquarters in White Plains, N.Y., would only reiterate Kinnear's recent public promise to meet with representatives of the institutional investors. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Shareholders Want to Select Directors / on Texaco Board
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.