The pension fund, which goes by the initials CalSTRS, "believes Wal-Mart's board is dominated by directors beholden to the Walton family rather than shareholders, " the fund's governing board said in a statement.
Most of these reforms are going down well with the Fund's shareholders.
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Mr Kirchner has followed an unwavering course, not only defying the Fund at home but pleading his cause adroitly with the Fund's shareholders in Europe and the United States.
PERS, California's state pension fund, which is urging General Electric's shareholders to demand that its executives' share options be performance-related.
"We think it's important for fund shareholders to vote their proxies, " says Fidelity spokesman Adam Banker.
For one, rafts of lawsuits seemed inevitable, from Enron's shareholders, its pensioners (whose fund had invested in Enron shares) and others.
The Rock's leading shareholders, SRM and another hedge fund, RAB Capital, have called an extraordinary general meeting of the bank next Tuesday.
Then in early 2005, one of BioMarin's largest shareholders, health care-focused money management fund OrbiMed Advisors, launched a proxy battle in which it requested three new board members.
Up to now, many of the successes on the part of Europe's minority shareholders have been won by British and American fund managers, who hold increasingly large stakes in continental firms.
Glencore had raised its offer after its first bid was opposed by key Xstrata shareholders, including Qatar Holding, the Gulf state's sovereign wealth fund.
Petrobras, a state-controlled oil giant, and Vale, the world's biggest iron-ore producer, are now being run more to suit government aims than in minority shareholders' interests, says Joseph Harper of Explorador Capital Management, a fund manager.
Putnam Investments , a mutual fund company that was one of Schering's largest shareholders, confirmed last fall that Kogan had met with its analysts on Oct. 1.
Spain's bank bailout fund warned of significant losses for Bankia shareholders as part of the EU-financed cleanup of the nationalized lender at the heart of the country's banking collapse.
It's not clear what caused the spikes, but on Oct. 1 Kogan met with investment managers at Putnam Investments, a mutual fund company that is one of Schering's biggest shareholders.
Earlier this year, two other AOL Time Warner shareholders - the University of California and the Amalgamated Bank's Long View Collective Investment Fund - alleged in a lawsuit that some of the firm's top executives boosted its share price through bogus transactions.
As the fund's discounts from net asset values widened, Watt's shareholders fared even worse than that.
Most of the investment fund's expenses will be paid out of a separate charge to shareholders.
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