The American Federation of State, County and Municipal Employees (AFSCME), the largest public service union in the U.S., is ready to go to court to win the right to nominate directors of U.S. companies…Look for this issue to escalate…Not unexpected, business groups oppose allowing investors to put their nominees on company ballots since it “might give labor unions and special interest groups undue influence.”…The quick reply is that U.S. and foreign investors want to do just that - - influence corporate governance…The California Public Employees Retirement Scheme points out shareholders in certain other countries have had this right for a long time. If the FCC doesn’t change its rule, look for increased litigation against financial groups and other pension funds.
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