They have a vote but too bad they are part of the problem. They're supposed to be working for their clients but that does not necessarily appear to be the case. This is a tight knit group that sticks together too often. Maybe naming and shaming will help but then again, this is a group that loves each other more than they appreciate their customers. MarketWatch:
A study published Monday analyzed the votes made by mutual fund companies in the past two years, and named the firms that most often sided with management in pay votes.
AllianceBernstein Holding, Barclays Global Investors, a unit of Barclays PLC, Ameriprise Financial Inc., and Bank of America Corp. fund arm Columbia Management were the four firms with the most pro-management voting records, according to the study.
"The worst ranked funds are accomplices in the overpayment of CEOs," said Gerald McEntee, president of the American Federation of State, County and Municipal Employees. "They should be protecting the assets of their clients by demanding that CEOs get paid for performance, rather than supporting runaway pay."
