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“It feels like I’m crashing the party,” he says.įor all his notoriety in the board room, the bottom-line impact of Chevedden’s work is hard to gauge.
DEMOCRACY 3 CRASHES SERIES
In a series of interviews, Chevedden said he’s motivated by a desire to improve how companies are run and is disappointed when executives battle his ideas or shun him at shareholder meetings. The lawsuits mean additional expenses for a man on a shoestring budget. The latest sign of his influence: Companies have begun suing Chevedden to keep his proposals off their proxies, with some arguing he can’t prove he owns the shares needed to qualify. This year, under pressure from Chevedden, Bank of America Corp required its chief executive to hold on to stock for at least a year after he retires. law, he successfully pushed the utility holding company Edison International to give shareholders more influence over executive pay. Two years before “say on pay” votes became widely required under U.S. He has helped persuade companies to make procedural changes, including grocer Whole Foods Market Inc’s move to make it easier to remove directors. The resolutions won 41 percent of shares voted on average over both periods, in line with the overall average, according to corporate-governance researcher FactSet SharkRepellent. He successfully pushed through 58 proposals as of mid-September, the most of anyone this year. Last year, 50 of his proposals made it onto proxy statements, disclosures to shareholders on issues requiring a vote and related information. The measures, he says, are meant to give shareholders more say and make executives more accountable, which in turn improve operations and boost value. James Copland of the Manhattan Institute, a free-market think tank, says Chevedden is “leading the intellectual curve, getting proposals out there before they start to get traction.” Texas attorney Geoffrey Harrison, who has faced Chevedden on behalf of corporate clients, describes him as possibly the most persistent sponsor of shareholder resolutions ever.Ĭhevedden’s method is to target deep-in-the-weeds details of corporate governance, such as how often directors are elected and when shareholders can call special meetings of investors. companies.Įven skeptics grant that Chevedden has become one of the most influential U.S. Since then, he has unleashed a relentless flow of shareholder proxy measures at some of the largest U.S. Now 67 years old, Chevedden launched his career as an activist - he rejects the term “gadfly” - after being laid off from the aerospace industry in the early 1990s.
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For use with special report ACTIVIST-CHEVEDDEN/ REUTERS/Lucy Nicholson The mission begins officially on 1 August.Shareholder activist John Chevedden, 67, rides the subway to the DreamWorks Animation SKG Inc stockholder meeting in Hollywood, California May 29, 2013. The Netherlands is providing 1,400 troops to aid reconstruction in the region. They wanted to see whether the same security measures could be applied to Uruzgan. The Dutch Ministry of Defence in The Hague said the two were on their way from Kabul to a meeting with US military officials to discuss the security arrangements in Paktia. The main Dutch force is based in Uruzgan province. The nationalities of the other victims were not immediately known. The pair were attached to the Dutch command staff in the Afghan capital Kabul. The passengers included a lieutenant colonel of the Dutch Air Force and a sergeant of the Dutch Army. A search for the crash site was called off late on Wednesday due to the poor weather conditions and failing light. The Russian-made civilian Mi-8 helicopter, operated by a logistics firm, Tryco, crashed between 22 and 25 miles north-east of Khost city on Wednesday. AMSTERDAM - The Netherlands has suffered its first casualties in Afghanistan days before its military mission officially becomes active.Īfghan border police found several bodies at the scene of the crash in a mountainous area in the eastern province of Paktia, a senior police officer said on Thursday.