Editorials

  1. Shareholders deserve directors' attention to duties

    trueInstitutional shareholders should demand Coca-Cola Co. ask Richard M. Daley to step down as director or explain why, in the face of a personal challenge, he should stay as a member of the company's board.

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  1. Adding reality to valuations

    trueThe Securities and Exchange Commission made the right decision in exempting defined contribution plans — but not defined benefit plans, foundations, endowments and other asset owners — from its new rule requiring the share values of institutional prime money market funds to fluctuate based on ...

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  2. Beefing up fiduciary oversight

    trueInstitutional asset owners must make more of an effort to peel back the layers of complexity to deal with the fiduciary issues surrounding non-traded investments, including private equity and real estate.

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  3. Court backs efficient market

    trueThe U.S. Supreme Court made the right decision when it rejected a presumption of prudence as a defense in company stock-drop cases, replacing it with a presumption of market efficiency.

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  4. Test of governance wills

    trueThere are good neighbors. Then there is Nabors Industries Inc.

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  5. States reaching out too far

    trueThe number of private-sector employees without pension coverage — about half — has become an issue of concern at the state and federal levels.

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  6. The advancement of a bad idea

    trueEleven member countries of the European Commission are planning to introduce a financial transactions tax in 2016. If it takes effect as planned, the tax could cost pension funds, not only in Europe but also in North America, billions of dollars every year.

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  7. Winning over proxy voters

    trueThe Coca-Cola Co. equity compensation plan for executives won the approval of 83% of the shares voted at its recent annual meeting, but left the company with an ambiguous mandate. Some major institutional investors that supported the plan might have reconsidered had they known other pension funds ...

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  8. Tax-exempt but tax conscious

    trueEven though pension funds and other tax-exempt institutional asset pools don't pay taxes on their investment income, the taxes paid by the companies in their investment portfolios should concern institutional investors.

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  9. Tightening up trading costs

    trueInstitutional investors must keep careful watch on trading costs, and take steps to minimize them, as recent research shows they rival investment management fees in their impact on portfolios.

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  10. Better oversight of HFT

    trueMichael Lewis shocked the investing public with his charge that the stock market is rigged. He will have done investors a great service if he has also shocked the Securities and Exchange Commission into re-examining high-frequency trading and taking steps to halt it.

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  11. Let's play ball

    trueTo paraphrase a line from “Field of Dreams,” if you build it, they will come - “it” being a multiple employer pension plan, and “they” being employers.

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  12. Misguided search for revenue

    trueThe federal government's appetite for more revenue to feed an expanding federal budget threatens to jeopardize retirement income security.

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  13. A pathway to stronger plans

    trueAn independent panel of the Society of Actuaries has laid out a path to strengthen public defined benefit plans, championing the valuation of pension liabilities in a more economically realistic way.

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