NEW YORK TIMES
Investment Firm Urges NYT Co. Shareholders to Withhold Votes [Stephen Spruiell]
A major Wall Street investment firm is urging NYT Co. shareholders to withhold their votes in the company's upcoming board elections.
A major shareholder advisory firm, Institutional Shareholder Services, is urging investors to withhold their votes for four directors at The New York Times Co. as a way to push for corporate governance changes.
The ISS report published Wednesday comes amid a campaign from a longtime shareholder, a Morgan Stanley investment fund, to roll back the dual-class share structure which allows the Sulzberger family to maintain control.
ISS recommends separating the chairman and publisher roles, which are both currently held by Arthur Sulzberger Jr., as well as establishing key committees on the board that would be made up solely of directors elected by holders of the company's publicly traded Class A shares.
The NYT Co.'s stock has lost over 50 percent of its value since 2002. (h/t
Newsbusters)
04/05 09:33 PM
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