Blogging Employee Benefits

January 21, 2006

CalPERS Continues Attempts to Block Sovereign Bancorp Transaction

Filed under: Investment, PERS, SEC — Fuguerre @ 12:10 am

“We think the right to vote is a fundamental right of shareowners and a pillar of good corporate governance principles.”

After failing to convince the New York Stock Exchange to intervene, the California Public Employees’ Retirement System has asked the Securities Exchange Commission to block a transaction between Sovereign Bancorp and Banco Santander Central Hispano because shareholders are not being permitted to vote on the matter. [CalPERS Press Release, 1/20/06]

1 Comment »

  1. Chalk another one up for CalPERS and its allies. After a long rankerous board meeting that ended midnight last night, Sovereign CEO Sidhu resigned, primarily because of investor protests arising following the Banco Santander Central Hispano transaction.

    Comment by Fuguerre — October 12, 2006 @ 5:31 am

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