HealthSouth to Reimburse Activists for Proxy Fight
| October 27th, 2009 | ||
| HealthSouth could become the first US company to reimburse activist stakeholders for the expenses incurred while removing management-supported board members, according to the Wall Street Journal. This move would mark a major breakthrough for investors who often assume significant costs to support outside directors, while candidates backed by the management team are financed internally by the company. HealthSouth’s plan, which is waiting for final board approval, involves reimbursing candidates that receive at least 40% of the votes cast. Corporate governance experts believe that other companies may follow suit and enact similar policies. | ||
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Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles
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