Herbert Dyer, executive director of the $43 billion Ohio State Teachers' Retirement System, Columbus sent a letter to SEC Chairman Arthur Levitt protesting proposed shareholder resolution rule changes.
In the letter, Mr. Dyer argued that: the proposed resubmission thresholds are too high; the SEC should not allow the background of a proponent to determine a proposal's merits; and the ``relevance'' rule would result in many serious proposals never getting on a proxy statement because they don't relate to $10 million of the company's assets or revenues.
The median manager in InterSec Research's global fixed-income universe outperformed the Salomon World Government Bond Index by 50 basis points in the third quarter. During that period, InterSec's median manager produced a 1.8% return; Salomon's WGB index, 1.3%. InterSec said managers remained overweighted to the U.S. dollar and substantially underweighted to the yen and Japanese bond market.
The number of companies charging defined contribution plan expenses to participants has increased significantly in the past two years, according to the 1997 Access Research 401(k)/DC Market Needs Study.
In 1997, 64% 401(k) sponsors paid all administrative expenses, compared with 73% in 1995. But, in 1997, 24% of plan sponsors charged all administrative expenses to participants compared with only 10% in 1995.
Also, more than 60% of 401(k) plans now obtain investment options from two or more investment providers,up from 25% in 1992.
Socially and environmentally responsible investments topped $1 trillion in the United States, according to a study by the Social Investment Forum. Assets invested according to social criteria grew to $1.185 trillion this year from $639 billion in 1995, an 85% increase. A total of 710 investors, including mutual funds, pension funds, community development funds and foundations, are making socially responsible investments.
The number of socially and environmentally screened mutual funds grew to 144 in 1997 from 55 in 1995. Assets in such funds grew to $96 billion from $12 billion in 1995.
Anti-tobacco sentiment is driving much of the investment interest. Investors divested $157 billion of tobacco-related investments over the last two years, compared with $6.6 billion in the Social Investment Forum's 1995 survey.
