Texaco won 66% of the vote for its amended poison pill resolution that would extend the poison pill five years. Big support came from pension funds including California Public Employees' Retirement System, California State Teachers' Retirement System and 85 Taft-Hartley funds.
Shareholders rejected a proposal from the Teamsters that called for a classified board.
Memphis (Tenn.) Light, Gas & Water Division Pension System narrowed to five its candidates for consultant; a decision is expected in June. Finalists are: Watson Wyatt; LCG; New England Pension Consultants; Gerber Taylor; and Consulting Services Group, the fund's current consultant.
John McCullough, secretary-treasurer and vice president of finance, said the search is being done to review options and not necessarily to make a change. After the consultant is selected, the $1 billion fund is likely to undertake an asset/liability study, he said. Taunton (Mass.) Contributory Retirement System retained Segal Advisors as its consultant for another three years after conducting a search, said Paul J. Slivinski, executive secretary at the $85 million-plus fund. Other finalists were Dahab Associates, New England Pension Consultants and H.C. Wainwright. The system now will review and fine-tune its asset allocation, Mr. Slivinski said.
United Way of Massachusetts Bay, Boston, hired Putnam Investments to manage its endowment and reserve fund. Putnam will run the assets in a tobacco-free core U.S . stock portfolio, U.S. bonds, U.S. small-cap equity, non-U.S. equity, and non-U.S. bonds, said Fred Clow, senior director of treasury operations. The $20 million fund previously was managed by Scudder. The change was not based on performance, he said. New England Pension Consultants assisted the search. Robert Greer and a commodities index he created moved to Chase Manhattan from Daiwa Securities America. Mr. Greer, a vice president with Daiwa, will be vic e president and product manager for the Chase Physical Commodity index, formerly the Daiwa Physical Commodity index. Daiwa executives couldn't be reached to comment.