Ford Motor Co.s recapitalization proposal comes up for a vote at a special shareholders meeting Aug. 2, at which two major proxy-voting advisory services recommendations will face off. Proxy Monitor will recommend its clients vote in favor of the proposal, while Institutional Shareholder Services will recommend a "no vote..
New York State Common Retirement Fund, Albany, says it will vote its 3.7 million shares against Dearborn, Mich.-based Fords plan. H. Carl McCall, state controller and sole trustee of the $127 billion fund, said in a letter to Ford Chairman William Clay Ford Jr. that the plan would allow the (Ford) familys voting interest to rise disproportionately higher than that of common stock holders. Ultimately, the family could retain 40% of the companys voting rights, even if its economic ownership falls to 3.6%.
The $175 billion California Public Employees Retirement System, Sacramento, and TIAA-CREF also said they will vote their respective 8.4 million and 6.7 million Ford shares against the proposal.