Service Employees International Union’s $1.5 billion Master Trust, Washington, is leading a campaign to oppose the election of the four nominees to the Eastman Kodak Co. board, including former Democratic presidential contender Bill Bradley.
Mr. Bradley, who is a new nominee, along with Laura d’Andrea Tyson, former Council of Economic Advisers chairwoman during the Clinton administration and a current director, and two others are nominees to be approved by the board at its May 9 annual meeting.
The campaign follows Kodak’s refusal to improve board accountability, despite SEIU resolutions to eliminate staggered three-year terms and to have directors elected annually — resolutions which have passed by a majority of shares voted in each of the last four years. SEIU, which owns 4,700 shares, is calling for shareholders to withhold votes for the election instead of offering the resolution again this year.
California Public Employees’ Retirement System, Sacramento, also will oppose all four directors, a spokesman at the $160 billion pension fund announced today. CalPERS owns 1.4 million shares. Kodak has 290 million shares outstanding.
