New York State Common Retirement Fund, Albany, will vote its roughly 277,000 shares of Stanley Works stock against the companys reincorporation to Bermuda, said H. Carl McCall, state comptroller and sole trustee for the $112 billion fund. Employees who own company shares through a Stanley Works 401(k) plan said they were confused by two conflicting proxy instructions in the original vote, held Thursday, that favored reincorporation to Bermuda. The New York fund voted against reincorporation in the original vote.
Mr. McCall said in a news release that given the confusion, a revote "is the appropriate action to ensure that shareholders and employees wishes are accurately reflected in the final tally.
No date has been set for the new vote, a spokesman for Stanley Works said.