Group drops proxy resolution at Marsh & McLennan

Zachary Carter was added to Marsh & McLennan Cos. Inc.'s slate of nominees for its board of directors. Mr. Carter, a partner in the law firm of Dorsey & Whitney, has been a U.S. attorney, a federal magistrate judge and an executive assistant district attorney in Brooklyn, N.Y. As a result, a group of major pension funds withdrew their proxy resolution that sought shareholder access to the corporate proxy statement to nominate directors at the firm. The funds' "goal all along was to increase the independence of the board to give better oversight to Putnam," said Richard C. Ferlauto, director-pension and benefit investment policy at the $600 million AFSCME Employees Pension Plan, Washington. Joining AFSCME was the $165 billion California Public Employees' Retirement System and the $114 billion California State Teachers' Retirement System, both of Sacramento, and the $117 billion New York State Common Retirement Fund, Albany. The funds had been concerned about the lack of corporate oversight of the Putnam Investments unit. Marsh & McLennan shareholders will vote on Mr. Carter's nomination May 20.