The $20 billion Connecticut Retirement Plans and Trust Funds, Hartford, and the $600 million American Federation of State, County, and Municipal Employees Pension Fund, Washington, jointly filed a shareholder proposal to nominate directors to the board of Halliburton Co., Houston. The proposal calls for shareholders to nominate up to two directors to Halliburton's 11-member board.
"The Halliburton board has failed to properly monitor the company, leading to a drop in the overall value of the company of more than $3 billion over five years," Gerald W. McEntee, AFSCME fund chairman, said in a news release. "Proxy access would hold the board accountable and bring fresh board perspectives to help address these issues."
Wendy Hall, Halliburton spokeswoman, said company officials were reviewing the proposal.