Thirty-nine money managers and consultants voted 100% in support of proxy issues of concern to labor in 2006, according to a new AFL-CIO survey.
Twenty-four were rated in the "bottom tier," voting proxies least favorable to labor views, according to the survey. Marco Consulting Group and SEI Investment Management led the list of firms voting favorably to the labor point of view, in 28 of 28 proposals each.
Among the bottom tier, American Century voted three out of 27, or 11.1%, of proposals favorable to labor's point of view; Dodge & Cox voted one out of eight or 12.5%; Vanguard, four out of 28, or 14.2%; and Fidelity and State Street Global Advisors, each five out of 28 or 17.8%.
The survey examines money manager voting on shareholder proposals submitted by union and public pension funds and other investors on issues of executive compensation, management accountability and other corporate governance matters.