Florida State Board of Administration, Tallahassee, will vote against the proposed merger of Towers Watson & Co. and Willis Group Holdings, said its proxy-voting disclosure.
The FSBA, which oversees $174.9 billion in total assets, also will vote against golden parachute severance payments for John J. Haley, Towers Watson chairman and CEO, and other Towers Watson top executives. Mr. Haley, who would become chairman and CEO of the new Willis Towers Watson, would receive $13.2 million in severance under terms of the proposal.
The merger requires approval of Towers Watson shareholders. The merger is not conditioned on approval of Willis shareholders, who are being asked to approve a stock issuance, name change and a share reserve split upon completion of the merger.
The FSBA is voting its Willis shares in favor of all three Willis proposals.
The special meetings of Towers Watson and Willis are Wednesday.
