Proxy votes at Unisys Corp., Wang Laboratories Inc. and UAL Corp. are among the 10 worst proxy votes of 1993, according to Marco Consulting Group, Chicago.
Marco noted that at Unisys, Blue Bell, Pa., shareholders approved a new bonus plan in which bonuses are paid even if shareholders do not receive a dividend.
Shareholders of Wang, Boston, meanwhile, voted against a shareholder proposal that would have required the board to have a majority of independent directors.
At UAL, Elk Grove, Ill., stockholders voted to remove a cap limiting payments to preferred shareholders in the event of an involuntary liquidation or dissolution. As a result, in such a situation, payments to common shareholders would be greatly lessened.
Also singled out: Oshkosh B'Gosh Inc.; Measurex Corp.; Medco Containment Services; Reading & Bates Corp.; Home Federal Bancorp; International Flavors & Fragrances Inc.; Raychem Corp.
"The votes on our 10 worst list are unusual only in their blatancy," said the firm's president, Jack Marco, in a statement.
The report lambasts investment managers voting on behalf of pension fund shareholders for allowing the initiatives to pass.