Jana In Silent Protest Against MF Global?

Jul 29 2008 | 10:29am ET

Activist hedge fund shop Jana Partners is believed to have withheld its votes from the CEO of futures broker MF Global at the company’s annual meeting, but, in an unusual move, MF Global has refused to immediately disclose the vote tally.

MF Global—which spun off from hedge fund giant Man Group last year—said in its 10-minute annual meeting yesterday that all seven directors had been reelected. All ran unopposed. But Chairwoman Alison Carnwath declined to disclose the margin of victory, including that of CEO Kevin Davis.

MF Global shares have fallen 79% since its debut as an independent firm. Jana, which owns 8.2% of the firm, is thought to have refused to vote for Davis as a protest over its poor performance, Crain’s New York Business reports. Other MF Global shareholders are thought to have done the same, while proxy advisory Glass Lewis & Co. recommended investors withhold votes from Davis, Carnwath and one other director.

MF Global said it will disclose the vote tally in its quarterly report in a few weeks.


In Depth

Exotic Assets: Investing In Rare Violins

Jan 17 2017 | 4:43pm ET

By definition, alternative investments include exotic assets far beyond your typical...

Lifestyle

'Tis the Season: Wall Street Holiday Parties Back In Fashion

Dec 22 2016 | 9:23pm ET

Spending on Wall Street holiday parties has largely returned to pre-2008 levels...

Guest Contributor

The Trump Administration: What It Could Mean for Carried Interest

Jan 19 2017 | 5:25pm ET

The arrival of the Trump administration brings the potential for a repeal of the...

 

From the current issue of

As initial anxiety over Donald Trump’s victory gave way to market euphoria in the days following the election, there was a casualty. Gold prices.