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.


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