The public shareholders are getting restless.
A major shareholder advisory firm, Institutional Shareholder Services, is urging investors to withhold their votes for four directors at The New York Times Co. as a way to push for corporate governance changes.
"Shareholders are left with few avenues through which to voice their opinion other than by withholding from Class A directors," the ISS said in its report. "While we do not advocate removal of the Class A directors, we believe that a strong message to effect change is necessary."
The Times declined to include a shareholder proposal from the Morgan Stanley fund that would have called for putting the company's dual-class share structure to a vote. That structure can only be changed by the Sulzberger family, and they have said they don't intend to do so. |