`Index`

Abercrombie & Fitch (firm), 140–141
Abood v. Detroit Board of Education (U.S., 1977), 237–238
absolute return strategy, 103–105, 107, 108
Abu Dhabi Investment Authority, 134
Adler, John, 206, 248
AFL-CIO, 67, 85; Office of Investment of, 137, 145, 146, 155, 244
African Americans, among public sector workers, 69
agency fees (fair-share fees), 235–241
AIG (firm), 50
Albertsons (firm), 41
Alinksy, Saul D.: Fred Ross, Sr., and, 101; Industrial Areas Foundation founded by, 205; on shareholder activism, 264n15; Wall Street Journal on, 57, 58, 71
Alito, Samuel, 237
American Federation of State, County, and Municipal Employees (AFSCME): Capital Strategies program of, 136, 244; in Detroit bankruptcy, 129–131, 135; on JPMorgan and Dimon, 119–120, 123–128; Lindsley as director of capital strategies for, 115–117; on proxy access, 48–50, 62; proxy access strategy of, 65–66
American Federation of Teachers (AFT): Capital Strategies program of, 85; on hedge funds and charter schools, 89–95, 108–109, 211; on private equity funds, 97–98; in Wisconsin, 127
American Investment Council (Private Equity Council; Private Equity Capital Growth Council), 153–154
American Legislative Exchange Council (ALEC), 234–235
Americans for Financial Reform (AFR; organization), 153, 157
Americans for Prosperity (organization): defined-contribution fund favored by, 221; Friedrichs v. California Teachers Association funded by, 237; public pension funds threatened by, 213, 214, 225; public sector unions collective bargaining attacked by, 222; on underfunding of pension funds, 41
American Society of Civil Engineers, 245
Antonin Scalia Law School, 231–232
Aon (hedge fund), 93
Apollo Global Management LLC (private equity fund), 161
Aramark Corporation, 181–183, 189–190, 194, 225, 305n1
Arnold, Charles, 41
Arnold, John, 213, 223–225; money spent by, 239–240
Arnold Foundation. See Laura and John Arnold Foundation (LJAF)
As You Sow (organization), 220
Atwood, Bill, 23

Baker, Jennifer, 222, 223
Baltimore City Police and Fire Employees Retirement System, 96
Bandt v. San Diego County (U.S., 2006), 189
Bank of America, 118
bankruptcy, 222; of Detroit, 128–131
banks: splitting CEO and board chair positions in, 118–122; “too big to fail,” 118–119; Wells Fargo fraud case, 179–180
Barber, Randy, 58, 208
Bear Stearns (bank), 116, 118
Bebchuk, Lucian, 76, 132
Beermann, Jack, 233–234
Bhatti, Saqib, 108
BlackRock (mutual fund), 134, 161, 293–294n48
Blackstone Group (private equity fund), 95–97, 245, 249–250
Bloomberg, Michael, 63, 91, 97
board chairs: combined with CEOs, 112, 113; splitting the CEO position from, 115–136, 289–290n16
Boardroom Accountability Project (BAP), 66–70, 72, 73, 112
boards of directors: chairs of (see board chairs); elections for, 46–47; lead directors on, 28; majority voting for, 74–75; proxy access to elections for, 47–58; of Safeway, 4–7; on say-on-pay votes by shareholders, 137, 138
boards of trustees of pension funds, 9; decisions made by, 39; divestment decisions by, 38; duty of loyalty of, 182–184; fiduciary duties of, 98–101; investment decisions made by, 198–199; training of, 205–208; Trustee Leadership Forum of, 208–211
Booth, David, 92
Borowitz, Andy, 140
Bowden, Andrew J., 158–159
Brandeis, Louis, 152, 153
Breakley, Tia, 249
Broadridge (firm), 125
Brock v. Walton (U.S., 1983), 188–189
Broidy, Elliott, 42
Brookfield Properties (private equity fund), 97, 99–100, 249
Brown, Rogers, 59, 61
Brown, Sherrod, 156
Brown, Willie, 10
Brunsting, Vonda, 205–211
Buffett, Warren, 81, 82, 85, 136
Burd, Steven: CalPERS actions against, 194; compensation for, 272n76; demonstration at house of, 19–20; Harrigan versus, 14–16; insider trading by, 261–262n4; outmaneuvered by Burkle, 261n3; retirement of, 41; as Safeway CEO, 2–7; shareholder campaign against, 22–23, 25–29; on Wal-Mart, 31–32
Burkle, Ron, 261n3
Bush, George W., 192
Bush, Jeb, 192
Business Roundtable (organization), 47, 48, 131; Dimon as chair of, 136; proxy access suit of, 58–63; on say-on-pay, 139; on shareholder proposals by individual investors, 219–220, 277n50; as special-interest group, 140
Business Roundtable v. SEC (U.S., 2011), 46, 60–63; impact of, 71–74

California, 222–223, 242
California Public Employees’ Retirement System (CalPERS), 7–10, 218–219; assets of, 22; Disney campaign of, 12–14; divestment from hedge funds by, 101–110; Harrigan fired from, 41–42; New York Stock Exchange and, 266n32; private equity fund created within, 247, 254; private equity fund investment of, 161; Safeway campaign and, 23–25; Safeway strike and, 194; stock option suit against UnitedHealth by, 173; Wal-Mart shares owned by, 32–35
California State Teachers’ Retirement System (CalSTRS), 12; divestment in gun companies by, 35–36; hedge funds investments of, 12; on investments in public-private partnerships, 191
California Teachers Association, 236–238
Cantwell, Maria, 139
Capital Stewardship Program (of SEIU), 102–103, 117, 205, 206
Capital Strategies program (of AFSCME), 115, 136
Carlyle Partners (private equity fund), 249
carried-interest loophole, 154–155
Cartwright, Lisa, 267n36
Case, Steve, 13
Center for Individual Rights, 236–237
Center for Retirement Research (Boston College), 227–228
Center for the Study of Responsive Law, 220
CEO-worker pay ratios, 43, 112, 114–115, 143–151, 153
Cerberus (private equity fund), 154
CFA Institute (organization), 72
Change to Win (organization), 67
Charter schools, 88–91, 94
Chavez, Cesar, 101
checks and balances, 111
Chevedden, John, 219
chief executive officers (CEOs): CEO-worker pay ratios, 43, 114–115, 143–151; executive compensation for, 68, 114, 137–143; imperial CEOs, 112–113; splitting the board chair position from, 115–136, 289–290n16; stock options as compensation for, 164–177
chief financial officers (CFOs), 169
China Investment Corporation, 134
Church of England Endowment Fund, 134
Citibank (bank), 118
Citigroup (firm), 140
Citizens United decision (2010), 47–48
Clark, Stephen A., 92–93
class-action lawsuits, 56, 302–303n11
Clayton, Jay, 150
Clergy and Laity United for Economic Justice (CLUE), 19
climate change, 137, 293–294n48
Clinton, Bill, 74, 84
Clinton, Hillary, 238
collective bargaining: abolition of, 238–239; agency fees for, 236–238; threats to, 213
Communications Workers of America (CWA), 161
compensation, for CEOs, 68, 114; CEO-worker pay ratios, 143–151; say-on-pay votes on, 137–143; stock options as, 164–177
Congressional Review Act, 150
Conn, Jim, 19
Connecticut Retirement Plans and Trust Fund (CRTF), 7; assets of, 22; on JPMorgan and Dimon, 125
construction workers, 97
Consumer Financial Protection Bureau (CFPB), 157, 158; on Wells Fargo fraud case, 179–180
Cordray, Richard, 179
corporate governance: AFSCME’s team on, 49; destaggering of corporate board elections in, 76–77; Dimon on, 135–136; Dodd-Frank Wall Street Reform and Consumer Protection Act on, 51; environmental, social, and governance investments and, 196–197; Financial Choice Act on, 78; majority voting in, 74–75; in settlements of litigation, 178–179; splitting CEO and board chair positions in, 113, 115–136; studies of, 72–73. See also proxy access
Council of Institutional Investors (CII), 55, 94; Brunsting as trustee of, 206
Countrywide (firm), 138
Court of Appeals for the District of Columbia Circuit, U.S. (D.C. Circuit), 43–46; Business Roundtable v. SEC decision of, 60–63, 66, 71–74, 131, 137; Dodd-Frank suits in, 58–60; on registration of hedge funds, 110
Cox, Christopher, 50
Cracker Barrel Company, 64
Curry, Ravenel Boykin, IV, 87, 88

Damodaran, Aswath, 230
Davis, Gray, 10, 41
D.C. Circuit Court of Appeals. See Court of Appeals for the District of Columbia Circuit, U.S. (D.C. Circuit)
Deal, Bobby, 172
Dean, Howard, 85, 117
defined-benefit plans: defined-contribution funds versus, 89–90, 214–235; hedge funds and, 92–95; political threats to, 242; states moved toward, 128
defined-contribution funds: defined-benefit plans versus, 214–235; in hybrid plans, 243
Dell, Michael, 115
Democratic Party, 33, 241, 257
Detroit (Michigan), 128–131, 135, 222
Detroit Institute of Arts, 130
DiBlasio, Bill, 248
Dimensional Fund Advisors (hedge fund), 92–93
Dimon, Jamie, 116; as CEO and board chair of JPMorgan, 118–128; on corporate governance, 135–136; Detroit bankruptcy and, 130–131
DiNapoli, Thomas, 139
discrimination, by sexual orientation, 64
Disney (Walt Disney Company), 12–14
Disney, Roy, 13
diversity issues, 69, 70
divestment, 38; duty of loyalty and, 183; engagement versus, 69; exit option for, 253–254; goals of, 35–36; from hedge funds, 101–110; risks of, 177
Dodd, Chris, 50–51, 156
Dodd-Frank Wall Street Reform and Consumer Protection Act (2010): on CEO-worker pay ratios, 114, 144–147, 153; Financial Choice Act on, 73; on private equity funds, 155–158; on proxy access, 51, 57–58, 131; on registration of hedge funds, 110; Shareholder Bill of Rights in, 140; suits on, 60–63
Dow Jones Industrial Average, 141
Drucker, Peter, 57–58, 146–147
Dunlap, Albert, 6
duty of loyalty, 182–184; Brock v. Walton on, 188–189; pension funds investments and, 184–201

Edison Schools (firm), 192
Eisman, Steve, 82–83
Eisner, Michael, 12–14, 41, 47
elections, to corporate boards: majority voting in, 74–75, 278–279n60; not contested, 265–266n27, 266n29; proxy access to, 48–58; staggered and destaggered, 76–77, 269n51, 279–280n63; votes cast in, 124; withheld votes in, 266n28
Eliopolous, Ted, 107
Ellison, Keith, 146–147
Ellison, Larry, 141
Emkin, Allen, 208
Employee Retirement Income Security Act (ERISA; 1974), 184–186, 193; public pension funds not covered by, 202
Emrys Partners (hedge fund), 82
Enron (firm), 49, 223–224
environmental, social, and governance (ESG) investments, 196–197, 307–308n25–27
exit option, 253–254
Exxon (firm), 134

Facciani, Gerald, 217
fair-share fees (agency fees), 235–241
Fearless Girl sculpture, 54, 69, 134
Ferlauto, Rich, 136–137; Capital Strategies program founded by, 115; on CEO compensation, 87, 137–139; proxy access campaigns of, 48–50, 52
fiduciary duty, 37–38, 98–101; duty of loyalty in, 182–201; of hedge fund activists, 294n52; restrictive definition of, 213
50 / 50 Climate Project (organization), 137
Financial Choice Act (proposed): on say-on-pay votes, 143; on shareholder proposals, 73, 78, 136
Fire and Police Pension Association of Colorado, 174, 180
Fleischer, Victor, 154–155
Florida State Board of Investment, 192
401(k) retirement funds, 53–54, 133; defined-benefit plans versus, 89–90; as defined-contribution fund, 215–218; managed by mutual funds, 169; underfunding of, 221
Frank, Barney, 51
fraud actions, 172
free-rider problem, 54, 170
Friedrichs, Rebecca, 236
Friedrichs v. California Teachers Association (U.S., 2016), 236–238

Garland, Merrick, 238
Garland, Michael, 66–68, 239, 248
Garvey, Sean, 248, 249
General Electric (firm), 6
George Mason University, 231–234
Gephardt, Dick, 85
Ghilarducci, Teresa, 243, 263–264n14
Gillibrand, Kirsten, 63
Gilot, Janine, 106
Ginsburg, Douglas, 59–63
Giuliani, Rudy, 91
Glass Lewis (firm), 13, 26, 124
Gompers, Samuel, 246
Gorsuch, Neil, 60, 62, 236, 238
Gotham Capital (hedge fund), 88, 93
Government Pension Cap Act (proposed, California), 222–223
Government Pension Fund of Norway, 134
Graber, Don, 6
Grassley, Charles, 156
Grasso, Richard, 11–12, 41, 86
Greece, 227
Greene, James, Jr., 5, 7, 27–28
Griffith, Phil, 182, 183, 186
Grijalva, Raúl, 146–147
Grove, Andrew, 120
guaranteed retirement accounts, 243
gun companies, 35–36

Hale, Brain, 246
Harrigan, Sean: as CalPERS president, 9–11; early shareholder campaigns of, 11–15; fiduciary duty of, 193–194; firing of, 41–42; on proxy access, 46; in Safeway campaign, 23–24; in Safeway strike, 15
Hazen, Paul, 28
Hedge Clippers (organization), 154–155
hedge funds, 79; divestment from, 101–110; fiduciary duty of shareholders in, 294n52; Lack on losses by, 210–211; Pedrotty and teachers versus, 87–95, 100; pension funds invested in, 83–84, 100–101; performance of, 80–83, 280–281n5; proxy access by, 52; in proxy fights, 47; shorrt-term interests of, 134; on stock options, 168–171; Trustee Leadership Forum on, 209–210
Hemsley, Stephen, 173, 176
Hermes Investment Management (firm), 126, 247
Hernandez, Cynthia, 19
Highbridge Capital Management LLC, 93
Hirschmann, David, 139
Hirst, Scott, 76
Home Depot (firm), 86–87, 137
hybrid pension plans, 214, 220, 242–243, 254; states moving to, 225

Iksil, Bruno (“London whale”), 122–124, 126
Illinois, 227, 232
Illinois Is Broke (organization), 93
Illinois State Board of Investment (ISBI), 7; assets of, 22; hedge fund investments by, 108–109; in shareholder campaign against Safeway, 23
income inequality. See CEO-worker pay ratios
Individual Retirement Accounts (IRAs), 215, 216, 218
Industrial Areas Foundation (IAF), 205–206
infrastructure: Blackstone Group’s fund for, 249–250; proposed investments in, 40, 204–205, 245–247, 250–251
Initiative for Responsible Investment (Harvard), 208
insider trading: by Safeway CEO, 3–4, 261–262n4; in stock options, 169
Institutional Shareholder Services (ISS; firm), 49; on Eisner and Disney, 13; recommendations issued by, 124; on Safeway election, 29; on say-on-pay votes, 142; in shareholder campaigns, 25–27; on use of CEO-worker pay ratios, 149
International Brotherhood of Electrical Workers (IBEW), 247
investment analysts, 169
Investment Company Act (1940), 84
investment managers, 198, 200; for defined-benefit plans, 215
investments of equal value rule, 98–99
Ishii, Curtis, 106–107
Italy, 227
Iverson, Allen, 85

James, Tony, 243
janitors, 102–103, 206
Janus v. AFSCME (U.S., pending), 238, 244–245
Jeffries, Michael, 140–141
Johnson, Lawrence, 86
Johnson, Miles, 107
Johnson, Ron, 156
JPMorgan Chase (bank), 116, 118–128, 136; Detroit bankruptcy and, 130–131, 135
Justice for Janitors Campaign, 206

Kapnick, Scott, 93
Kasich, John, 127
Keenan, John, 117
Kennedy, Anthony, 47–48, 59, 235, 237
Kerry, John, 20, 85
Khashoggi, Adnan, 176
Kim, Hank, 251, 253
Kirchgaessner, Mia, 267n36
Klimczak, Sam, 249
Koch, Charles and David, 204; Americans for Prosperity funded by, 41, 213; Friedrichs v. California Teachers Association funded by, 204, 237; George Mason University funded by, 231–232; money spent by, 239–240
Kohlberg Kravis Roberts & Company (KKR; private equity fund): on AFT’s watch list, 95; New York City pension funds and, 162; Safeway board overlap with, 263n10; Safeway owned by, 2, 5, 7–8, 25, 27–28, 154
Kravis, Henry, 5

Labor, U.S. Department of (DOL): on Brock v. Walton, 188–189; on ERISA, 185–186; on pension fund investments, 192, 198
Laborers International Union of North American (LIUNA), 97
“labor’s capital,” defined, xii
Lack, Simon, 210–211
Langone, Kenneth, 86
Larcker, David F., 113
Laura and John Arnold Foundation (LJAF): on collective bargaining by public employee unions, 222; created with Enron funds, 224; on defined-contribution pension funds, 214, 221; George Mason University funded by, 232; money spent by, 239–240; on reform of public pension funds, 213; on underfunding of pension funds, 41
Lazard Ltd., 115–116
Leonard Green Partners (private equity fund), 160
Levin, Carl, 156
Levitt, Arthur, 168
Lewis, Ken, 118
Lewis, Michael, 82
Ley Lopez, Hector, 5–7, 28
Lie, Erik, 164–165, 167
Lindahl, Kevin, 174, 180
Lindsley, Lisa, 115–117, 135; on JPMorgan and Dimon, 119–120, 123, 125–126, 128; in Trustee Leadership Forum, 208
litigation: class-action lawsuits, 302–303n11; confidentiality agreements in settlements of, 304n21; corporate governance settlements in, 178–179; costs of, 302n8; on stock options, 169–177
Liu, John, 67, 125
Lockyer, Bill, 4
Loeb, Dan, 90, 94
“London whale” (Bruno Iksil), 122–124, 126
Los Angeles Fire and Police Pensions Board, 42
Lowe Enterprises (firm), 161
Lowenstein, Roger, 118
Lubben, David, 173, 176–177

MacDonnell, Robert I., 25, 29
MacRitchie, James, 219
Malanga, Steven, 233
Marco, Jack, 208
Massachusetts Laborers Pension Fund, 97–100
Massachusetts Pension Reserves Investment Trust (MassPRIT), 7, 22, 203
Mathur, Priya, 106, 286n52
McAnarney, Barry, 97
McEntee, Gerald, 49, 123
McGuire, William, 165–166, 168, 173–176, 179
McKenzie, Nancy, 208
Mehlman, Kenneth, 95
Menendez, Daniel, 144
Mercer, Robert, 96
Michigan, 214
middle class, defined, 8, 300n13
Minow, Nell, 139
Mitchell, George, 14
Monk, Ashby, 107
mortgages, 117
Munnell, Alicia, 227–229
Murphy, Dennak, 101–110, 206, 210
Murray, Brad, 91
Musuraca, Michael, 208
mutual funds, 53–55; shareholder activism by, 134, 220; on stock options, 168–170

Nader, Ralph, 220
Nadler, Jerry, 63
Nappier, Denise, 29, 42, 125
Nardelli, Robert, 86–87, 137
Nathan Cummings Foundation, 76, 134
National Education Association (NEA), 89, 127
National Electrical Benefit Fund (NEBF), 246, 247
National Institute on Retirement Security, 93
National Securities Markets Improvement Act (1996), 84
Neighbor to Neighbor (organization), 101–102
New Orleans (Louisiana), 182
New York (state), 203
New York City (NYC), 69
New York City Employees’ Retirement System (NYCERS), 7, 8, 64–72; assets of, 22; hedge fund investments by, 93; investments in privatization of public services by, 190; Kohlberg Kravis Roberts & Company and, 162; private equity fund investments by, 95; Responsible Contractor Policy of, 248; Wal-Mart shares owned by, 32
New York State Common Retirement Fund (NY Common), 7, 134; assets of, 22; private equity funds and, 161
New York State Teachers’ Retirement System, 12
New York Stock Exchange (NYSE): goes public, 265n23; Grasso as CEO of, 11–12; on independence of boards of directors, 5, 6
Norges Bank, 68
North America’s Building Trades Union, 96, 248–250

Obama, Barack, 157, 192
Occidental Petroleum (firm), 134
Occupy Wall Street, 97–99
Ohio, 127
Ohio Public Employees’ Retirement System (OPERS), 190–191
Ontario Municipal Employees’ Retirement System, 250
Oracle (firm), 141
Oregon Public Employees Retirement System, 7
Ovitz, Michael, 13

Pandit, Vikram, 118, 140
Parisian, Elizabeth, 108
Passante, Michael, 144
Paulson, John, 83
Pedrotty, Dan: Blackstone and, 249; on hedge funds, 85–91, 93–101, 107–108; Responsible Contractor Policy promoted by, 247–248; Slavkin Corzo succeeds, 146; in Trustee Leadership Forum, 208
Pension Funding and Fairness Act (proposed), 234–235
pension funds: boards of trustees of, 9; class-action lawsuits by, 56–57, 302–303n11; current stability of, 40–41; defined-benefit versus defined-contribution, 214–235; in Detroit bankruptcy, 128–131; duty of loyalty and investments by, 184–201; during financial crisis, 128; hedge fund investments of, 79, 83–84, 90, 108–110; investments of, 8; litigation by, 171–172; private equity fund investments of, 157, 161, 301n22, 308n30; shareholder campaign against Safeway by, 22–30; for teachers, 89–95; in UnitedHealth case, 179. See also public pension funds
Petry, John, 88
Phoenix (Arizona), 224–225
Pitt, Harvey, 50
Piwowar, Michael, 150
political issues, 68–69
portfolio managers, 198
Preqin (hedge fund database), 90
private equity funds, 95–97, 153–155; public pension funds invested in, 301n22, 308n30; regulation of, 155–158; SEC on, 158–160; unions and, 161–163; UNITE HERE investigations of, 160–161
Private Securities Litigation Reform Act (1995), 56
privatization of public services, 190–191, 196, 200–201
Protégé Partners (hedge fund), 81
proxy access, 46–58, 240; Business Roundtable and U.S. Chamber of Commerce suit on, 58–63; as fundamental right of shareholders, 73–74; SEC on, 137; shareholder proposals on, 277n50; Stringer and Boardroom Accountability Project strategy on, 65–72; studies of, 72–73
proxy fights, 47
Public Employees’ Retirement Fund (PERF), 32
public pension funds, 8; assets of, 202; attempts to break up, 214; Council of Institutional Investors of, 55, 94; ERISA not applicable to, 193; female beneficiaries of, 69; future of, 241–255; in hedge funds, 84, 90, 108, 109; largest, 202–203; myth of crisis in, 40; political power of, 203–204; political threats to, 213, 242; in private equity funds, 161, 162, 301n22, 308n30; Private Securities Litigation Reform Act on, 56; securities fraud class action suits by, 172; shareholder litigation by, 179; underfunding of, 284n33; as universal owners, 52; workers covered by, 8
public sector workers, 8; agency fees paid by, 235–241; compensation of, 228; covered by defined-benefit plans, 215; investments in pension funds by, 36–37; investments in privatization by, 190–191, 196, 200–201; stability of pension funds for, 40–41; teachers as, 89–95; threats to collective bargaining by, 213; women and minorities among, 69

Quinn, Randall, 60, 71
Quirk, Paul, 208

Raimondo, Gina, 225
Rauner, Bruce, 93
Raymond, Lee, 126
Reagan, Ronald, 59
real estate investment trusts (REITs), 102–103
Reed, Chuck, 223
Reed, Jack, 156
regulation: Brandeis on, 152; of private equity funds, 153, 155–158
Reich, Robert, 192
Renaissance Technologies (firm), 96
Responsible Contractor Policy, 248, 249
Rhodes, Steven, 129
Rifkin, Samuel, 58
“Right to work” states, 203
risk-free investments, 229–231
Robbins, Larry, 83
Roberts, George, 5, 7, 27–28
Roberts, John, 51, 235, 237
Rodriguez, Antonio, 248
Rooney, Francis, 252
Rosner, Josh, 126
Ross, Fred, Jr., 101–102
Ross, Fred, Sr., 101
Ross, Wilbur L., 159–160
Ryanair (firm), 35, 36

Sabat, John, 88
Safeway Inc.: board of directors of, 5–7, 29, 263n10, 269n51; on Harrigan’s fiduciary duty, 193–194; impact of strike and shareholder campaign against, 30–41; public relations campaign against, 15–17; purchased by Albertsons, 41; purchased by private equity funds, 154; shareholder campaign against, 17–20, 22–30, 269n51; strike against, 2–4, 9–11, 194, 267n36
Sanders, Carol, 182, 225
San Diego County (California), 189
Sando, Jim, 208
S&P 500 companies: destaggering elections for boards of, 76, 77; imperial CEOs of, 113; index funds of, 80; majority voting in, 75; NYC funds investments in, 68; proxy access in, 70; return on investments in, 230
Sanitize, Fiddle, 19
Sarbanes-Oxley Act (2002), 50, 263n9
Saunders, Lee, 127, 128, 130
say-on-pay votes on CEO compensation, 137–143
Scalia, Antonin, 58, 62, 236, 237, 316n54
Scalia, Eugene, 58–60
Schumer, Charles, 139
Schwarzenegger, Arnold, 41–42
Scott Paper (firm), 6
Secure Choice Pensions, 251–254
Securities and Exchange Commission (SEC), 43; Business Roundtable and U.S. Chamber of Commerce suit against, 58–63, 71–72; on CEO-worker pay ratios, 114, 146–150, 152; investor rights limited by, 204; on NYCERS shareholder proposals, 64; policy reversals by, 74; on private equity funds, 158–160; on proxy access, 50–53, 57–58, 137; registration of hedge funds by, 109–110; on say-on-pay votes by shareholders, 138; under Trump, 253; in UnitedHealth case, 179
security officers, 103
Sentelle, David, 59, 61
Service Employees International Union (SEIU), 102–103; Capital Stewardship Program of, 205, 206
Shareholder Bill of Rights Act (proposed), 139, 140
shareholder campaigns: by Capital Stewardship Program, 102–103; against Safeway, 22–30
Shareholder Rights Project (SRP), 76–77
shareholders: activism among, 134–135; individuals as, 219–220; power of, 17–18; proposals by, 277n50, 293n44; proxy access of, 50–53, 73–74; of Safeway, 7; say-on-pay votes on compensation for CEOs by, 137–143; special interests of, 131–132; votes cast by, 124
Show-Me Institute (organization), 92
Silvers, Damon, 87
Sinquefield, Rex, 92
Skadden (law firm), 149
Slavkin Corzo, Heather: on CEO-worker pay ratios, 145–149, 252; on regulation of private equity funds, 153, 155–158
Smith, Ed, 27–28, 42
Smith, Jessica, 91
socially responsible investing, 305–306n8, 308n25–28
social networks, 169–170
Social Security, 8
Solomon, Steven Davidoff, 107
South Africa, 36, 64
sovereign wealth funds, 134
Spain, 227
Spears, William G., 173, 175–176
Spears Grisanti & Brown LLC, 176
Spitzer, Eliot, 12, 65, 164
State Policy Network (organization), 92
State Street (mutual fund), 54, 69, 134
stock options: backdating of, 164–169, 301n5; litigation over, 169–177
strikes: decline in, 268n44; against Safeway, 2–7, 9–11, 15–22, 194, 267n36
Stringer, Scott M., 63–64, 204; private equity fund fees negotiated by, 162; proxy access actions by, 46, 65–70, 72, 240; Responsible Contractor Policy promoted by, 247–248
StudentsFirst (organization), 89, 93, 94
Summers, Kurt, 210
Sum of Us (organization), 135
Sunbeam Corp., 6
Sunstein, Cass, 59–60
Supreme Court (U.S.), 43, 62; on agency fees, 235–238; Citizens United decision of, 47–48

Taibbi, Matt, 94
Tarbox, Monte, 247
Tauscher, William, 25, 29, 263n10
taxes: to cover pension shortfalls, 233–234; paid by private equity funds, 154–155
Tayan, Brian, 113
teachers, 89–95, 192
Teachers’ Retirement System of Louisiana, 182, 183, 306n9
10b5–1 plans, 261–262n4
Texas, 203
Third Point Capital (hedge fund), 94
Thomas, Clarence, 237
Thorne, Rick, 181–182, 185, 186
3M (firm), 71
TIAA-CREF (mutual fund), 70–71
Trump, Donald, 114, 192; Gorsuch named to Supreme Court by, 238; infrastructure investments proposed by, 39–40, 205, 245, 250
Trump administration, 43
Trustee Leadership Forum (organization), 87, 208–211
trustees of pension funds. See boards of trustees of pension funds
trust law, 182, 184, 203; socially responsible investing under, 305–306n8

Union Labor Life Insurance Company (ULLICO), 246–247
unions: agency fees paid to, 235–241; decline in membership in, 21; pension funds of, 8; pension fund trustees named by, 199; pension myths about, 228; political threats to, 213, 257; on private equity funds, 160–163; shareholder activism in, 244; weakened influence of, 302n7; in Wisconsin and Ohio, 127
United Auto Workers Voluntary Employee Beneficiary Association, 12
United Brotherhood of Carpenters Fund, 75
United Federation of Teachers (UFT), 90
United Food and Commercial Workers union (UFCW): Lindsley working for, 117; Safeway campaign and, 25; Safeway strike by, 2–7, 9, 15–22; Wal-Mart and, 31
UnitedHealth (firm), 165–166, 168; corporate governance in suit against, 178–179; stock option suit against, 172–177, 241
United Kingdom: CEOs and board chairs separated in, 126; say-on-pay votes in, 141–142
United States treasury bills, 229, 230
UNITE HERE (union), 95–96, 160–161
universal owners, 52–53
U.S. Chamber of Commerce, 47, 48, 131; on CEO-worker pay ratios, 147; proxy access suit of, 58–63; on say-on-pay, 139; on Secure Choice Pensions, 252; as special-interest group, 140

Vanguard (mutual fund), 14, 53–55, 133, 293–294n48
Vermeule, Adrian, 59–60
Vermont, 252
Verrilli, Donald, 237
Vickers, Suzanne, 248
Voices for Working Families (organization), 117
Voter Empowerment Act (proposed, California), 222–223
Voya (mutual fund), 214

Walberg, Tim, 252
Walker, Scott, 127
Wall Street Journal: on backdated stock options, 165–167, 179; Lindsley attacked by, 115–116; on SEC on proxy access, 57–58, 71, 240
Wall Street Walk, 177
Wal-Mart (firm), 31–35
Walt Disney Company (Disney), 12–14
Warren, Elizabeth, 156–157; on CEO-worker pay ratios, 147, 149–150, 252; on Consumer Financial Protection Bureau, 179
Washington Mutual (bank), 118
Washington State Investment Board (WSIB), 7, 22
Waters, Maxine, 146–147
Weingarten, Randi, 90–95, 98–99, 101, 107–108
Welch, Jack, 6
Weldon, Bill, 126
Wells Fargo (bank), 179–180
Westly, Steve, 4
West Virginia, 225
White, Mary Jo, 147, 149–150
Winter, Scott, 291n23
Wisconsin, 127, 238
withhold vote campaigns, 13–14
WL Ross LLC & Company, 159–160
women: in public pension funds, 69; as teachers, 94–95
Wood, David, 208
working class, defined, 8, 300n13
WorldCom (firm), 49
Wyden, Ron, 154, 155

Young, Beth: on JPMorgan and Dimon, 120–121; on proxy access, 49–50, 52; on say-on-pay voting, 137, 138
Youngdahl, Jay, 208

Zuccotti Park (New York), 97, 99–100