Abstract
It’s crucial that public-pension funds focus on shareholder-wealth maximization. This is particularly true for those that currently are underfunded and will be challenged to meet all obligations to their beneficiaries.Efforts by New York City Comptroller Scott Stringer and other public-pension-fund managers to sponsor proxy-access proposals at public companies are only worthwhile to the extent that they forward the goal of maximizing shareholder wealth.The evidence to date suggests political concerns and stakeholder rent-seeking are behind the drive for proxy access.
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