The following report is copied with permission from Global Proxy Watch, a private weekly newsletter for clients of Davis Global Advisors, Inc. ("DGA"), the independent consulting firm founded by corporate governance expert Stephen M. Davis, Ph.D.

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 Shield Believe it or not, the US Securities and Exchange Commission (SEC)—whose motto is “the investor’s advocate”—last week acted to stop shareowners from exercising rights to remove corporate directors they consider harmful to a company. You would think that shielding directors from accountability is bad policy. But staff blocked Amalgamated Bank’s LongView Fund from petitioning a resolution at troubled CA to remove two directors. Amalgamated wanted a vote on ousting Alfonse D'Amato and Lewis Ranieri because of their alleged part in failures to prevent financial misconduct. Delaware, where CA is incorporated, permits such votes. But the former Computer Associates—which is striving to brand itself as reformed—scrambled to prevent the resolution. The SEC complied, citing federal law that channels director election challenges into expensive proxy fights rather than simple dissident resolutions. Amalgamated is appealing to the full Commission. See the Forum for Shareholders of Computer Associates.

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The Forum is open to all Computer Associates ("CA") shareholders, whether institutional or individual, and to any fiduciaries or professionals concerned with their investment decisions.  Its purpose is to provide shareholders with access to information and a free exchange of views on issues relating to their evaluations of alternatives, as described in the Forum Summary.