Nortel AGM in Ottawa

Mark your calendars for May 2 for Ottawa if you’re looking forward to attending Nortel’s AGM. Chances are it will likely be a dull affair compared to recent AGMs (the six hour affair in Halifax a few years was the “highlight” but given Nortel’s history, you never know what could happen.

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One Response to “Nortel AGM in Ottawa”

  1. Puzzled Says:

    Shareholder attendence is declining every year so the theartics must indeed be wearing thin.

    A few excerpts from this proxy were somewhat interesting though.

    http://www.glasslewis.com/downloads/sampleresearch/proxypaper/nortelnetworks.pdf

    We recommend that shareholders vote WITHOLD:
    Bennett, Bischoff, Hunt, MacNaughton, McCormick, Manley, Pearce,

    Mrs. Jalyn H. Bennett
    Dr. Manfred Bischoff
    The Honorable James B. Hunt
    Mr. John A. MacNaughton
    The Honourable John Manley
    Mr. Richard D. McCormick
    Mr. Claude Mongeau
    Mr. Harry J. Pearce
    Mr. John David Watson
    Mr. S. Zafirovski

    Bischoff, Hunt, McCormick served on the audit committee during fiscal year 2005 during the time of the company’s latest financial misstatements. We view such relationships as potentially creating conflicts for directors, as they may be forced to weigh their own interests in relation to shareholder interests when making board decisions. Additionally, we do not believe Mr. Manley should serve on the compensation and human resources committee, which we believe should consist solely of independent directors.

    “shareholder rights plan not conducive to good corporate governance, reducing management accountability by substantially reducing opportunities for for corporate takeover preventing shareholders from receiving buy out premium for stock”

    “disclosure should allow shareholders to monitor the correlation between pay and performance””poor compensation practices, especially in light of the Company’s circumstances”

    ” A number of China’s violation fall under the catagory of crimes against humanity. Corporations, their officers and directors maybe liable if found to be complicit in human rights violations,” “the company does not disclose a human rights policy to protect human rights and corporate policy has declined to participate in an independent human rights statement.”

    _____________________________________________________________

    While the fraud allegations were briefed as was supplying a country with equipment to spy on its own citizens, this proxy does provide some further insight.

    They recommended withholding votes for accountability sake into Owens’ severence package.

    Considering the premium paid for a CEO to pay Motorla to settle violating a written agreement on several occasions, and downplayed revisions that almost doubled, as well as further inquiry or penalty, adding him would total 8 out of 10 of the rascals, or 80% of them! Perhaps more could have been said about the revisions and creditors response I think.

    Surely their largest asset, a tax write off, that they will never use before it expires still appears on their books to shows a more rosey financial picture which is misleading and something that got them into trouble in the first place.

    Also, they loopholed getting bonds to pay antsy creditors omitting their largest pension deficit short of a footnote.

    it seems endless… is their anyone who will ever say enough is enough or do they just hold too many hostage like shareholders, employees, creditors, the markets, etc…

    ahem, excuse me but has anything really changed? for the better anyways…

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