Ella made it sound real nice, but I couldn’t find this story anywhere else, so this one will have to do, but Ella, we need your voice now more than ever. And hey, you reading this, you too, just like Ella said in the lyrics, “Why don’t you play your part?”. This could indeed be the start of something big.
Around the annual meeting scene they are known as the “kooks”, the “loose cannons”, and the “bleeding hearts.”
And that’s just the names we can publish.
They come from small but active fund companies, from monasteries in Minnesota, from environmental strongholds in Oregon and California. Sometimes they’re just investors who are fed up.
They propose codes of ethics, corporate governance policies, environmental standards. They get five minutes to step up to the microphone, give their speeches and ask questions of top management. They are cheered, mostly jeered and then cut off.
At Morgan Stanley, they also have a new name: the winners.
On Tuesday, the kooks stunned one of Wall Street’s biggest firms when shareholders approved a measure that would require Morgan Stanley to put outsized severance packages — those 2.99 times or bigger than the employee’s annual salary and bonus — to a shareholder vote.