Shareholder activism during the 2003 proxy season
In early June shareholders representing some 40 percent of the outstanding shares of US natural gas giant El Paso joined together, by phone and in person, at the Washington, DC offices of the AFL-CIO (the federation of America's labor unions). They heard two presentations: one from the company's current board of directors, along with its interim chairman and CEO; and a second from a dissident slate of directors assembled by Selim Zilkha, a former board member himself and El Paso's largest
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