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2011 Proponent Ranking
New York - January 5, 2012 John Laide

Top Sponsors of Shareholder Proxy Proposals
--------------------2011----------------------------------------2010--------------------
ProponentRankNo. of ProposalsRankNo. of Proposals
Chevedden Family170261
Kenneth Steiner236729
New York City Retirement Systems330353
Gerald R. Armstrong427166
Evelyn Y. Davis525928
AFSCME620729
AFL-CIO620532
Nathan Cummings Foundation8181412
William Steiner818434
New York State Common Retirement Fund1015317
United Brotherhood of Carpenters and Joiners of America10151020

--------------------2011----------------------------------------2010--------------------
Proponent TypeRankNo. of ProposalsRankNo. of Proposals
Individual13581494
Religious Groups21942223
Labor Union31303161
Public Pension Fund4964116
Investment Adviser568576
Other Stake Holders/Activist Groups659660
Other Institutions726721
Hedge Fund Company83811
14a-8 proposals including proposals that were excluded from the proxy. Meeting date in 2011.Credit to all co-sponsors of the proposal.

Individual investors continue to be the leading sponsor of proxy proposals against U.S. companies with 358 individual investors sponsoring or co-sponsoring 330 total 14a-8 proxy proposals. Activist John Chevedden led the way with 70 of these proposals. Religious organizations, which generally focus on social and environmental issues, submitted the second most proposals, followed by labor unions. Chevedden, a Los Angeles-based retired engineer who has been sponsoring shareholder proposals for over a decade, is part of a network of retail investors seeking corporate governance reform and using the shareholder resolution process as the primary means of furthering this goal. Chevedden has said over the years in the press and through filings that he personally considers the proxy process to be a vital tool in communicating with the board and for creating a forum for shareholders. In 2011, Chevedden sponsored proposals on a variety of governance issues including eliminating classified board structures and supermajority vote requirements, allowing shareholders to call special meetings or take action by written consent, requiring an independent board chairman and restricting executive compensation. Rounding out the top five sponsors of proposals were well known individual activists Kenneth Steiner, Gerald R. Armstrong, and Evelyn Y. Davis, as well as New York City Pension Funds, which sponsored 30 proposals.


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