Professor Bainbridge...on law, politics, religion, culture & food

MCI Shareholder Revolt Fizzles

After all the talk of late about how MCI's shareholders were going to throw their weight around and about how hedge funds were going to be the next big thing in shareholder activism, the campaign to get MCI shareholders to withhold their votes from the MCI directors up for reelection at the annual meeting flopped. MCI reports that all nine of the directors were reelected with 70% or better of the shares being voted for them. Holders of less than 30% of shares withheld their votes from the directors. (Link)

So my question for shareholder activists remains: "Is that the best you can do?"