New York City's public employee pension funds are using their financial muscle to try to force the companies they invest in, including Netflix and Wellpoint, to elect independent board chairmen.
The pension funds have urged shareholders to replace CEOs as heads of the company boards, among other corporate governance issues.
"The whole purpose of the board is to exercise independent oversight over management so that role is potentially compromised." Assistant City Comptroller Michael Garland said. "Having top corporate positions held by one individual is an inherent conflict of interest. We're the only main industrialized nation where combined chair and CEO is the norm."
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