Morgan Stanley to ignore split suggestion

Morgan Stanley HQ

Not listening.

When Morgan Stanley holds its annual shareholder meeting this spring, don’t expect to see a proposal from C. Francois Swanepoel asking the bank to separate the chairman and CEO jobs.

MarketWatch reports that in correspondence posted on the Securities and Exchange Commission website, the SEC told Morgan Stanley it was free to ignore the proposal because of a technicality.

Swanepoel wrote to Morgan Stanley in September, asking the bank to include his two-sentence resolution in the annual proxy, so that other shareholders could vote on whether they agreed.

Swanepoel also submitted a letter saying he had held his 208 shares of Morgan Stanley since 2007 and pledged to not sell them before the annual meeting, which will likely be in May. He also included a letter from TD Ameritrade Holding Corp. confirming his ownership.

But Morgan Stanley lawyers said that wasn’t proof enough. 

To access the complete MarketWatch article hit the link below:

Morgan Stanley quashes a proposal to split chairman-CEO jobs - The Tell

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