Activist Investors Shy Away From Big Bank Fights, For Now, Law360 ft. George Meierhofer
George Meierhofer, partner in KDV’s New York City office, has been quoted in a Law360 article. In the article, published April 2, 2015, George discusses what proxy access changes at Bank of America, and potentially Citigroup, could mean for activist investors.
Bank of America in March changed its proxy access rules to allow investors who have held as little as 3 percent of the company’s shares to vote on shareholder referendums, and the bank will allow up to 20 investors to pool their resources together to meet that threshold. “This allows some smaller activist and institutional holders to come together and bring about some change,” said George Meierhofer, a partner at Kaufman Dolowich & Voluck. Citigroup is set to put a similar measure up for a shareholder vote this year. In the past, activist investors have not wanted to buy up enough of a stake in big banks and hold onto it long enough to be taken seriously by boards of directors, Meierhofer said.