US investment funds are increasingly confronting European management over corporate governance issues.
In February a New York-based fund, backed by the California Public Employees' Retirement System (Calpers), the largest US investment fund, made a dramatic public call to Anglo-Dutch oil company Royal Dutch/Shell, calling on it to alter its board structure and strengthen the role of its chief executive. The blindside, from Knight Vinke Asset Management, came after the oil giant admitted it had overstated oil and natural-gas reserves by one fifth. In less than a month, chairman Philip Watts and the
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