A new report released this week from the American Federation of State, County and Municipal Employees (AFSCME) claims that some of the largest mutual funds -- including Vanguard and BlackRock -- are guilty of rubber-stamping company-initiated, executive-compensation plans that are often out of whack with their companies' performance and therefore compromising shareholders' best interests in the process.
AFSCME, the country's largest public service union with more than 1.6 million members and a contributor of more than $1 trillion in retirement assets that are invested by public pension systems, examined the voting patterns of 26 of the largest mutual fund families during corporate annual meetings during a one-year period beginning in July 2009.
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