Shareholders of Morgan Stanley rejected a shareholder proposal seeking to forbid senior executives who resign in order to enter government service from vesting their deferred equity awards.
The proposal was brought forward by the AFL-CIO's reserve fund, which owned 851 of Morgan Stanley's common shares at the time of last disclosing this proposal.
Morgan Stanley's board had urged shareholders to reject the proposal. The board said that the governmental service termination clause eases worries over conflicts of interest and that it reinforces the company's "culture of public service."
