CalPERS Withdraws Rollins Environmental Services Independent Director Shareholder Proposal; Fund Applauds Merger With Laidlaw, Inc.SACRAMENTO, Calif.--(BUSINESS WIRE)--Jan. 10, 1997--Based on the recent proposed merger between Rollins Environmental Services The various combinations of scientific, technical, and advisory activities (including modification processes, i.e., the influence of manmade and natural factors) required to acquire, produce, and supply information on the past, present, and future states of space, atmospheric, (REN ren or jen In Confucianism, the most basic of all virtues, variously translated as “humaneness” or “benevolence.” It originally denoted the kindness of rulers to subjects. ) and Laidlaw, Inc., the California Public Employees' Retirement System (CalPERS) today withdrew its shareholder proposal that called for REN to restructure its board of directors to include a majority of independent directors. "We are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to see additional independent directors included as part of the marriage between these two companies," said Kayla Gillan, CalPERS General Counsel. "This action indicates that Rollins has seriously considered the benefits of independent directors and is one step closer to improving the value of investments for all shareholders." The new company's board would have 10 directors, consisting of three members appointed by REN, four members appointed by Laidlaw, and three independent directors chosen jointly by both companies. "This merger saves Rollins from financial ruin," added Gillan. "We are optimistic that the new company will be better equipped to survive in the declining hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. industry, and we will certainly continue to monitor its performance." CalPERS filed a proposal in August 1996 urging REN's Board of Directors to take steps to take action; to move in a matter. See also: Step necessary to amend the Company's bylaws The rules and regulations enacted by an association or a corporation to provide a framework for its operation and management. Bylaws may specify the qualifications, rights, and liabilities of membership, and the powers, duties, and grounds for the dissolution of an to require that a majority of the Board be comprised of independent directors. CalPERS is the nation's largest public pension fund. The System provides retirement and health benefits to one million active and retired public employees and their families. Further information on CalPERS can be obtained by visiting the System's web site at www.calpers.ca.gov. CONTACT: CalPERS Brad Pacheco or Pat Macht, 916/326-3991 www.calpers.ca.gov |
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