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INSTITUTIONAL INVESTORS ON BOTH SIDES OF ATLANTIC OPPOSE MANAGEMENT; MOMENTUM GROWS IN HANSON SHAREHOLDER REVOLT

 WASHINGTON, June 17 /PRNewswire/ -- The United Mine Workers of America issued the following:
 An unprecedented international fight for shareholder democracy picked up steam today as major shareholders of the British conglomerate Hanson PLC on both sides of the Atlantic announced their opposition to proposed changes in the company's Articles of Association that would restrict shareholder rights.
 The proposals are to be voted on at the $60 billion company's extraordinary general meeting in London on June 25.
 Among the shareholders announcing their opposition to the proposals were the State of Wisconsin Investment Board, Florida State Board of Investment, Houston Firefighters Relief and Retirement Fund, British Coal, Staff Superannuation Scheme, British Mineworkers Pension Scheme, and Scottish Life Assurance Society. Altogether institutions holding over 230 million shares have announced their intention to oppose the Hanson management proposals.
 Additionally, Institutional Shareholder Services, a Washington-based consulting firm providing proxy voting advice to more than 250 institutions in four countries, and Global Proxy Services Corporation, a Boston-based management company which exercises the proxy voting rights on behalf of 70 institutions which hold foreign equities, have announced their opposition to the proposals.
 Hanson management has called the extraordinary general meeting for June 25, and presented shareholders with an agenda that asks shareholders to approve rewriting the company's Articles of Association to limit shareholders' rights to nominate directors, speak at annual meetings, call for votes at meetings, and amend meeting agenda times. The proposal requires the support of 75 percent of those voting to pass. Since the shareholder effort to block these proposals began, management's agenda has been condemned by the British press in the strongest terms.
 Commenting on the growing shareholder opposition, Jerry Jones, United Mine Workers of America (UMWA) secretary-treasurer and spokesman for the Hanson Independent Shareholders Committee, said, "For the first time, shareholders are uniting across borders in the face of a blatant effort by an entrenched management to take away shareholders' rights."
 The fight against the Hanson management proposals is being led in the United States by the United Mine Workers of America, the sponsor of the Hanson Independent Shareholders Committee, and in the United Kingdom by the Pensions and Investments Research Consultants, Ltd., the proxy adviser to a number of British institutional investors.
 -0- 6/17/93
 /CONTACT: Jim Grossfeld, 202-842-7240, or Kenneth Zinn, 202-842-7284, both of the United Mine Workers of America/


CO: United Mine Workers of America ST: District of Columbia IN: MNG SU:

IH-MH -- DC018 -- 3108 06/17/93 12:48 EDT
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Publication:PR Newswire
Date:Jun 17, 1993
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