Fidelity Said to Be Unhappy With Clear Channel Board

According to the Boston Herald, Clear Channel’s biggest shareholder apparently isn’t too happy with the company’s board.
“Fidelity Investments has taken a bold stand against corporate greed at Clear Channel Communications Inc., the world’s largest radio broadcaster, new filings show,” the paper reported late last week. “Fidelity, the biggest shareholders with 15.5 percent, voted against re-election of the entire 10-strong board after the company renewed around $90 million in golden parachutes for founder Lowry Mays and his sons Mark and Randall.”
Fidelity, it reported, also handles Clear Channel’s 401(k) plan, “perhaps making the fund company vulnerable to a review by a board that was re-elected despite its stand. The news emerged as a result of regulatory reforms that give shareholders a clearer picture of where their mutual fund managers stand on corporate governance.”