A shareholder in media group Hollinger International is suing the firm in a bid to obtain details of executive pay deals.
The suit was filed in New Castle County, Delaware, by Cardinal Value Equity Partners – a unit of Cardinal Capital Management, which holds around 1.8% of Hollinger’s common stock.
Last month, CCM requested a number of “documents and records” relating to the remuneration deals of under-fire chairman/ceo Lord Conrad Black and other senior executives [WAMN: 16-Jun-03]. This followed a number of queries from a larger shareholder, New York investment firm Tweedy Browne.
Cardinal Value decided to file the suit because Hollinger did not fulfil this request. It wants minutes of all meetings of the firm’s audit and compensation committees.
A Hollinger spokesman blasted the move as “fairly aggressive”, claiming the documents were not previously released because the request was too wide-ranging.
Data sourced from: The Wall Street Journal Online; additional content by WARC staff