From Businessweek: James A. Johnson, the longest- serving member of Goldman
Sachs Group Inc. (GS) (GS)’s board, is being opposed for re-election by a fund
management company that boasts long-time links with billionaire Warren Buffett.
Ruane, Cunniff & Goldfarb Inc., the New York firm that
helps oversee $15 billion, including the $5.7 billion Sequoia Fund Inc.,
criticized Johnson’s role in “egregious corporate governance debacles” in a
letter on its website yesterday and said it would also oppose Johnson if he
stands for re-election to the board of Target Inc. The Financial Times reported
on the letter’s contents earlier today.
“We believe that Mr. Johnson’s history should disqualify him
for service on the board of any public company,” Chief Executive Officer Robert
D. Goldfarb and President David M. Poppe, co-managers of the Sequoia Fund,
wrote in the letter to clients. “We respectfully ask that you vote your Goldman
Sachs proxy against him.”
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