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Nortel's Woes: Pissed off Investors/Employees
by
Mark Evans
on Sun 26 Jun 2005 10:51 PM EDT | Permanent Link
If you a chance, read James Bagnell's story on the two Nortel investors who have played key roles in the submission of 11 proposals to be considered at Nortel 2003 and 2004 AGM's this week. Sucha Mann and Dr. Edward Napke have apparently touched a nerve to the point that four senior Nortel executives, including CFO Peter Currie, make the trek to Ottawa to sit down and hear what they have to say. Nortel has recommended shareholders vote against the proposals, which range from pushing back salaries to 1998 levels to rules that would restrict travel to economy class. Mann said his activism was inspired by Robert Verdun who was onto Nortel's accounting troubles long before they became a major scandal. For more on Nortel's AGMs, which take place Wednesday in suburban Toronto (far away from the analysts on Bay St. and close the airport so all the U.S. senior executives can easily fly and fly out), check out my story in Monday's Financial Post.
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