Posted by June 01, 2007 17:13PM
Some of the recent criticism against Park View Federal Savings' parent, PVF Capital Corp. (Nas: ) will be up for input among all shareholders this fall.
Umberto FedeliS. Securities and Exchange Commission. He has proposed that Park View's eight positions on the board of directors all be up for election every year.
Currently, Solon-based Park View has two-year terms. Having directors stand for re-election every year would make them more accountable, he said in an interview.
Fedeli, who owns 6 percent of Park View's stock, has been publicly criticizing Park View for months for a 40 percent drop in profits from 2003 to 2006 and the failure to publicly release a turnaround plan.
Fedeli said companies with boards that are elected every year perform better, and that two-thirds of such proposals were approved in the first half of 2006. Fedeli submitted his proposal May 25. The annual meeting of shareholders will be this fall.
News RSS