|Activist investors are going after companies that provide "golden coffins" to top executives. Many US companies offer generous death-benefit packages to recruit and keep executives. Activist shareholders have recently submitted nonbinding resolutions to curb rich death benefits at 14 public companies.
Such payouts are "the ultimate nonperformance-based perk," says Richard Ferlauto, of the American Federation of State, County and Municipal Employees. The union recently voted against the Shaw Group and its next target is Disney, which it wants to ban future golden coffins. The California Public Employees' Retirement System (Calpers) will be supporting the Disney proposal.|