The company has a classified board, no lead independent director, and had less than a majority of independent directors. CalPERS and other investors have asked for a review of the company's strategic options to turn its profits around by June 2001. Metromedia is feeling pressure from other institutional investors. Metromedia continues to deny LENS lawful access to company records. Lance, Circuit City and Ralcorp are on the focus list for poor performance and a number of corporate governance pitfalls.
Lance has four inside directors who serve on key committees and no lead independent director.
The company's stock underperformed its peers by approximately 59 percent for the five-year period ended July 31, 2000. Today, CalPERS began to call on large institutional investors of Lance asking for support in demanding that the company hold a vote by ballot for all matters at the 2001 Annual Meeting. Lance intends to hold a voice vote or by show of hands for all matters at the meeting, including the election of directors. Circuit City's stock severely underperformed its peers by approximately 150 percent for the five-year period ended July 31, 2000. Circuit City has a classified Board which CalPERS believes has been erratic, making strategic moves that have resulted in poor performance.