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Activism turns on itself

11 Aug 2004 By Chris Hughes

The stated reason a row over their fund s independence is odd. The fund is tiny and has long been whollyowned by Hermes. Hermes had better come up with a good explanation. Its credibility as a corporate governance champion is at stake. A pair of star employees bit off more than they could chew in trying to tweak Hermes strategy by actively engaging with the board. Hermes’ strategy may be a private matter. But as a corporate governance champion, Hermes needs to be open in its resolution of the conflict.

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