A Beating For Baxter Over Arab Support
Since admitting it cooperated with the Arab boycott of Israel, Baxter International has faced heavy criticism. Now, the New York Public Employees Retirement System, which holds 947,000 Baxter shares, has jumped into the fray. On Apr. 26, a fund official wrote an angry letter to Baxter CEO and Chairman Vernon Loucks Jr. demanding that Baxter officials be held responsible. The pension fund will vote against Baxter's director nominees at the annual meeting on Apr. 30. It and other institutional investors may try to force Loucks to drop either his chairman or chief executive title.