“ A fiduciary is someone who has undertaken to act for and on behalf of another in a particular matter in circumstances which give rise to a relationship of trust and confidence.”
Do any shareholders have a "relationship of trust and confidence" with the BOD and/or TXT Senior Management? I don't think so... (a fortune 500 company takes the share price from $75/share to $10 a share in 12 months!)
Give whatever excuse you want for the decline, but the buck stops with the BOD and TXT Senior Management's duty to enhance and/or protect shareholder value.
Based on the mismanagement of shareholder funds, while senior management continued / continues to profit, is not only unethical but also a breach of the fudiciary responsibility the BOD and senior management has to shareholders.
I believe shareholders need to stand up and bring a class action lawsuit against TXT's BOD and Senior Management (SM) to: 1. Recover all money the BOD & SM made in company provided stock options and bonuses since the stock price peaked. That money should be paid out to shareholders (with the exception of TXT's BOD & SM). 2. Require the termination of the BOD & SM immediately and without any severance. 3. Require major overhaul in executive compensation that makes it reasonable and ties it to the performance of the stock price.
While I don't generally favor litigation, I think it is warranted in this case.
Any attorneys out there willing to consider such action?
Music to my ears ... this would be terrific, but wishful thinking ... what we can accomplish, at minimum, is to agree on consistent wording like you propose for as many of us as possible to write into our proxy voting forms, with appropriate follow-through at the s/h meeting ... if we can garner most of us here, on various financial blogs, and from shareholder lists via broker associates, etc., we may make a strong point ... in this era of change, Madoff-level greed and growing intolerance for gross incompetence, perhaps a large, focused attempt will be impactful ...