(New throughout, adds AFL-CIO made proposal, adds date of
annual meeting, background on other banks)
By Olivia Oran
April 7 Morgan Stanley shareholders will
again vote on an investor proposal from the AFL-CIO union that
would prohibit stock awards from vesting for bank executives who
resign for government service.
The board said in a proxy it was against the measure. Morgan
Stanley and the board defeated the proposal at the annual
meeting last year. It received 16 percent of votes cast.
Morgan Stanley, like many other Wall Street firms, allows
employees to receive stock that otherwise would have been locked
up for years if they depart the bank for Washington.
The practice has received scrutiny in recent months from
investors and lawmakers after it was disclosed that former
Goldman Sachs Group Inc president Gary Cohn would receive
at least $100 million upon taking a job with the Trump
Other banks, including Citigroup and JPMorgan Chase &
Co, have also voted on similar proposals over the last
Morgan Stanley will hold its annual meeting on May 22 at its
wealth management headquarters in Purchase, New York.
(Reporting by Olivia Oran; Editing by David Gregorio)