ETF News

CORRECTED-ADP rejects Ackman's request to use universal proxy card

(Corrects Ackman’s stake in paragraph 5 to 1.98 percent from 8.3 percent)

Sept 22 (Reuters) - Automatic Data Processing Inc rejected billionaire hedge fund manager William Ackman’s request to use a universal proxy card during the human resources outsourcing company’s annual shareholder meeting.

Switching to the universal voting card process from the customary voting process in electing board members would result in "significant risks of confusion and disenfranchisement", ADP said in a letter to Ackman on Friday. (

In a separate filing on Friday, ADP said a review of the activist investor's three nominees, including Ackman, showed they would not "bring additive skills or experience" to the company. (

ADP shareholders are expected to elect new board members at the company’s annual meeting on Nov. 7.

Ackman, whose hedge fund Pershing Square Capital Management owns a 1.98 percent stake in ADP, spoke to retail investors on Wednesday, asking the less affluent but hugely influential group to help him win a proxy contest with the company.

Pershing Square did not immediately respond to a request for comment. (Reporting by Munsif Vengattil in Bengaluru; Editing by Shounak Dasgupta)