May 6, 2016
By Steven Wishnia and Neal Tepel
London, UK – Stockhdolders at Pearson LLC, the world’s largest education company, voted down a resolution sponsored by American and British teachers unions at their annual meeting April 29.
The resolution, whose sponsors included the Chicago Teachers Pension Fund and the British union Unison, demanded that the company “conduct a thorough business strategy review of Pearson PLC, including education commercialization and its support of high-stakes testing and low-fee private schools.” Pearson management recommended a no vote. “When you raise questions that go right to the heart of a company’s business model, as we did with our shareholder resolution today, you expect to lose the first time,” American Federation of Teachers President Randi Weingarten said in a statement. “What was unexpected, though, was that 14 million shares voted with us.” Read more