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Technology Stocks : Intel Corporation (INTC) -- Ignore unavailable to you. Want to Upgrade?

To: Sonny McWilliams who wrote (54606)	4/27/1998 2:42:00 PM
From: Paul Engel	Read Replies (1) \| Respond to of 186894

Intel Investors - One of AMD's Shareholders seems Unhappy with Sanders Read all about it! Paul {=====================} biz.yahoo.com Monday April 27, 2:07 pm Eastern Time Calpers seeks independent chair at chip maker AMD SAN FRANCISCO, April 27 (Reuters) - Calpers, the largest U.S. public pension fund, asked fellow shareholders to vote for its independent board chair shareholder proposal at computer chip maker Advanced Micro Devices (AMD - news). In a letter faxed to AMD shareholders and placed on the World Wide Web ahead of the company's annual shareholder meeting Tuesday in New York, Calpers Chief Executive James Burton said AMD performance is suffering because W. J. Sanders serves as both board chairman and chief executive. ''When the board's chairperson is also an officer, employee or otherwise closely related to the company's management, it is difficult for that person to objectively perform (a) monitoring and evaluation function,'' Burton said. ''We believe that an independent chairperson would best ensure that the interests of shareowners are served, rather than the interests of management,'' he said. Calpers noted that $100 invested in AMD's selected peer group, the Technology 500, on Dec. 31, 1992 would have been worth $369 on Dec. 31, 1997. By contrast, $100 invested in AMD would have been worth only $98 over the same period. Calpers said it met with Sanders earlier this year to discuss performance and corporate governance concerns shortly before publicly naming the computer chip manufacturer to its target list of corporate America's financial underperformers. AMD spokesman Scott Allen defended Sanders's performance, saying AMD gained ''a uniform vision and strategy'' from having one person hold the positions of chairman and CEO. ''Put simply, we just don't believe (the Calpers proposal) is in the best interests of the corporation or the shareholders, and further, we think shareholders are going to agree with us,'' Allen said. Calpers, which manages assets of more than $140 billion, said it owns more than 500,000 shares of AMD stock. In midafternoon trading, AMD shares were off 1-1/4 to 27-7/8.