Computer Associates Bonus Proposal Defeated

The management of Computer Associates (CA Quote) on Wednesday defeated three efforts by shareholders and corporate governance advocates to punish the company for an accounting scandal that led to the restatement of $2 billion in revenue, the indictment of several former executives and the departure of CEO Sanjay Kumar.

But one of the motions -- a move to force Kumar and other executives to return at least part of the bonuses they earned in that period -- garnered 24% of the vote, and provoked an angry exchange between shareholders and some board members at the company's annual shareholders meeting.

"If you didn't earn it, you shouldn't keep it," said a spokesman for the Amalgamated Bank Long View Collective Investment Fund, which submitted the proposal. ...