With Wall Street expecting more declines from New York Times ( NYT) when the publisher reports its fourth-quarter earnings Wednesday, shareholders are expecting little in the way of accountability. Last week, a Morgan Stanley ( MS) investment fund that holds a 7.6% stake in the newspaper empire disclosed in a regulatory filing that the Gray Lady refused its proposal to allow all shareholders a chance to vote on its dual-share structure, which keeps control of the conglomerate in the hands of the Sulzberger family. The Times defends its share structure with claims that it protects the editorial independence of its venerable publishing business. Given the structure, the company is under no obligation to entertain the proposal, but it comes as sharp circulation and revenue declines have put the future of the newspaper industry in jeopardy. Analysts are expecting New York Times to report a 13% decline in operating profits for 2006, a year in which its stock shed 5% of its value while the S&P 500 rose nearly 14%. If 2005 is any guide, the company's executives will be richly rewarded despite the stock's dismal performance. That year, shares of New York Times lost more than a third of their value, and the company reined in its employee stock purchase program to reduce its compensation expense. Meanwhile, its top five executives were awarded 479,000 stock options worth an estimated $2.4 million, up from only 116,690 the year before, according to independent proxy and financial research firm Glass Lewis.