An investment group wants to restructure Caterpillar's (CAT) audit committee amid growing scrutiny of the firm's offshore tax strategy, the Wall Street Journal reports.
CtW Investment Group, an arm of the union coalition Change to Win, said that it would send a letter today to Caterpillar shareholders asking them to vote against three of the firm's board members that the group claims kept inadequate watch over Caterpillar's tax strategy and outside auditor PricewaterhouseCoopers.
The construction equipment manufacturer has faced increased scrutiny over a plan that shifted much of the profit from its lucrative replacement parts unit to a Swiss subsidiary, effectively lowering its U.S. tax bill.
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