Investment management firm, K.J. Harrison & Partners Inc. of Toronto, filed a shareholder resolution with Marsh & McLennan Companies, Inc. (MMC) for inclusion in the proxy statement for the 2008 annual meeting of shareholders seeking the spin-off of its Kroll and Mercer subsidiaries.
Jim Harrison, CEO of K.J. Harrison & Partners, said, "In our view, holding companies are effective only when they demonstrate that they can add value through excellence in capital allocation and management selection and retention. Marsh & McLennan is currently doing neither. Consequently, the share price trades 40% below our estimate of the underlying enterprises, and these enterprises are each at a disadvantage to competitors."