Black Stone Watch

ProxyEdge - Vote Summary with Policy, Vote Comments, Ballot Detail, Ballot Comments
Meeting Date Range: 01/01/2006 to 07/31/2006 Report Date: 01/30/2007

Selected Accounts: Adhoc Page 1 of 396
3M COMPANY Ticker: MMM Annual Meeting Date: 05/09/2006

Issuer: 88579Y City: Holdings Reconciliation Date: 03/10/2006
ISIN: Country: UNITED STATES Vote Deadline Date: 05/08/2006
Currency Code: Par Value:
SEDOL:
Vote Group: UNASSIGNED

Agenda: 932463893 - MANAGEMENT
Proposal Vote
Number Cast RV Proposal
01 For DIRECTOR
Withheld LINDA G. ALVARADO

For EDWARD M. LIDDY
For ROBERT S. MORRISON
For AULANA L. PETERS
Policies
In voting on nominees for the board of directors, the shareholder examines each
nominee to determine if he or she is an independent outsider or an insider (e.g.,
a key executive, a relative of a key executive, a contractor with the company).
The total number of boards upon which they serve is another factor to consider in
evaluating nominees for the board. Here, there are either nominees with fulltime
jobs serving on more than three other boards or retired nominees serving on more
than five other boards. It is not in the best interests of shareholders for directors
to be spread over so many boards. A vote is withheld from such nominees.
02 For For RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS
LLP AS 3M S INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
Policies
The appointment of auditors is considered a routine matter that does not impact
materially on shareholders, as long as the auditors are not receiving substantial
amounts of money from the Company for other services that give rise to a potential
conflict of interest. Here, the amount the auditors receive (if any) for "other"
services is so minimal that it does not pose a conflict of interests. Therefore,
a vote is cast in favor of the appointment of auditors.
04 For Against STOCKHOLDER PROPOSAL REGARDING EXECUTIVE COMPENSATION
Policies
This shareholder proposal asks the Board to link the Company's senior executive
bonus and stock compensation to the performance of the Company's peer group. By
connecting a senior executives compensation to peer group performance, the general
trend in the Company's industry is neutralized and a better correlation between
pay and reward will result. A senior executive will be rewarded for their superior
leadership skills and not from some outside influence. A vote is cast in favor.
05 For Against STOCKHOLDER PROPOSAL REGARDING 3M S ANIMAL WELFARE
POLICY
Comments
This shareholder proposal asks the Company to adopt an Animal Welfare Policy which:
1) reduces, refines, and replaces its use of animals in research and testing, and
2) ensures superior standards of care for animals in research and testing, 3) ensures
superior standards of care for animals by the Company and all independently retained
laboratories, and 4) post the policy online and issue an annual report on the extent
to which in-house and contract laboratories are adhering to the policy. The Company
states its practices regarding laboratory animal use meet or exceed all legal and
regulatory requirements for the humane treatment and care for laboratory animals
and only uses testing laboratories specially accredited for humane animal use by
the Accreditation of Laboratory Animal Care International. Therefore, a vote is
cast in favor.
06 For Against STOCKHOLDER PROPOSAL REGARDING 3M S BUSINESS OPERATIONS
IN CHINA
Policies
This proposal asks the Company to institute a code of corporate conduct based on
the principles set forth by the United Nations ILO concerning workplace human rights
standards by its international suppliers and its own international production facilities
and to commit to a compliance program by outside monitors. A vote is cast for this
proposal because human rights abuses at Company foreign units or suppliers can lead
to a reputational risk that can damage shareholder value.
Custodian Internal Stock Voted Ballot Received Last Date

Account Name Account Account Class Shares Shares Date Vote Date Confirmed
AFL-CIO Reserve Fund - 1000798.1 12909-0
Ark Asset 101 500 500 03/31/2006 04/26/2006 04/26/2006
ABBOTT LABORATORIES Ticker: ABT Annual Meeting Date: 04/28/2006

Issuer: 002824 City: Holdings Reconciliation Date: 03/01/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
It is in the best interests of shareholders for there to be a two-thirds majority
of independent outsiders on the board to supervise management. There is such a
majority here. A vote is cast for all nominees.
02 Against For RATIFICATION OF DELOITTE & TOUCHE LLP AS AUDITORS.
Policies
This proposal seeks the approval of the reappointment of auditors and their remuneration.
Normally this would be considered a routine, ministerial proposal and a vote would
be cast in favor. At this Company, however, it has been disclosed that the auditors
are paid a substantial amount for non-audit work in addition to their audit work.
This creates a potential conflict of interest for the auditors. For that reason,
a vote is cast against.
03 For Against SHAREHOLDER PROPOSAL - PAY-FOR-SUPERIOR-PERFORMANCE
Policies
stock compensation to the performance of the Company's peer group. By connecting
a senior executive's compensation to peer group performance, the general trend in
the Company's industry is neutralized and a better correlation between pay and reward
will result. A senior executive will be rewarded for their superior leadership skills
and not from some outside influence. A vote is cast in favor of this proposal.
04 For Against SHAREHOLDER PROPOSAL - POLITICAL CONTRIBUTIONS
Comments
This shareholder proposal seeks a report from the Company disclosing its policies
for political contributions which accounts for funds donated and the business rationale
for each contribution and to provide board oversight of such contributions. The
disclosure of policies and business rationale are not items that are available in
the various public records the Company has to file. This would provide useful information
to shareholders and allow them to examine all contributions at one site instead
of searching through many. A vote is cast in favor.
05 For Against SHAREHOLDER PROPOSAL - THE ROLES OF CHAIR AND CEO
.
Policies
This proposal seeks to separate the offices of chairman of the board and chief executive
officer. The chair should be in a position to oversee and monitor the CEO. That
can only happen if different people hold the positions. A vote is cast in favor.

Ark Asset 100 1,000 1,000 03/31/2006 04/17/2006 04/17/2006
ACCO BRANDS CORPORATION Ticker: ABD Annual Meeting Date: 05/25/2006

Issuer: 00081T City: Holdings Reconciliation Date: 03/30/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For PROPOSAL TO APPROVE THE AMENDED AND RESTATED ACCO
BRANDS CORPORATION 2005 INCENTIVE PLAN
Policies
An existing stock option plan is amended by this proposal by adding shares to it.
Combined with existing plans, the number of shares in this plan could result in
excess of 10% dilution of current shareholder equity.
Performance standards upon which to base the granting of options are not specified
in the plan. Instead, there is broad discretion in determining option awards.
The plan also contains change-in-control provisions which can be costly to shareholders
because they could discourage a potential takeover of the company that would be
beneficial to shareholders.
Thus, a vote is cast against the proposal.
03 For For PROPOSAL TO RATIFY THE APPOINTMENT OF PRICEWATERHOUSECOOPERS
LLP AS THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM FOR ACCO BRANDS CORPORATION FOR 2006
Policies

Ark Asset 108 23 23 04/13/2006 05/17/2006 05/18/2006
ACE LIMITED Ticker: ACE Annual Meeting Date: 05/18/2006

Issuer: G0070K City: Holdings Reconciliation Date: 03/31/2006
SEDOL:

Proposal Vote
A For For DIRECTOR
Policies
B For For APPROVAL OF AMENDMENT TO ACE LIMITED EMPLOYEE STOCK
PURCHASE PLAN.
Policies
This proposal adds shares to an employee stock ownership plan, which gives an equity
stake in the company to all fulltime and many parttime workers, thus encouraging
quality work. That is in the best interests of shareholders. A vote is cast in
favor.
C For For RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS
FIRM OF ACE LIMITED FOR THE FISCAL YEAR ENDING DECEMBER
31, 2006.
Policies

Ark Asset 103 200 200 04/21/2006 05/08/2006 05/09/2006
ADOBE SYSTEMS INCORPORATED Ticker: ADBE Annual Meeting Date: 03/28/2006

Issuer: 00724F City: Holdings Reconciliation Date: 02/13/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
For EDWARD W. BARNHOLT

For MICHAEL R. CANNON
Withheld BRUCE R. CHIZEN
For JAMES E. DALEY
Withheld CHARLES M. GESCHKE
For DELBERT W. YOCAM
Policies
of independents on the board to supervise management. Here there is not a two-thirds
majority of outsiders. Therefore, a vote is cast in favor of the outsiders and
withheld from the insiders.
02 Against For APPROVAL OF AMENDMENTS TO THE AMENDED 1994 PERFORMANCE
AND RESTRICTED STOCK PLAN TO ENABLE COMPENSATION PAID
UNDER THE PLAN TO QUALIFY AS DEDUCTIBLE PERFORMANCE-BASED
COMPENSATION UNDER SECTION 162(M) OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.
Comments
This proposal asks shareholders to approve an amendment to the Company's Amended
1994 Performance and Restricted Stock Plan which would modify its performance period
and adds criteria for measuring performance goals. A vote is cast against this proposal
because the performance criteria being added as well as the existing performance
criteria are not specific enough to enable shareholders to determine what type of
performance will generate what amount of award. In addition, the Plan is not a good
one in that it has a change in control and the dilution to shareholders for all
plans at the Company exceed 17%.
03 Against For APPROVAL OF THE EXECUTIVE CASH PERFORMANCE BONUS PLAN
TO PERMIT THE PAYMENT OF CASH BONUSES THAT WILL QUALIFY
AS DEDUCTIBLE PERFORMANCE-BASED COMPENSATION UNDER
SECTION 162(M) OF THE INTERNAL REVENUE CODE OF 1986,
AS AMENDED.
Policies
This proposal seeks to establish a bonus plan for key executives. The plan does
not specify performance standards on which to base the bonus which make it impossible
to judge the validity of the plan. A vote is cast against.
04 For For RATIFICATION OF THE APPOINTMENT OF KPMG LLP AS THE
COMPANY S INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM FOR THE FISCAL YEAR ENDING DECEMBER 1, 2006.
Policies


Ark Asset 101 400 400 02/28/2006 03/13/2006 03/14/2006
AETNA INC. Ticker: AET Annual Meeting Date: 04/28/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For BETSY Z. COHEN

For MOLLY J. COYE, M.D.
Withheld BARBARA H. FRANKLIN
For JEFFREY E. GARTEN
For EARL G. GRAVES
For GERALD GREENWALD
For ELLEN M. HANCOCK
For MICHAEL H. JORDAN
For EDWARD J. LUDWIG
For JOSEPH P. NEWHOUSE
For JOHN W. ROWE, M.D.
For RONALD A. WILLIAMS
Policies
02 For For APPROVAL OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
Policies
03 For For APPROVAL OF 2006 EMPLOYEE STOCK PURCHASE PLAN
Policies
This proposal establishes an employee stock ownership plan which will give an equity
stake in the company to all fulltime and many parttime employees, thus encouraging
quality work. This is in the best interest of shareholders. A vote is cast in favor.
04 For Against SHAREHOLDER PROPOSAL ON CUMULATIVE VOTING
Policies
This proposal establishes cumulative voting, where each shareholder has votes equal
to the number of shares multiplied by board nominees. A shareholder can lump all
votes for one candidate--an effective way to elect someone. A vote is cast in favor.

Ark Asset 108 400 400 03/18/2006 04/17/2006 04/17/2006
AFLAC INCORPORATED Ticker: AFL Contested Annual Meeting Date: 05/01/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld DANIEL P. AMOS

Withheld JOHN SHELBY AMOS II
Withheld MICHAEL H. ARMACOST
Withheld KRISS CLONINGER III
Withheld JOE FRANK HARRIS
For ELIZABETH J. HUDSON
Withheld KENNETH S. JANKE SR.
For DOUGLAS W. JOHNSON
For ROBERT B. JOHNSON
For CHARLES B. KNAPP
Withheld HIDEFUMI MATSUI
Withheld E. STEPHEN PURDOM, M.D.
For B.K. RIMER, DR. PH
For MARVIN R. SCHUSTER
For DAVID GARY THOMPSON
For TOHRU TONOIKE
For ROBERT L. WRIGHT
Policies
Some incumbent nominees failed to attend 75% of their meetings without a valid excuse.
A vote to withhold authority is cast for those nominees with such poor attendance
record.
02 For For RATIFICATION OF APPOINTMENT OF KPMG LLP AS INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM.
Policies

Ark Asset 102 300 300 03/31/2006 04/19/2006 04/19/2006
AGILENT TECHNOLOGIES, INC. Ticker: A Annual Meeting Date: 03/01/2006

Issuer: 00846U City: Holdings Reconciliation Date: 01/03/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
For WILLIAM P. SULLIVAN

Withheld ROBERT J. HERBOLD
For KOH BOON HWEE
Policies
02 Against For THE RATIFICATION OF THE AUDIT AND FINANCE COMMITTEE
S APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS AGILENT
S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.
Policies
03 Against For THE APPROVAL OF THE AGILENT TECHNOLOGIES, INC. LONG-TERM
PERFORMANCE PROGRAM.
Comments
This proposal seeks shareholder approval of a stock bonus plan for key employees.
The plan does not specify performance standards upon which bonuses will be granted.
That lack of specificity makes it impossible to judge the validity of the plan.
Therefore, a vote is cast against.

Ark Asset 101 295 295 01/24/2006 02/09/2006 02/10/2006
AIR PRODUCTS AND CHEMICALS, INC. Ticker: APD Annual Meeting Date: 01/26/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS:
RATIFICATION OF APPOINTMENT OF KPMG LLP, AS INDEPENDENT
REGISTERED PUBLIC ACCOUNTANTS FOR FISCAL YEAR 2006.
Policies
03 Against For AMENDMENTS TO THE LONG-TERM INCENTIVE PLAN: APPROVAL
OF AMENDMENTS TO THE LONG-TERM INCENTIVE PLAN.
Policies
An existing stock option plan for key executives is amended by this proposal by
adding shares to it.
Thus, a vote is cast against the amendment.
04 Against For APPROVE ANNUAL INCENTIVE PLAN TERMS: APPROVE ANNUAL
INCENTIVE PLAN TERMS TO ALLOW DEDUCTIBILITY.
Policies
This proposal seeks to establish a cash bonus plan for key executives. The plan
does not specify performance standards on which to base the bonus which makes it
impossible to judge the validity of the plan. A vote is cast against.

Ark Asset 106 200 200 12/15/2005 01/13/2006 01/13/2006
ALBERTSON'S, INC. Ticker: ABS Special Meeting Date: 05/30/2006

SEDOL:

Proposal Vote
01 For For TO ADOPT THE MERGER AGREEMENT.
Comments
This proposal seeks shareholder approval of the Company being acquired by Supervalu
Inc. Both Companies are in the food retailing business. The Board recommends shareholder
approval because: 1) the increasing competitive pressure and a lack of attractive
and timely opportunities to divest underperforming assets, 2) the fact that the
Company conducted an extensive process to find buyers (22 potential buyers were
contacted) and the Supervalu proposal to acquire the entire company was at a higher
price than the then current price per share of Company common stock and the belief
that it was unlikely that they would receive a more attractive offer, and 3) 75%
of the consideration is cash. Per the terms of the acquisition, each share of Company
common stock will receive $20.35 in cash and 0.182 of one Supervalu common share,
which represents a premium 28.6% based on the closing stock price the day before
the Company's public announcement that it was exploring strategic alternatives,
an 8.5% premium based on the stock price the day before the Company's offer was
announced (12.7% premium over the average closing price for the 5 days preceding
the 60th day before announcement). An opinion has been issued by Goldman Sachs,
The Blackstone Group and Houlihan Lokey that the terms are fair to the Company's
shareholders. For those reasons, a vote is cast in favor of the proposal.
02 For For TO ADOPT THE CHARTER AMENDMENT.
Comments
This proposal asks shareholders to approve an amendment to the Company's Certificate
of Incorporation to provide for appraisal rights. Appraisal rights are in the best
interests of shareholders because it allows them to obtain a judicial appraisal
of the fair value of their shares if they are opposed to the merger transaction
therefore, a vote is cast in favor.
03 For For TO ADJOURN THE ALBERTSONS SPECIAL MEETING INCLUDING,
IF NECESSARY, TO PERMIT FURTHER SOLICITATION OF PROXIES.
Policies
This proposal seeks an adjournment to seek more votes, if necessary, for items on
the agenda. Since all the agenda items are being supported, a vote is cast in favor.

Ark Asset 104 100 100 05/03/2006 05/22/2006 05/23/2006
ALCOA INC. Ticker: AA Annual Meeting Date: 04/21/2006

SEDOL:

Proposal Vote
01 Withheld For DIRECTOR
Policies
This company has underperformed its broad market index and its peer group for the
past five years. Given that performance, a vote is cast to withhold authority for
all nominees to the board.
02 For For PROPOSAL TO RATIFY THE INDEPENDENT AUDITOR
Policies

Ark Asset 101 600 600 03/08/2006 03/20/2006 03/20/2006
ALLTEL CORPORATION Ticker: AT Annual Meeting Date: 04/20/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For WILLIAM H. CROWN

Withheld JOE T. FORD
For JOHN P. MCCONNELL
For JOSIE C. NATORI
Policies
02 Against For APPROVAL OF AMENDED AND RESTATED ALLTEL PERFORMANCE
INCENTIVE COMPENSATION PLAN
Policies
This proposal asks shareholders to approve adding a new performance criterion (criteria)
to a company cash/stock bonus plan. A vote is cast against this proposal because
the plan is flawed in that it does not disclose specific performance goals upon
which awards are based. This addition only makes a bad plan worse.
03 Against For APPROVAL OF AMENDED AND RESTATED ALLTEL LONG-TERM
PERFORMANCE INCENTIVE PLAN
Policies
This proposal asks shareholders to approve adding a new performance criterion (criteria)
to a company cash/stock bonus plan. A vote is cast against this proposal because
the plan is flawed in that it does not disclose specific performance goals upon
which awards are based. This addition only makes a bad plan worse.
04 For For RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITORS
Policies

Ark Asset 103 200 200 03/17/2006 04/03/2006 04/03/2006
ALTERA CORPORATION Ticker: ALTR Annual Meeting Date: 05/09/2006

SEDOL:

Proposal Vote
Policies
The board has failed to implement a shareholder proposal that received a majority
vote the prior year. As representatives of the shareholders, directors should implement
those proposals that receive a majority vote. Because of their failure to do so,
a vote is cast to withhold authority for all nominees to the board.
02 Against For TO APPROVE AN AMENDMENT TO THE 2005 EQUITY INCENTIVE
PLAN TO INCREASE BY 10,000,000 THE NUMBER OF SHARES
OF COMMON STOCK RESERVED FOR ISSUANCE UNDER THE PLAN.
Policies
Combined with shares in other stock plans at the company, the number of shares requested
would cause in excess of 20% dilution of current shareholder equity.
03 For For TO APPROVE AN AMENDMENT TO THE 1987 EMPLOYEE STOCK
PURCHASE PLAN TO INCREASE BY 1,000,000 THE NUMBER
OF SHARES OF COMMON STOCK RESERVED FOR ISSUANCE UNDER
THE PLAN.
Policies
favor.
04 For For TO RATIFY THE APPOINTMENT OF PRICEWATERHOUSECOOPERS
LLP AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING
Policies

Ark Asset 100 400 400 04/05/2006 04/25/2006 04/26/2006
ALTRIA GROUP, INC. Ticker: MO Annual Meeting Date: 04/27/2006

Issuer: 02209S City: Holdings Reconciliation Date: 03/06/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RATIFICATION OF THE SELECTION OF INDEPENDENT AUDITORS
Policies
03 For Against STOCKHOLDER PROPOSAL 1 - REQUESTING INDEPENDENT BOARD
CHAIRMAN
Policies
04 For Against STOCKHOLDER PROPOSAL 2 - REQUESTING COMMITMENT TO
GLOBAL HUMAN RIGHTS STANDARDS
Policies
05 For Against STOCKHOLDER PROPOSAL 3 - SEEKING TO ADDRESS HEALTH
HAZARDS FOR AFRICAN AMERICANS ASSOCIATED WITH SMOKING
MENTHOL CIGARETTES
Comments
This shareholder proposal asks the Company to undertake a campaign aimed at African
Americans that informs them of the health hazard associated with smoking "light"
and "ultra light" menthol cigarettes. According to the proponent menthol cigarettes
are favored by more than 70% of African American smokers and nine out ten African
American youth prefer this type of cigarette. A vote is cast for this proposal because
it is in the best interest of shareholders for the Company to head off future bad
publicity and possible legal action.
06 For Against STOCKHOLDER PROPOSAL 4 - SEEKING TO EXTEND NEW YORK
FIRE-SAFE PRODUCTS GLOBALLY
Comments
This shareholder proposal asks the Board to voluntarily establish New York's cigarette
fire safety regulatory criteria as the standard for all the cigarettes that are
produced by the Company within six months of the Company's annual meeting. In June
2004 New York State compelled major tobacco companies to replace their cigarettes
with new "fire safety" versions designed to extinguish themselves more quickly than
conventional cigarettes. Vermont and California have since adopted standards for
reduced cigarette ignition propensity, each of which requires a certain level of
minimum performance as assessed by the New York standard. The proponent also pointed
out that other groups such as the American Lung Association and The American Cancer
Society have asked the Company to commit to adopting the New York standard for all
cigarettes they produce in the U.S., Puerto Rico, and U.S. protectorates. The Company
agrees that steps should be taken to reduce the number of fires caused by carelessly
handled cigarettes. Therefore, it should recognize the growing public concern on
this issue and produce the same "fire safe" cigarette for sale everywhere and reap
the public opinion benefit of being an industry leader on this issue. A vote is
cast in favor.
07 For Against STOCKHOLDER PROPOSAL 5 - REQUESTING ADOPTION OF ANIMAL
WELFARE POLICY
Comments
states it is committed to humane treatment of laboratory animals in all research
conducted by or for the Company and follows the principles employed at many research
facilities and major consumer product companies, as well as the U.S. Dept. of Agriculture's
principles on the regulation of animal welfare. Therefore, the Company should have
no objection to supporting this proposal - a vote is cast in favor.
08 Against Against STOCKHOLDER PROPOSAL 6 - REQUESTING SUPPORT FOR LAWS
AT ALL LEVELS COMBATING USE OF TOBACCO
Comments
This shareholder proposal asks the Company to make a public policy commitment to
support legislation at all levels which: 1) ban smoking in public places, 2) increase
taxes on tobacco, and 3) repeal existing state preemption laws limiting local smoke
free air ordinances. The Company argues persuasively that it would be in the best
interests of shareholders for government, businesses and the public to make their
own decisions on these issues. A vote is cost against.
09 For Against STOCKHOLDER PROPOSAL 7 - SEEKING TO FACILITATE MEDICAL
EFFORTS TO DISSUADE SECONDHAND SMOKE
Comments
This shareholder proposal asks the Company to refrain from hindering second hand
smoke (SHS) reporting on Medicare and other medical forms. There is a medical diagnostic
code to determine SHS exposure in patients but the Company has lobbied to hinder
that reporting in the past because it would provide an incentive for people to claim
illnesses related to SHS and it would directly link SHS to national health costs.
The Company now acknowledges on its website the dangers of SHS and it said it does
not intend to do such lobbying in the future. A vote is cast in favor of this proposal
because of the Company's admission of SHS dangers and its decision not to lobby
against future medical diagnostic code reporting.

Ark Asset 103 1,300 1,300 03/23/2006 04/14/2006 04/15/2006
AMBAC FINANCIAL GROUP, INC. Ticker: ABK Annual Meeting Date: 05/02/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For RATIFY SELECTION OF KPMG LLP AS INDEPENDENT AUDITORS
FOR 2006.
Policies

Ark Asset 108 100 100 03/31/2006 04/19/2006 04/20/2006
AMERICAN ELECTRIC POWER COMPANY, INC Ticker: AEP Annual Meeting Date: 04/25/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For RATIFICATION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM.
Policies

Ark Asset 101 300 300 03/15/2006 04/06/2006 04/07/2006
AMERICAN EXPRESS COMPANY Ticker: AXP Annual Meeting Date: 04/24/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For D.F. AKERSON

For C. BARSHEFSKY
For U.M. BURNS
For K.I. CHENAULT
For P. CHERNIN
For P.R. DOLAN
Withheld V.E. JORDAN, JR.
For J. LESCHLY
For R.A. MCGINN
For E.D. MILLER
For F.P. POPOFF
For R.D. WALTER
Policies
02 Against For THE SELECTION OF PRICEWATERHOUSECOOPERS LLP AS OUR
INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS FOR 2006.
Policies
03 For Against A SHAREHOLDER PROPOSAL RELATING TO STOCK OPTIONS.
Comments
This shareholder proposal asks the Board to take the necessary steps to : 1) grant
no future new stock options awards to anyone and 2) no repricing of current stock
options or renewal (unless there is a contract to do so). A vote is cast for this
proposal because the repricing of underwater options held by senior executives is
not fair to the ordinary shareholder who has to live with the downturn in the Company's
share price.
04 For Against A SHAREHOLDER PROPOSAL RELATING TO MAJORITY VOTING
FOR DIRECTORS.
Policies
This shareholder proposal requests the Board to amend its corporate documents to
provide nominees for the Board must receive the vote of a majority of shares cast
at an annual meeting of shareholders in order to be elected. Requiring a majority
vote for election/re-election would give real teeth to the vote no campaigns that
are now just symbolic protest votes waged against incumbent directors who shareholders
feel are not responsive. A vote is cast in favor.
05 Against Against A SHAREHOLDER PROPOSAL RELATING TO THE COMPANY S EMPLOYMENT
POLICIES.
Comments
This shareholder proposal asks the Company to explore ways to formulate an equal
opportunity policy which does not make reference to any matters related to sexual
interests, activities, or orientation. A vote is cast against this proposal because
amending the Company's equal employment opportunity policy to exclude reference
to sexual interest, activities or orientation would put the Company at risk of being
in violation of laws in numerous states and cities in which the Company does business.
06 For Against A SHAREHOLDER PROPOSAL RELATING TO REIMBURSEMENT OF

EXPENSES FOR CERTAIN SHAREHOLDER-NOMINATED DIRECTOR
CANDIDATES.
Policies
This shareholder proposal asks the Board to amend the Company's bylaws to provide
for reimbursement of expenses incurred by stockholders in "short slate" contested
election of directors (dissidents seek representation, not control). Successful
dissidents would be fully reimbursed and some losers could receive partial reimbursement.
A vote is cast in favor, because proxy contests are rare due to high cost and they
are an important mechanism for shareholders to influence the election of directors.

Ark Asset 109 700 700 03/23/2006 04/05/2006 04/05/2006
AMERICAN INTERNATIONAL GROUP, INC. Ticker: AIG Annual Meeting Date: 05/17/2006
SEDOL:

Proposal Vote
Policies
02 For For RATIFICATION OF THE SELECTION OF PRICEWATERHOUSECOOPERS
LLP AS AIG S INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM FOR 2006.
Policies
03 Against For ADOPTION OF AN EXECUTIVE INCENTIVE PLAN.
Policies
This proposal seeks to establish a bonus plan for key executives, awards for which
can be made in cash or stock. The plan does not specify performance standards on
which to base the bonus which makes it impossible to judge the validity of the plan.
A vote is cast against.

Ark Asset 107 1,600 1,600 04/11/2006 05/04/2006 05/05/2006
AMERIPRISE FINANCIAL, INC. Ticker: AMP Annual Meeting Date: 04/26/2006

Issuer: 03076C City: Holdings Reconciliation Date: 02/28/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For PROPOSAL TO RATIFY THE AUDIT COMMITTEE S SELECTION
OF ERNST & YOUNG LLP AS INDEPENDENT REGISTERED PUBLIC
ACCOUNTANTS FOR 2006.
Policies

Ark Asset 106 140 140 03/18/2006 04/12/2006 04/13/2006
AMGEN INC. Ticker: AMGN Annual Meeting Date: 05/10/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For TO RATIFY THE SELECTION OF ERNST & YOUNG LLP AS THE
COMPANY S INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS
FOR THE YEAR ENDING DECEMBER 31, 2006.
Policies
3A For Against STOCKHOLDER PROPOSAL #1 (STOCK RETENTION GUIDELINES).
Policies
This proposal asks the Board to adopt a policy requiring that senior executives
retain a significant percentage of shares (not lower than 75%) acquired through
equity compensation programs. Requiring senior executives to hold a significant
portion of shares obtained through compensation plans would focus the executives
attention on the Company's long-term success and would help align their interest
with those of shareholders. A vote is cast in favor.
3B For Against STOCKHOLDER PROPOSAL #2 (EXECUTIVE COMPENSATION).
Comments
This shareholder proposal asks the Board to undertake a special executive compensation
review and provide a summary report to investors by summer 2006. The proponents
ask that the review and report include: 1) a rationale for the compensation packages
for top executives; 2) how or if executive compensation is compared to the pay package
of the average worker; 3) how social and environmental performance is integrated
into the formula for executive compensation and whether the company's employee downsizing
or outsourcing is considered; 4) an evaluation of whether the top executive compensation
packages are excessive and should be modified, and; 5) a summary description of
opposition registered by stakeholders to the compensation package. The Board said
its current compensation practices are consistent with the spirit of the proponent's
request.Therefore, it should have no objection to providing a report that will allow
shareholders to determine if executive compensation is reasonable in comparison
to the Company's financial, social, and environmental performance. A vote is cast
in favor of this proposal.
3C For Against STOCKHOLDER PROPOSAL #3 (SHAREHOLDER RIGHTS PLANS).
Policies
This proposal requests the company to redeem its poison pill, which can be used
to discourage takeovers that may be hostile to incumbent key executives but beneficial
to shareholders. Therefore, a vote is cast in favor of the proposal.
3D For Against STOCKHOLDER PROPOSAL #4 (ANIMAL WELFARE POLICY).
Comments
cast in favor.
3E For Against STOCKHOLDER PROPOSAL #5 (MAJORITY ELECTIONS).
Policies
3F For For STOCKHOLDER PROPOSAL #6 (CORPORATE POLITICAL CONTRIBUTIONS).
Policies
This shareholder proposal asks the Company to disclose the date and amount of money
given to political campaigns, parties, referendums or citizens initiatives in the
prior year. This information is available in various public records scattered throughout
different states but is not readily and easily available in total to shareholders.
A vote is cast for this proposal because it would provide useful information regarding
the Company's political contributions.

Ark Asset 100 776 776 03/23/2006 04/28/2006 04/28/2006
AMVESCAP PLC Ticker: AVZ Annual Meeting Date: 04/27/2006

Issuer: 03235E City: Holdings Reconciliation Date: 03/21/2006
SEDOL:

Proposal Vote
01 For For TO RECEIVE AND ADOPT THE ACCOUNTS AND THE REPORTS
OF THE DIRECTORS AND AUDITORS THEREON.
Comments
The acceptance of financial statements and statutory reports is a routine, bookkeeping
matter that does not materially affect shareholders. No objection has been made.
A vote is cast in favor.
02 For For TO RECEIVE AND ADOPT THE REPORT OF THE BOARD ON REMUNERATION.
Comments
03 For For TO DECLARE A FINAL DIVIDEND.
Comments
This proposal seeks approval of the company's allocation of dividends. The allocation
of dividends is normally in the best interests of shareholders and no objection
has been made. A vote is cast in favor.
04 Against For TO ELECT MARTIN L. FLANAGAN AS A DIRECTOR OF THE COMPANY.
Comments
05 For For TO ELECT J THOMAS PRESBY AS A DIRECTOR OF THE COMPANY.
Comments
06 Abstain For TO RE-APPOINT ERNST & YOUNG LLP AS AUDITORS AND TO
AUTHORIZE THE AUDIT COMMITTEE TO FIX THEIR REMUNERATION.
Comments
No information has been given concerning auditor remuneration, thus a vote is cast
to abstain.
07 For For TO AUTHORIZE THE DIRECTORS TO ALLOT SHARES PURSUANT
TO SECTION 80 OF THE COMPANIES ACT 1985.
Comments
This seeks to issue securities with preemptive rights (i.e., first refusal of pro-rata
share). The preemption provision protects a shareholders percentage of current
equity. The number of shares involved is not excessive. A vote in favor is cast.
08 For For TO DISAPPLY STATUTORY PRE-EMPTION RIGHTS PURSUANT
TO SECTION 95 OF THE COMPANIES ACT 1985. (SPECIAL RESOLUTION).
Comments
This seeks to issue securities without preemptive rights (i.e., first refusal of
pro-rata share). This concept is expensive, cumbersome and, in view of modern trading
practices, unnecessary. The shares involved are not excessive. A yes vote is cast.
09 Against For TO RENEW THE COMPANY S AUTHORITY TO MAKE MARKET PURCHASES
OF ITS OWN ORDINARY SHARES (SPECIAL RESOLUTION).
Comments
Approval is sought for the repurchase up to 10% of Company shares. That would be
an excessive amount if the repurchased shares are used for poorly designed compensation
plans. A vote is cast against.
10 For For TO APPROVE THE AMENDMENTS OF THE ARTICLES OF ASSOCIATION
(SPECIAL RESOLUTION).
Comments
This proposal seeks approval to declare and pay future dividends in U.S. dollars.
The proposal has no adverse effect on shareholders best interests. Therefore,
a vote is cast in favor of the proposal.

Ark Asset 100 250 250 03/28/2006 04/19/2006 04/19/2006
ANADARKO PETROLEUM CORPORATION Ticker: APC Annual Meeting Date: 05/11/2006

SEDOL:

Proposal Vote
Policies
This company has underperformed its peer group for the past five years. Given that
performance, a vote is cast to withhold authority for all nominees to the board.
02 Against For APPROVAL OF AMENDMENT TO RESTATED CERTIFICATE OF INCORPORATION
Policies
The company seeks to increase the number of common shares authorized to effecuate
a stock split. Splits are normally in the best interests of shareholders, but this
request seeks more shares than are justified for the split. A vote is cast against.
03 Against For RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITOR.
Policies

Ark Asset 107 200 200 03/31/2006 04/30/2006 05/01/2006
ANALOG DEVICES, INC. Ticker: ADI Annual Meeting Date: 03/14/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld JAMES A. CHAMPY

For KENTON J. SICCHITANO
For LESTER C. THUROW
Policies
It is also in the best interests of shareholders for the key nomination, compensation
and audit committees to consist entirely of independent outsiders. At this Company,
insiders serve on some of those committees. A vote is cast to withhold authority
for the insider nominees who serve on those committees. Since there is a two-thirds
majority of independent outsiders on the entire board, a vote is cast in favor of
all other nominees.
02 Against For TO APPROVE THE COMPANY S 2006 STOCK INCENTIVE PLAN.
Policies
A stock option plan for key executives is established by this proposal. In order
to reward past superior performance and to encourage that performance in the future,
such plans must specify performance standards for the granting of options.
Thus, a vote is cast against the stock option plan.
03 Against For TO RATIFY THE SELECTION OF ERNST & YOUNG LLP AS THE
FIRM FOR THE FISCAL YEAR ENDING OCTOBER 28, 2006.
Policies
04 For Against SHAREHOLDER PROPOSAL TO INITIATE THE APPROPRIATE PROCESS
TO AMEND THE COMPANY S GOVERNANCE DOCUMENTS (CERTIFICATE
OF INCORPORATION OR BYLAWS) TO PROVIDE THAT DIRECTOR
NOMINEES SHALL BE ELECTED BY THE AFFIRMATIVE VOTE
OF THE MAJORITY OF VOTES CAST AT AN ANNUAL MEETING
OF SHAREHOLDERS.
Policies

Ark Asset 105 300 300 02/09/2006 02/24/2006 02/25/2006
ANHEUSER-BUSCH COMPANIES, INC. Ticker: BUD Annual Meeting Date: 04/26/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For AMENDMENT OF THE RESTATED CERTIFICATE OF INCORPORATION
Policies
This proposal declassifies the board, which means that all directors would be elected
annually instead of different classes being elected for staggered terms. This enhances
the accountability of directors. A vote is cast in favor.
03 Against For APPROVAL OF 2006 RESTRICTED STOCK PLAN FOR NON-EMPLOYEE
DIRECTORS
Policies
This proposal establishes a stock plan for outside directors. Stock is granted
without regard to company performance or director attendance. That is not in the
best interests of shareholders. A vote is cast against.
04 Against For APPROVAL OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
Policies

Ark Asset 103 500 500 03/09/2006 04/11/2006 04/11/2006
APACHE CORPORATION Ticker: APA Annual Meeting Date: 05/04/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For APPROVAL OF 50,000 ADDITIONAL SHARES AUTHORIZED FOR
THE NON-EMPLOYEE DIRECTORS COMPENSATION PLAN.
Policies
This proposal adds shares to an existing stock plan for outside directors. The
directors are not paid a competitive cash compensation. This plan makes their compensation
fairer. A vote is cast in favor of the proposal.

Ark Asset 105 210 210 03/31/2006 04/22/2006 04/24/2006
APPLE COMPUTER, INC. Ticker: AAPL Annual Meeting Date: 04/27/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For TO RATIFY THE APPOINTMENT OF KPMG LLP AS INDEPENDENT
AUDITORS OF THE COMPANY FOR FISCAL YEAR 2006.
Policies
03 For Against TO CONSIDER A SHAREHOLDER PROPOSAL IF PROPERLY PRESENTED
AT THE MEETING.
Comments
This shareholder proposal asks the Board to prepare a report which would study ways
to improve its computer recycling programs. According to the proponent: 1) electronic
waste is growing rapidly in the U.S. and that only 11% of discarded computers were
recycled, and 2) the Company has created a disincentive for its customers to recycle
and has lobbied against legislation asking computer producers to take more responsibility
for most of the cost of recycling. A vote is cast for this proposal because it would
allow shareholder to evaluate the Company's environmental friendliness and identify
future financial and legal risks.

Ark Asset 100 500 500 03/11/2006 04/12/2006 04/13/2006
APPLIED MATERIALS, INC. Ticker: AMAT Annual Meeting Date: 03/22/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For TO RATIFY THE APPOINTMENT OF KPMG LLP AS APPLIED MATERIALS
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR
FISCAL YEAR 2006.
Policies

Ark Asset 105 1,000 1,000 02/23/2006 03/10/2006 03/11/2006
ARCH COAL, INC. Ticker: ACI Annual Meeting Date: 04/27/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For APPROVAL OF AMENDMENT TO CERTIFICATE OF INCORPORATION
TO INCREASE AUTHORIZED SHARES.
Policies
The company seeks to increase the number of common shares authorized. The company
cites no specific reason for the increase and the amount requested is in excess
of 50% of the amount currently available. For those reasons, a vote against is cast.

Ark Asset 100 200 200 03/25/2006 04/10/2006 04/11/2006
ARVINMERITOR, INC. Ticker: ARM Annual Meeting Date: 01/31/2006

SEDOL:

Proposal Vote
Comments
A vote is cast to withhold on all nominees due to poor performance in comparison
to its peer group. Based on total return to shareholders on a $100 investment,
the Company has underperformed its peer group by 90%.
02 Against For THE SELECTION OF AUDITORS
Policies

Ark Asset 101 250 250 12/17/2005 01/13/2006 01/13/2006
AT&T INC. Ticker: T Annual Meeting Date: 04/28/2006

Issuer: 00206R City: Holdings Reconciliation Date: 03/01/2006
SEDOL:

Proposal Vote
Policies
02 Against For APPROVE APPOINTMENT OF INDEPENDENT AUDITORS
Policies
03 Against For APPROVE 2006 INCENTIVE PLAN
Policies
04 For For APPROVE AMENDMENT TO RESTATED CERTIFICATE OF INCORPORATION
Comments
This proposal asks shareholders to approve the deletion of language from Article
Seven of the Company's Certificate of Incorporation which now provides that certain
provisions of the Bylaws of the Company may not be amended except upon the affirmation
vote of two-thirds of the outstanding shares of the Company. Supermajority vote
requirements are not in the best interests of shareholders therefore, a vote is
cast in favor of this proposal.
05 For Against STOCKHOLDER PROPOSAL A
Comments
06 For Against STOCKHOLDER PROPOSAL B
Comments
07 For Against STOCKHOLDER PROPOSAL C
Comments
This shareholder proposal requests that the compensation committee undertake a special
executive compensation review and provide a summary report to investors. The proponent
asks that the report address the following: the rationale for the compensation packages
for top executives; how or if executive compensation is compared to the pay package
of the average employee; how social and environmental performance is integrated
into the formula for executive compensation; an evaluation of whether top executive
compensation packages are excessive and should be modified; and a summary description
of opposition registered by stakeholders to the compensation package. In recent
years, SBC has underperformed its peers. A $100 investment on Dec. 31, 2000 in AT&T
common stock was worth $64 at the end of fiscal 2005, compared with $103 for the
same investment in the S&P 500 index and $75 for a peer group of other large U.S.
telecommunications companies. Despite this lagging performance, CEO Edward Whitacre
Jr.'s compensation for the past fiscal year was approximately $17.0 million, which
is $2.4 million above his compensation in the previous year. It is reasonable that
the company prepare a report explaining its compensation packages, addressing the
various factors requested by the proponent. The report would provide shareholders
with useful information. A vote is cast in favor.
08 For Against STOCKHOLDER PROPOSAL D
Comments
This shareholder proposal requests that future compensation packages for non-employee
directors be approved by shareholders and that every benefit and perquisite for
the non-employee directors that involves an expenditure or use of company assets
be identified. The current annualized value of compensation received by a Company
outside director is estimated to be $206,600 and each non-employee director also
receives an annual award of deferred stock units equal in value to 150 percent of
the annual retainer ($97,000 for 2005). Given that over the past five years the
Company has lost nearly $36 on a $100 investment and underperformed both its peer
group and broad market index, it is understandable why the proponent seeks shareholder
approval of future compensation packages for non-employee directors. A vote is
cast in favor.
09 For Against STOCKHOLDER PROPOSAL E
Policies
This proposal would require that golden parachutes (lucrative severance packages
for key executives who are terminated) be approved by shareholders. Such packages
can be excessive and unjustified. Shareholders should vote on them. A yes vote
is cast.
10 For Against STOCKHOLDER PROPOSAL F
Comments
This shareholder proposal asks the Board to institute simple majority voting on
each issue subject to shareholder vote. It is in the best interests of shareholders
for a majority vote to suffice rather than a super majority vote requirement. A
vote is cast in favor.

Ark Asset 102 2,520 2,520 03/14/2006 04/15/2006 04/16/2006
AT&T INC. Ticker: T Special Meeting Date: 07/21/2006

SEDOL:

Proposal Vote
01 For For APPROVE ISSUANCE OF AT&T COMMON SHARES REQUIRED TO
BE ISSUED PURSUANT TO THE MERGER AGREEMENT, DATED
AS OF MARCH 4, 2006, BY AND AMONG BELLSOUTH CORPORATION,
AT&T INC. AND ABC CONSOLIDATION CORP., AS IT MAY BE
AMENDED.
Comments
This proposal seeks shareholder approval of the Company acquiring BellSouth Corp.The
Company and BellSouth are in the telecommunications services business.The Board
recommends shareholder approval because: 1) 100% ownership of Cingular Wireless
will increase the Company's investment in the fast growing wireless business, which
should help facilitate future revenue growth, 2) expected cost savings, revenue
improvement, and capital savings with a value of approximately $18 billion and 3)
integration of the IP networks of the Company, BellSouth, and Cingular will permit
the Company to offer more quickly voice, data, and video products that it expects
customers to increasingly demand in the future. Per the terms of the acquisition,
each common share of BellSouth will receive 1.325 shares of Company common stock,
which represents a premium of 17.9% based on the closing prices of the shares on
the last day of trading before the transaction was announced (18.9%premium over
the average closing price for the five days from the 60th day before announcement).
An opinion has been issued by Lehman Brothers Inc. that the terms are fair to the
Company's shareholders. For those reasons, a vote is cast in favor of the proposal.

Ark Asset 102 2,520 2,520 06/08/2006 07/10/2006 07/11/2006
AVON PRODUCTS, INC. Ticker: AVP Annual Meeting Date: 05/04/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld W. DON CORNWELL

For EDWARD T. FOGARTY
For STANLEY C. GAULT
For FRED HASSAN
For ANDREA JUNG
For MARIA ELENA LAGOMASINO
Withheld ANN S. MOORE
For PAUL S. PRESSLER
For PAULA STERN
For LAWRENCE A. WEINBACH
Policies
all other nominees.
02 For For RATIFICATION OF THE APPOINTMENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Policies
03 For Against RESOLUTION REGARDING DIRECTOR ELECTION BY MAJORITY
VOTE
Policies
04 For Against RESOLUTION REGARDING REPORT ON BREAST CANCER FUNDRAISING
AND GRANT DISTRIBUTION
Comments
This shareholder proposal asks the Board to report annually on: 1) the total contributions
of the Company to the Avon Foundation, 2) fundraising and administrative costs of
the Avon-2 Day Walk for Breast Cancer, 3) criteria for awarding research grants,
3) geographical distribution of grants, 4) description of the purpose of each research
grant awarded, and 5) description of the mission, function, and qualifications for
serving on the Avon Foundation's community advisory board. The proponent said the
Company has been criticized by the media for a lack of transparency and accountability
in key aspects of its fundraising (how much money is raised in each city were walks
are held and the grants awarded in those cities) and grant making (information about
research grants - scientific question addressed, purpose, duration, and the scientists
involved). The Board said information on individual walks is not required to be

disclosed and it has a website which provides extensive information on its medical
research grants. A vote is cast for this proposal because it is in the best interest
of shareholders to have an annual report that comprehensively presents the requested
information in a transparent and accountable manner.
05 For Against RESOLUTION REGARDING BENCHMARKING OF INCENTIVE COMPENSATION
GOALS AGAINST PEER GROUP PERFORMANCE
Policies
06 For Against RESOLUTION REGARDING TOXICS POLICY REPORT
Comments
This shareholder proposal requests the Board to prepare a report on the Company's
policy of using safer substitutes for chemicals that are known or suspected carcinogens.
The report would include: 1) an inventory of chemicals that are known or suspected
carcinogens, 2) a plan for identifying safer substitutes, 3) procedures for ongoing
reviews of toxicity information and 4) how the Company ensures its policies are
implemented. The Company said it is committed to selling only safe products and
its present chemical assessment program, reviews of new toxicity information, and
monitoring activities meets the requirements of the proponent's proposal. Therefore,
they should have no objection to issuing a public report that will allow the Company
to check the efficiency of its own procedures and to alleviate consumer concerns
about preventing cancer and other health disorders and enhance its reputation among
health conscious consumers. A vote is cast in favor.

Ark Asset 102 300 300 04/04/2006 04/23/2006 04/24/2006
BAKER HUGHES INCORPORATED Ticker: BHI Annual Meeting Date: 04/27/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For RATIFICATION OF DELOITTE & TOUCHE AS THE COMPANY S
INDEPENDENT AUDITOR FOR FISCAL YEAR 2006.
Policies
03 Against For PROPOSAL TO APPROVE PERFORMANCE CRITERIA FOR AWARDS
UNDER THE ANNUAL INCENTIVE COMPENSATION PLAN.
Comments
This proposal asks shareholders to approve the criteria used in the Company's cash/stock
bonus plan. A vote is cast against this proposal because the plan is flawed because
it does not disclose specific performance goals upon which awards are based.
04 For Against STOCKHOLDER PROPOSAL NO. 1 REGARDING VOTING UNDER
THE COMPANY S DELAWARE CHARTER.
Comments
This shareholder proposal asks the Board to institute simple majority voting on
each issue subject to shareholder vote. It is in the best interests of shareholders
for a majority vote to suffice rather than a super majority vote requirement. A

Ark Asset 107 200 200 03/16/2006 04/11/2006 04/12/2006
BANK OF AMERICA CORPORATION Ticker: BAC Annual Meeting Date: 04/26/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RATIFICATION OF THE INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM FOR 2006.
Policies
03 Against For ADOPT AN AMENDMENT TO THE 2003 KEY ASSOCIATE STOCK
PLAN.
Policies
04 Against Against STOCKHOLDER PROPOSAL- POLITICAL CONTRIBUTIONS
Policies
This shareholder proposal requests the Company to print in general circulation newspapers
the amount of money being spent for political purposes and specify what political
causes the Company seeks to promote with those funds. The Board responded that it
is compliance with campaign disclosure laws and this proposal would be an unnecessary
duplication and expense. A vote is cast against this proposal.
05 For Against STOCKHOLDER PROPOSAL- MAJORITY VOTING IN DIRECTOR

ELECTIONS
Policies
06 For Against STOCKHOLDER PROPOSAL- INDEPENDENT BOARD CHAIRMAN
Policies
07 Against Against STOCKHOLDER PROPOSAL- EQUAL EMPLOYMENT OPPORTUNITY
POLICY
Policies
This shareholder proposal asks the Company to adopt/amend an equal opportunity policy
which does not make reference to sexual orientation. A vote is cast against this
proposal because it is important for the company to be able to attract and hire
the best employees and ensure the best possible work environment. Adoption of this
proposal could also put the company in violation of laws of cities and states in
which the company does business.

Ark Asset 104 2,901 2,901 03/22/2006 04/11/2006 04/11/2006
BAXTER INTERNATIONAL INC. Ticker: BAX Annual Meeting Date: 05/09/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
FIRM
Policies
03 For For PROPOSAL TO AMEND ARTICLE SIXTH OF THE RESTATED CERTIFICATE
OF INCORPORATION ELIMINATING THE CLASSIFIED STRUCTURE
OF THE BOARD OF DIRECTORS
Policies
04 For For PROPOSAL TO AMEND ARTICLE FIFTH OF THE RESTATED CERTIFICATE
OF INCORPORATION REDUCING THE MINIMUM AND MAXIMUM
NUMBER OF DIRECTORS
Policies
This proposal seeks to change the size of the board. The change does not affect
the board having a two-thirds majority of independent outside directors and is appropriate
for the size of the company. A vote is cast in favor.
05 For Against PROPOSAL RELATING TO THE REDEMPTION OF THE SHAREHOLDER
RIGHTS PLAN
Policies

Ark Asset 109 400 400 03/23/2006 04/27/2006 04/27/2006
BB&T CORPORATION Ticker: BBT Annual Meeting Date: 04/25/2006

SEDOL:

Proposal Vote
01 For For TO APPROVE AN AMENDMENT TO ARTICLE III, SECTION 2
OF BB&T CORPORATION S BYLAWS TO ELIMINATE THE CLASSIFIED
BOARD.
Policies
02 For For TO APPROVE AN AMENDMENT TO ARTICLE III, SECTION 2
OF BB&T CORPORATION S BYLAWS TO ELIMINATE THE NATIONAL
BANK DIRECTOR QUALIFICATION STANDARD.
Comments
This proposal asks shareholders to approve an amendment to the Company's bylaws
to eliminate the requirement that the Company's directors must possess the qualifications
required for national bank directors under federal law. Several provisions in the
Corporation's current bylaws were adopted in 1984 by the shareholders of Southern
National Corporation, a merger predecessor of the Company. The Company states that
this bylaw requirement is no longer appropriate for or applicable to the Company,
as it is a bank holding company and not a national bank. A vote is cast in favor.
03 For DIRECTOR
Withheld JENNIFER S. BANNER

Withheld NELLE R. CHILTON
For L. VINCENT HACKLEY, PHD
For JANE P. HELM
For JAMES H. MAYNARD
For E. RHONE SASSER
Policies
04 Against For TO RE-APPROVE THE BB&T CORPORATION S SHORT-TERM INCENTIVE
PLAN FOR FEDERAL TAX PURPOSES.
Policies
05 Against For TO RATIFY THE APPOINTMENT OF PRICEWATERHOUSECOOPERS
LLP AS BB&T S INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM FOR 2006.
Policies

Ark Asset 107 400 400 03/22/2006 04/16/2006 04/16/2006
BEAZER HOMES USA, INC. Ticker: BZH Annual Meeting Date: 02/01/2006
Issuer: 07556Q City: Holdings Reconciliation Date: 12/05/2005
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For PROPOSAL TO RATIFY THE SELECTION OF DELOITTE & TOUCHE
LLP BY THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS
AS THE COMPANY S INDEPENDENT AUDITORS FOR THE FISCAL
YEAR ENDING SEPTEMBER 30, 2006.
Policies

Ark Asset 105 300 300 01/03/2006 01/20/2006 01/21/2006
BECTON, DICKINSON AND COMPANY Ticker: BDX Annual Meeting Date: 01/31/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld EDWARD J. LUDWIG

For WILLARD J. OVERLOCK, JR
For BERTRAM L. SCOTT
Policies
02 Against For RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED
Policies
03 For Against ENVIRONMENTAL REPORT
Comments
This shareholder proposal asks the Company to prepare a report which would: 1) evaluate
the Company's policies on Brominated Flame Retardants (BFRS) and other toxic chemicals,
2) the status of these chemicals in Company products, and 3) a plan to revise policies
and practices and to phase out these chemicals. According to the proponent the Company's
health care products contain BFRS which can impair brain development and the Company
does not have a specific policy to eliminate this chemical from its products. Five
U.S. states and the European Union have already committed to phasing out certain
BFRS in their jurisdictions. A vote is cast for this proposal because the report
would help shareholders evaluate the risk BFRS posed to the Company's future business
and would be consistent with the Company's commitment to an ongoing review of its
materials and to the manufacturing safe medical products.
04 For Against CUMULATIVE VOTING
Policies

Ark Asset 109 200 200 12/22/2005 01/13/2006 01/13/2006
BED BATH & BEYOND INC. Ticker: BBBY Annual Meeting Date: 06/29/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld STEVEN H. TEMARES

Withheld KLAUS EPPLER
For FRAN STOLLER
Policies
02 For For RATIFICATION OF THE APPOINTMENT OF KPMG LLP.
Policies
03 For Against SHAREHOLDER PROPOSAL; BOARD DIVERSITY REPORT.
Policies
This proposal seeks to add qualified women and minorities to the board. This board
would benefit from some diversity of opinions and experience. A vote is cast in
favor of the proposal.
04 For Against SHAREHOLDER PROPOSAL; FOREIGN WORKPLACE MONITORING.
Policies
05 For Against SHAREHOLDER PROPOSAL; ENERGY EFFICIENCY REPORT.
Comments
This shareholder proposal wants the Company to prepare a report which assesses its
response to regulatory, competitive, and public pressure to increase energy efficiency.
The proponent pointed out that residential and commercial buildings account for
approximately 40% of energy and 70% of electricity consumed in the U.S. each year
and that several retailers have recognized that energy efficient building considerations
are becoming increasingly important. A vote is cast for this proposal because concerns
about rising energy prices, climate change and energy security continue to increase
and this report will provide shareholders with the necessary information to evaluate
the competitive, reputational, and regulatory risks the Company may encounter. Also,
the Company said it is focused on energy efficiency and committed to reducing expense
therefore, it should have no objection to supporting this proposal.
06 For For AMEND CERTIFICATE OF INCORPORATION; REGARDING ELECTION
OF DIRECTORS.
Policies

Ark Asset 100 200 200 05/27/2006 06/21/2006 06/22/2006
BELLSOUTH CORPORATION Ticker: BLS Annual Meeting Date: 04/24/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld F.D. ACKERMAN

Withheld R.V. ANDERSON
Withheld J.H. BLANCHARD
Withheld J.H. BROWN
Withheld A.M. CODINA
Withheld M.L. FEIDLER
For K.F. FELDSTEIN
For J.P. KELLY
For L.F. MULLIN
For R.B. SMITH
Withheld W.S. STAVROPOULOS
Policies
02 For For RATIFY THE APPOINTMENT OF THE INDEPENDENT REGISTERED
Policies
03 For Against SHAREHOLDER PROPOSAL RE: DISCLOSURE OF POLITICAL CONTRIBUTIONS
Comments

Ark Asset 102 1,100 1,100 03/17/2006 04/05/2006 04/05/2006
BELLSOUTH CORPORATION Ticker: BLS Special Meeting Date: 07/21/2006

SEDOL:

Proposal Vote
01 For For APPROVE THE AGREEMENT AND PLAN OF MERGER, DATED AS
OF MARCH 4, 2006, AS AMENDED, AMONG BELLSOUTH, AT&T
INC. AND A WHOLLY-OWNED SUBSIDIARY OF AT&T INC.
Comments
This proposal seeks shareholder approval of the Company being acquired by AT&T Inc.
The Company and AT&T are in the telecommunications business. The Board recommends
shareholder approval because: 1) the premium to be received by shareholders, 2)
Company shareholders will hold approximately 38% of the combined company and will
have an opportunity to share in the future growth and expected synergies of the
combination, 3) the simplification of the ownership of Cingular Wireless, and 4)
the anticipated improved capabilities and competitiveness of the combined company
as compared to remaining a stand alone entity. Per the terms of the merger, each
share of Company common stock will receive 1.325 shares of AT&T common stock, which
represents a premium of 17.9% based on the closing prices of the shares on the last
day of trading before the transaction was announced (18.9% premium over the average
closing price for the five days from the 60th day before announcement). An opinion
has been issued by Citigroup Global Markets that the terms are fair to the Company's
shareholders. For those reasons, a vote is cast in favor of the proposal.

Ark Asset 102 1,100 1,100 06/07/2006 07/10/2006 07/11/2006
BEST BUY CO., INC. Ticker: BBY Annual Meeting Date: 06/21/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld BRADBURY H. ANDERSON

For KATHY J. HIGGINS VICTOR
Withheld ALLEN U. LENZMEIER
For FRANK D. TRESTMAN
Policies
02 For For RATIFICATION OF THE APPOINTMENT OF DELOITTE & TOUCHE
LLP AS THE COMPANY S INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM FOR THE CURRENT FISCAL YEAR.
Policies

Ark Asset 101 300 300 05/20/2006 06/12/2006 06/13/2006
BIOGEN IDEC INC. Ticker: Annual Meeting Date: 05/25/2006

Issuer: 09062X City: Holdings Reconciliation Date: 03/31/2006
SEDOL:

Proposal Vote
Policies
02 Against For TO RATIFY THE SELECTION OF PRICEWATERHOUSECOOPERS
ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING DECEMBER
31, 2006.
Policies
03 Against For TO APPROVE OUR 2006 NON-EMPLOYEE DIRECTORS EQUITY
PLAN.
Policies

Ark Asset 103 215 215 04/22/2006 05/15/2006 05/15/2006
BLACK HILLS CORPORATION Ticker: BKH Annual Meeting Date: 05/24/2006

SEDOL:

Proposal Vote
Policies
02 Against For RATIFY THE APPOINTMENT OF DELOITTE & TOUCHE LLP TO
SERVE AS BLACK HILLS CORPORATION S INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM FOR 2006.
Policies

Ark Asset 109 200 200 04/19/2006 05/14/2006 05/15/2006
BOSTON SCIENTIFIC CORPORATION Ticker: BSX Special Meeting Date: 03/31/2006

SEDOL:

Proposal Vote
01 For For TO ADOPT AN AMENDMENT TO THE COMPANY S SECOND RESTATED
CERTIFICATE OF INCORPORATION, AS AMENDED, TO INCREASE
THE AUTHORIZED NUMBER OF SHARES OF COMMON STOCK OF
THE COMPANY FROM 1,200,000,000 TO 2,000,000,000.
Comments
This proposal seeks shareholder approval of the Company acquiring Guidant Corp.
Both companies are in the business of manufacturing medical devices(Boston Scientific
makes stents to prop open clogged arteries and Guidant produces defibrillators and
pacemakers). The Board recommends shareholder approval because the merger will:1)
create an opportunity to further diversify and expand the growth markets the two
companies serve, 2) give the combined company a leading position in the high growth
area of cardiac rhythm management,3) allow the combined company to become a market
leader in the sales of cardiovascular devices, and 4) provide a more diversified
and strong cash flow to allow the combined company to service the debt incurred
in connection with the transaction. Per the terms of the acquisition, each share
of Guidant common stock will receive the equivalent of $38.00 in Company common
stock and $42.00 in cash which represents a premium of 4.0% based on the closing
prices of the shares on the last day trading before the transaction was announced
(30 % premium over the average closing price for the five days from the preceding
60th day before announcement). An opinion has been issued by Merrill Lynch and
Bear Stearns that the terms are fair to the Company's shareholders. Also, one of
our client's investment managers recommends this transaction. For those reasons,
a vote is cast in favor of the proposal.
02 Against For TO APPROVE OF THE ISSUANCE OF SHARES OF COMMON STOCK
OF THE COMPANY TO THE SHAREHOLDERS OF GUIDANT CORPORATION
PURSUANT TO THE TERMS OF THE MERGER AGREEMENT, DATED
AS OF JANUARY 25, 2006, BETWEEN THE COMPANY, GALAXY
MERGER SUB, INC. AND GUIDANT CORPORATION.
Comments
This proposal asks shareholders to approve an amendment to the Company's Certificate
of Incorporation which would increase the number of authorized shares from 1.2 billion
to 2.0 billion. A vote is cast against this proposal because the amount is more
than 50% of the authorized amount and is excessive in terms of the number of shares
needed to complete the transaction described in proposal number one.

Ark Asset 107 500 500 03/09/2006 03/20/2006 03/21/2006
BOSTON SCIENTIFIC CORPORATION Ticker: BSX Annual Meeting Date: 05/09/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02A For For ELECTION OF DIRECTOR: NANCY-ANN DEPARLE
Policies
In voting on nominees for the board of trustees, the shareholder examines each nominee
to determine if he or she is an independent outsider or an insider (e.g., a key
executive, a relative of a key executive, a contractor with the company).
majority here. A vote is cast for the nominee.
02B For For ELECTION OF DIRECTOR: KRISTINA M. JOHNSON, PH.D.
Policies
03 Against For RATIFICATION OF ERNST & YOUNG LLP AS INDEPENDENT AUDITORS.
Policies
04 For For TO APPROVE THE BOSTON SCIENTIFIC CORPORATION 2006
GLOBAL EMPLOYEE STOCK OWNERSHIP PLAN.
Policies

Ark Asset 107 500 500 04/12/2006 04/25/2006 04/26/2006
BP P.L.C. Ticker: BP Annual Meeting Date: 04/20/2006

SEDOL:

Proposal Vote
01 For For TO RECEIVE THE DIRECTORS ANNUAL REPORT AND THE ACCOUNTS
Policies
The adoption of accounts for the past year is a routine, bookkeeping matter that
does not materially affect shareholders. No objection has been made. A vote is
cast in favor.
02 Against For TO APPROVE THE DIRECTORS REMUNERATION REPORT
Comments
This proposal seeks shareholder advise on the Company's remuneration policy. The
policy does contain some provisions that are materially adverse to shareholder interests
(lack of independence on the remuneration committee). Therefore, a vote is cast
against.
03 For DIRECTOR
Withheld DR D C ALLEN
Withheld LORD BROWNE
Withheld MR J H BRYAN
For MR A BURGMANS
Withheld MR I C CONN
Withheld MR E B DAVIS, JR
For MR D J FLINT
Withheld DR B E GROTE
Withheld DR A B HAYWARD
For DR D S JULIUS
For SIR TOM MCKILLOP
Withheld MR J A MANZONI
Withheld DR W E MASSEY
For SIR IAN PROSSER
Withheld MR M H WILSON
Withheld MR P D SUTHERLAND
Policies
04 Against For TO RE-APPOINT ERNST & YOUNG LLP AS AUDITORS AND AUTHORIZE
THE BOARD TO SET THEIR REMUNERATION
Policies
05 Against For SPECIAL RESOLUTION: TO GIVE LIMITED AUTHORITY FOR
THE PURCHASE OF ITS OWN SHARES BY THE COMPANY
Comments
06 For For TO GIVE AUTHORITY TO ALLOT SHARES UP TO A SPECIFIED
AMOUNT
Comments
This seeks to issue securities with preemptive rights (i.e., first refusal of pro-rata
share). The preemption provision protects a shareholders percentage of current
equity. The number of shares involved is not excessive. A vote in favor is cast.
07 For For SPECIAL RESOLUTION: TO GIVE AUTHORITY TO ALLOT A LIMITED
NUMBER OF SHARES FOR CASH WITHOUT MAKING AN OFFER
TO SHAREHOLDERS
Comments

Ark Asset 104 100 100 03/15/2006 03/28/2006 03/28/2006
BRISTOL-MYERS SQUIBB COMPANY Ticker: BMY Annual Meeting Date: 05/02/2006

SEDOL:

Proposal Vote
Policies
02 Against For RATIFICATION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
Policies
03 For Against EXECUTIVE COMPENSATION DISCLOSURE
Policies
This proposal calls for disclosing the salaries of key executives earning over $500,000
annually. This data is useful in evaluating stock option plans. A vote is cast
in favor of the proposal.
Policies
05 For Against RECOUPMENT
Policies
This proposal asks the board to adopt a policy to review all bonuses and awards
to senior executives when a restatement of the company's financial results occurs
and to recoup any incentive-based compensation if specified performance targets
were not actually achieved. A vote is cast for this proposal because incentive pay
should be paid and retained only if the company legitimately achieves performance
benchmarks that are set in advance.
06 For Against ANIMAL TREATMENT
Comments
cast in favor.
07 Against Against TERM LIMITS
Policies
This proposal would limit director tenure. It is not in the best interests of shareholders
to arbitrarily eliminate qualified, experienced directors. A vote is cast against.

Ark Asset 108 1,200 1,200 03/24/2006 04/20/2006 04/20/2006
BROADCOM CORPORATION Ticker: BRCM Annual Meeting Date: 04/27/2006

SEDOL:

Proposal Vote
Policies
02 Against For TO APPROVE SECOND AMENDED AND RESTATED ARTICLES OF
INCORPORATION TO (I) INCREASE THE AGGREGATE NUMBER
OF AUTHORIZED SHARES OF CLASS A COMMON STOCK FROM
800,000,000 SHARES TO 2,500,000,000 SHARES, AND (II)
ELIMINATE ALL STATEMENTS REFERRING TO SERIES A-E PREFERRED
STOCK, ALL AS MORE FULLY DESCRIBED IN THE PROXY STATEMENT.
Policies
The company seeks to increase the number of common shares authorized. The amount
requested is in excess of 50% of the amount currently available. For those reasons,
a vote against is cast.
03 Against For TO APPROVE AN AMENDMENT TO THE COMPANY S BYLAWS, AS
PREVIOUSLY AMENDED AND RESTATED, TO INCREASE THE AUTHORIZED
NUMBER OF DIRECTORS FROM A RANGE OF FIVE (5) TO NINE
(9) TO A RANGE OF SIX (6) TO ELEVEN (11) DIRECTORS.
Comments
This proposal asks the Board to increase the authorized number of directors from
a range of five to nine to a range of six to eleven directors. Currently the Board
has a two-thirds majority of outsiders and the addition of two other Board members
could possibly change the ratio to a less than optimal mix of independents and insiders.
Therefore, a vote is cast against this proposal.
04 For For TO APPROVE AN AMENDMENT AND RESTATEMENT OF BROADCOM
S 1998 STOCK INCENTIVE PLAN, AS PREVIOUSLY AMENDED
AND RESTATED, WHICH REVISES THE AUTOMATIC EQUITY GRANT
PROGRAM IN EFFECT FOR NEW AND CONTINUING NON-EMPLOYEE
BOARD MEMBERS AND MAKES CERTAIN TECHNICAL REVISIONS
AND IMPROVEMENTS.
Comments
This proposal asks shareholders to approve an amendment to the Company's 1998 Stock
Incentive Plan. One of the changes would eliminate the initial stock awards to newly
elected non-employee directors and renewal awards given every four years to continuing
non-employee directors (an option to purchase 75,000 shares of Class A common stock
and restricted stock units covering 25,002 shares of Class A common stock). The
amendment would also reduce the annual awards of 11,250 shares of Class common stock
to 10,000 shares while increasing the annual restricted stock unit award from 3,750
shares to 5,000. A vote is cast for this proposal because the elimination of the
initial and renewal stock award grant makes a bad plan better.
05 For For TO RATIFY THE APPOINTMENT OF ERNST & YOUNG LLP AS
THE COMPANY S INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM FOR THE YEAR ENDING DECEMBER 31, 2006.
Policies

Ark Asset 107 450 450 03/31/2006 04/13/2006 04/14/2006
BURLINGTON NORTHERN SANTA FE CORPORA Ticker: BNI Annual Meeting Date: 04/19/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld A.L. BOECKMANN

For D.G. COOK
Withheld V.S. MARTINEZ
For M.F. RACICOT
For R.S. ROBERTS
Withheld M.K. ROSE
For M.J. SHAPIRO
For J.C. WATTS, JR
For R.H. WEST
Withheld J.S. WHISLER
Withheld E.E. WHITACRE, JR.
Policies
LLP AS THE COMPANY S INDEPENDENT AUDITOR FOR 2006
(ADVISORY VOTE).
Policies
03 Against For APPROVAL OF THE AMENDED AND RESTATED BURLINGTON NORTHERN
SANTA FE 1999 STOCK INCENTIVE PLAN.
Policies
Combined with existing plans, the number of shares in the plan could result in
04 Against For APPROVAL OF THE AMENDED AND RESTATED BNSF RAILWAY
COMPANY INCENTIVE COMPENSATION PLAN.
Policies
This proposal establishes a cash bonus plan for key executives. The plan fails
to specify performance standards upon which the bonuses will be granted, without
which a judgement cannot be made as to the plan's validity. A vote is cast against.
05 For Against SHAREHOLDER PROPOSAL REGARDING MAJORITY VOTING.
Policies
06 For Against SHAREHOLDER PROPOSAL REGARDING SEPARATION OF CHAIRMAN
AND CHIEF EXECUTIVE OFFICER.
Policies

Ark Asset 104 300 300 03/15/2006 04/04/2006 04/05/2006
BURLINGTON RESOURCES INC. Ticker: BR Special Meeting Date: 03/30/2006

SEDOL:

Proposal Vote
01 For For APPROVAL AND ADOPTION OF THE AGREEMENT AND PLAN OF
MERGER, DATED AS OF DECEMBER 12, 2005, BY AND AMONG
CONOCOPHILLIPS, CELLO ACQUISITION CORP. AND BURLINGTON
RESOURCES INC.
Comments
This proposal seeks shareholder approval of the Company being acquired by ConocoPhillips.The
two companies are in the energy business.The Board recommends shareholder approval
because: 1) The complementary strategic fit between the two companies, 2) the cost
savings that could be achieved due to the overlap of each company's exploration
and production assets, 3) the timing of the transaction was favorable to the Company
due to current market conditions 4) the potential for Company shareholders to realize
additional value over time through appreciation of ConocoPhillips common stock.
Per the terms of the merger, each share of Company stock will receive 0.7214 of
a share of ConocoPhillips common stock and $46.50 in cash, which represents a premium
of 20.9% based on the closing prices of the shares on the last day of trading before
the transaction was announced (31.1% premium over the average closing price for
the five days from the preceding 60th day before announcement). An opinion has
been issued by Morgan Stanley and JP Morgan that the terms are fair to the Company's
shareholders. The market reaction has been favorable to this transaction. For those
reasons, a vote is cast in favor of the proposal.
02 For For APPROVAL OF AN ADJOURNMENT OR POSTPONEMENT OF THE
SPECIAL MEETING, IF NECESSARY, TO SOLICIT ADDITIONAL
PROXIES.
Policies
the agenda. Since all the agenda items are being supported, a vote is cast in favor.

Ark Asset 103 300 300 03/02/2006 03/14/2006 03/15/2006
CAPITAL ONE FINANCIAL CORPORATION Ticker: COF Annual Meeting Date: 04/27/2006
Issuer: 14040H City: Holdings Reconciliation Date: 02/28/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RATIFICATION OF ERNST & YOUNG LLP AS INDEPENDENT AUDITORS
OF THE CORPORATION FOR 2006.
Policies
03 Against For APPROVAL AND ADOPTION OF THE AMENDED AND RESTATED
CAPITAL ONE 2004 STOCK INCENTIVE PLAN.
Policies
04 For Against STOCKHOLDER PROPOSAL: DIRECTOR ELECTION MAJORITY VOTE
STANDARD.
Policies

Ark Asset 105 200 200 03/25/2006 04/13/2006 04/13/2006
CAREMARK RX, INC. Ticker: CMX Annual Meeting Date: 05/10/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For C. DAVID BROWN II

For HARRIS DIAMOND
Withheld C.A. LANCE PICCOLO
For MICHAEL D. WARE
Policies
02 For Against STOCKHOLDER PROPOSAL - POLITICAL CONTRIBUTIONS
Policies
This shareholder proposal asks the Company to disclose the date and amount of money
given to political campaigns, parties, referendums or citizens initiatives in the
prior year. This information is available in various public records scattered throughout
different states but is not readily and easily available in total to shareholders.
A vote is cast for this proposal because it would provide useful information regarding
the Company's political contributions.

Ark Asset 103 300 300 04/14/2006 04/26/2006 04/26/2006
CARNIVAL CORPORATION Ticker: CCL Annual Meeting Date: 04/20/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld MICKY ARISON

For AMB RICHARD G. CAPEN JR
Withheld ROBERT H. DICKINSON
Withheld ARNOLD W. DONALD
Withheld PIER LUIGI FOSCHI
Withheld HOWARD S. FRANK
For RICHARD J. GLASIER
For BARONESS HOGG
Withheld A. KIRK LANTERMAN
For MODESTO A. MAIDIQUE
For SIR JOHN PARKER
For PETER G. RATCLIFFE
For STUART SUBOTNICK
For UZI ZUCKER
Policies
02 For For TO RE-APPOINT PRICEWATERHOUSECOOPERS LLP AS INDEPENDENT
AUDITORS FOR CARNIVAL PLC AND TO RATIFY THE SELECTION
OF PRICEWATERHOUSECOOPERS LLP AS THE INDEPENDENT REGISTERED
CERTIFIED PUBLIC ACCOUNTING FIRM FOR CARNIVAL CORPORATION.
Policies
The appointment of auditors is a routine matter that does not materially affect
shareholders. No objection has been made. A vote is cast in favor of the proposal.
03 For For TO AUTHORIZE THE AUDIT COMMITTEE OF CARNIVAL PLC TO
AGREE TO THE REMUNERATION OF THE INDEPENDENT AUDITORS.
Policies
This proposal authorizes the board to fix the auditor's remuneration. This is normally
a routine, ministerial matter that does not materially affect shareholders. The
amount paid for non-audit fees is not excessive. No objection has been raised.
04 For For TO RECEIVE THE ACCOUNTS AND REPORTS FOR CARNIVAL PLC
FOR THE FINANCIAL YEAR ENDED NOVEMBER 30, 2005.
Policies
The acceptance of financial statements is a routine, bookkeeping matter that does
not materially affect shareholders. No objection has been made. A vote is cast
in favor.
05 For For TO APPROVE THE DIRECTORS REMUNERATION REPORT OF CARNIVAL
PLC.
Comments
This proposal seeks shareholder advise on the Company's remuneration policy. The
policy does not contain any provisions that are materially adverse to shareholder
interests. A vote is cast in favor.
06 For For TO APPROVE LIMITS ON THE AUTHORITY TO ALLOT SHARES
BY CARNIVAL PLC.
Comments
This seeks to issue securities with preemptive rights (i.e. first refusal of pro-rata
share). The preemption provision protects a shareholders percentage of current equity.
The number of shares involved is not excessive. A vote in favor is cast.
07 For For TO APPROVE THE DISAPPLICATION OF PRE-EMPTION RIGHTS
FOR CARNIVAL PLC.
Comments
08 Against For TO APPROVE A GENERAL AUTHORITY FOR CARNIVAL PLC TO
BUY BACK CARNIVAL PLC ORDINARY SHARES IN THE OPEN MARKET.
Comments
Approval is sought for the repurchase of the Company shares.The repurchased shares
could potentially be used for poorly designed compensation plans. Therefore, a vote
is cast against the proposal.

Ark Asset 300 400 400 03/08/2006 04/17/2006 04/17/2006
CATERPILLAR INC. Ticker: CAT Annual Meeting Date: 06/14/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For AMEND ARTICLES OF INCORPORATION
Policies
03 Against For APPROVE LONG-TERM INCENTIVE PLAN
Policies
04 Against For APPROVE SHORT-TERM INCENTIVE PLAN
Policies
05 Against For RATIFY AUDITORS
Policies
06 For Against STOCKHOLDER PROPOSAL - DECLASSIFY BOARD
Policies
07 For Against STOCKHOLDER PROPOSAL - SEPARATE CEO & CHAIR
Policies
08 For Against STOCKHOLDER PROPOSAL - MAJORITY VOTE STANDARD
Policies

Ark Asset 101 400 400 05/03/2006 06/07/2006 06/08/2006
CENTERPOINT ENERGY, INC. Ticker: CNP Annual Meeting Date: 05/25/2006

SEDOL:

Proposal Vote
Policies
02 For For RATIFY THE APPOINTMENT OF DELOITTE & TOUCHE LLP AS
INDEPENDENT AUDITORS FOR 2006.
Policies
03 Against For REAPPROVE THE MATERIAL TERMS OF THE PERFORMANCE GOALS
UNDER OUR SHORT TERM INCENTIVE PLAN.
Policies
04 Against For REAPPROVE THE MATERIAL TERMS OF THE PERFORMANCE GOALS
UNDER OUR LONG-TERM INCENTIVE PLAN.
Policies
05 For Against SHAREHOLDER PROPOSAL RELATING TO ELECTING ALL DIRECTORS
ANNUALLY AND ELIMINATING DIRECTOR CLASSES WITH STAGGERED
TERMS.
Policies
06 Against Against WITHHOLD GRANTING OF AUTHORITY TO VOTE ON ALL OTHER
MATTERS THAT MAY PROPERLY COME BEFORE THE ANNUAL MEETING.
Policies
This proposal requests permission to act upon such other business as may properly
come before the meeting. Such a blank check delegation of voting rights is not
in the best interests of shareholders. A vote is cast against.

Ark Asset 107 500 500 04/21/2006 05/17/2006 05/18/2006
CENTEX CORPORATION Ticker: CTX Annual Meeting Date: 07/13/2006

SEDOL:

Proposal Vote
Policies
PUBLIC ACCOUNTING FIRM FOR FISCAL YEAR 2007.
Policies
03 For Against STOCKHOLDER PROPOSAL REGARDING ENERGY EFFICIENCY.
Comments
This shareholder proposal wants the Company to prepare a report which assesses its
response to regulatory, competitive, and public pressure to increase energy efficiency.
The proponent pointed out that residential and commercial buildings account for
approximately 40% of energy and 70% of electricity consumed in the U.S. each year
and that several retailers have recognized that energy efficient building considerations
are becoming increasingly important. A vote is cast for this proposal because concerns
about rising energy prices, climate change and energy security continue to increase
and this report will provide shareholders with the necessary information to evaluate
the competitive, reputational, and regulatory risks the Company may encounter. Also,
the Company said it is taking the appropriate steps to advance the cause of energy
efficiency. Therefore, it should have no objection to supporting this proposal.
04 For Against STOCKHOLDER PROPOSAL REGARDING MAJORITY VOTING.
Policies

Ark Asset 104 200 200 06/09/2006 06/28/2006 06/29/2006
CHEVRON CORPORATION Ticker: CVX Annual Meeting Date: 04/26/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RATIFICATION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
Policies
03 For Against AMEND COMPANY BY-LAWS TO INCLUDE PROPONENT REIMBURSEMENT
Comments
This shareholder proposal wants to add an amendment to the Company's by-laws, which
would require the Company to reimburse the proponent of a shareholder proposal for
all expenses incurred in submitting a proposal for stockholder consideration if
it is approved by the necessary stockholder vote. The proponent intends the reimbursement
action to be taken by the Company concerning shareholder proposals would be required
under a by-law to the Company's charter rather than the discretion of the Board.
A vote is cast for this proposal because it would provide incentives to shareholders
to initiate beneficial proposals without encouraging the submission of nuisance
agenda items.
04 For Against REPORT ON OIL & GAS DRILLING IN PROTECTED AREAS
Comments
This shareholder proposal asks the Company to prepare a report on the potential
environmental damage that would result from the Company drilling for oil and gas
in protected areas, including IUCN Management Categories I-V, World Heritage Sites,
and National parks, monuments, and wildlife refuges. A vote is cast for this proposal
because the report would proved information on the possible impact to the Company's
value from decisions to do business in protected and sensitive areas.
05 For Against REPORT ON POLITICAL CONTRIBUTIONS
Comments
06 For Against ADOPT AN ANIMAL WELFARE POLICY
Comments
cast in favor.
07 For Against REPORT ON HUMAN RIGHTS
Policies
08 For Against REPORT ON ECUADOR
Comments
This shareholder proposal requests that the Board provide a report on the Company's
annual expenditures from 1993 to 2005 for remediation efforts and other expenses
in connection with an oil-related contamination site in the Ecuadorian Amazon. The
proponent said: 1) the Company is addressing the issue as a public relations problem
rather than a serious health and environmental problem, 2) could damage the Company's
reputation and credibility as an environmentally responsible corporate citizen,
and 3) jeopardize the Company's ability to compete in the global marketplace and
may lead to significant financial costs. A vote is cast for this proposal because
it would give shareholders information to better evaluate the risks to the Company
of the Ecuadorian contamination incident.

Ark Asset 100 1,609 1,609 03/22/2006 04/21/2006 04/21/2006
CHUBB CORPORATION Ticker: CB Annual Meeting Date: 04/25/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For ZOE BAIRD

Withheld SHEILA P. BURKE
For JAMES I. CASH, JR.
For JOEL J. COHEN
Withheld JAMES M. CORNELIUS
For JOHN D. FINNEGAN
For KLAUS J. MANGOLD
For SIR DAVID G SCHOLEY CBE
For RAYMOND G.H. SEITZ
Withheld LAWRENCE M. SMALL
For DANIEL E. SOMERS
For KAREN HASTIE WILLIAMS
For ALFRED W. ZOLLAR
Policies
for the insider nominees who serve on those committees.
02 Against For TO VOTE ON THE ADOPTION OF THE CHUBB CORPORATION
ANNUAL INCENTIVE COMPENSATION PLAN (2006).
Policies
INDEPENDENT AUDITOR.
Policies
04 For Against TO VOTE ON A SHAREHOLDER PROPOSAL REGARDING THE MANNER
IN WHICH DIRECTORS ARE ELECTED.
Policies
05 For Against TO VOTE ON A SHAREHOLDER PROPOSAL REGARDING POLITICAL
CONTRIBUTIONS.
Comments

Ark Asset 101 200 200 03/31/2006 04/11/2006 04/11/2006
CIGNA CORPORATION Ticker: CI Annual Meeting Date: 04/26/2006

SEDOL:

Proposal Vote
Policies
02 For For RATIFICATION OF APPOINTMENT OF PRICEWATERHOUSECOOPERS
LLP AS INDEPENDENT AUDITORS.
Policies

Ark Asset 109 100 100 03/23/2006 04/12/2006 04/13/2006
CITIGROUP INC. Ticker: C Annual Meeting Date: 04/18/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For C. MICHAEL ARMSTRONG

For ALAIN J.P. BELDA
For GEORGE DAVID
For KENNETH T. DERR
Withheld JOHN M. DEUTCH
For R. HERNANDEZ RAMIREZ
For ANN DIBBLE JORDAN
For KLAUS KLEINFELD
For ANDREW N. LIVERIS
For DUDLEY C. MECUM
For ANNE MULCAHY
For RICHARD D. PARSONS
For CHARLES PRINCE
For JUDITH RODIN
For ROBERT E. RUBIN
For FRANKLIN A. THOMAS
Policies
02 Against For PROPOSAL TO RATIFY THE SELECTION OF KPMG LLP AS CITIGROUP
S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR
2006.
Policies
03 For For PROPOSAL TO AMEND ARTICLE FOURTH OF THE RESTATED CERTIFICATE
OF INCORPORATION.
Policies
This proposal would replace the supermajority vote requirement on certain issues
with a simple majority. It is in the best interests of shareholders for a majority
vote to suffice. A vote is cast in favor of the proposal.
04 For For PROPOSAL TO AMEND ARTICLE EIGHTH OF THE RESTATED CERTIFICATE
OF INCORPORATION.
Policies
This proposal eliminates a supermajority requirement to approve a business combination.
If a majority of shareholders want a business combination, they should be allowed
to have it. A vote is cast in favor.
05 For For PROPOSAL TO AMEND ARTICLE NINTH OF THE RESTATED CERTIFICATE
OF INCORPORATION.
Policies
This proposal eliminates a supermajority requirment to amend the company's charter.
If a majority of shareholders want to amend the company's charter, they should
be able to do so. A vote is cast in favor.
06 For Against STOCKHOLDER PROPOSAL REQUESTING NO FUTURE NEW STOCK

OPTION GRANTS AND NO RENEWAL OR REPRICING OF CURRENT
STOCK OPTIONS.
Comments
share price.
7 For Against STOCKHOLDER PROPOSAL REQUESTING A REPORT ON POLITICAL
CONTRIBUTIONS.
Policies
to shareholders. A vote is cast in favor.
8 Against Against STOCKHOLDER PROPOSAL REQUESTING A REPORT ON CHARITABLE
CONTRIBUTIONS.
Comments
This shareholder proposal asks the Company to provide a report which discloses its
policies and procedures for charitable contributions made with corporate assets,
contributions made, the business rationale for each contribution, the personnel
participating in the decision to contribute and the actual or estimated benefits
to the Company as a result of the contribution. Unlike corporate political contributions,
which are difficult to determine, the information sought here is already available
to shareholders. However, a charitable gift, by definition is made as a goodwill
gesture and not with the intent of receiving some measurable quid pro quo benefit
in return. Therefore, a vote is cast against this proposal.
9 For Against STOCKHOLDER PROPOSAL REQUESTING THE ADOPTION OF A
POLICY REGARDING PERFORMANCE-BASED EQUITY COMPENSATION
FOR SENIOR EXECUTIVES.
Policies
10 For Against STOCKHOLDER PROPOSAL REGARDING REIMBURSEMENT OF EXPENSES
INCURRED BY A STOCKHOLDER IN A CONTESTED ELECTION
OF DIRECTORS.
Policies
11 For Against STOCKHOLDER PROPOSAL REQUESTING THAT THE CHAIRMAN
OF THE BOARD HAVE NO MANAGEMENT DUTIES, TITLES OR RESPONSIBILITIES
Policies
12 For Against STOCKHOLDER PROPOSAL REQUESTING THE RECOUPMENT OF
MANAGEMENT BONUSES IN THE EVENT OF A RESTATEMENT OF
EARNINGS.
Policies
This proposal asks the board to adopt a policy to review all bonuses and awards
to senior executives when a restatement of the company's financial results occurs
and to recoup any incentive-based compensation if specified performance targets
were not actually achieved. A vote is cast for this proposal because incentive pay
should be paid and retained only if the company legitimately achieves performance
benchmarks that are set in advance.

Ark Asset 101 3,200 3,200 03/14/2006 04/03/2006 04/03/2006
CLEAR CHANNEL COMMUNICATIONS, INC. Ticker: CCU Annual Meeting Date: 04/26/2006
SEDOL:

Proposal Vote
Policies
02 Against For RATIFICATION OF THE SELECTION OF ERNST & YOUNG LLP
AS INDEPENDENT AUDITORS FOR THE YEAR ENDING DECEMBER
31, 2006.
Policies
03 For Against APPROVAL AND ADOPTION OF THE SHAREHOLDER PROPOSAL
REGARDING CORPORATE POLITICAL CONTRIBUTIONS.
Comments
04 For Against APPROVAL AND ADOPTION OF THE SHAREHOLDER PROPOSAL
REGARDING COMPENSATION COMMITTEE INDEPENDENCE.
Comments
This shareholder proposal requests the Board amend its Compensation Committee charter
to: 1) specify that the committee be composed solely of independent directors, 2)
how to select a committee member if a vacancy occurs between the annual meeting
of shareholders, 3) compliance with this policy is excused if no independent director
is available to serve on the committee and 4) defines an independent director: a)
someone whose directorship constitutes his or her only connection to the Company,
b) a person who is not or has not been, or whose relative is or in the past five
years has not been, employed by the Company or employed by, or a director of an
affiliate, and c) complies with the Council of Institutional Investors Definition
of Director Independence. A vote is cast for this proposal because the definition
of director independence by the CII is the "gold standard" and by adopting their
definition it would put into place a tougher and better standard for the Company.

Ark Asset 102 400 400 03/21/2006 04/06/2006 04/07/2006
COLGATE-PALMOLIVE COMPANY Ticker: CL Annual Meeting Date: 05/04/2006

SEDOL:

Proposal Vote
Policies
02 Against For RATIFY SELECTION OF PRICEWATERHOUSECOOPERS LLP AS
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Policies
03 Against For APPROVAL OF THE COMPANY S 2007 STOCK PLAN FOR NON-EMPLOYEE
DIRECTORS
Policies
04 For Against STOCKHOLDER PROPOSAL ON INDEPENDENT CHAIRMAN
Policies
05 For Against STOCKHOLDER PROPOSAL ON EXECUTIVE COMPENSATION
Policies

Ark Asset 103 400 400 04/06/2006 04/24/2006 04/25/2006
COMCAST CORPORATION Ticker: CMCSA Annual Meeting Date: 05/18/2006

Issuer: 20030N City: Holdings Reconciliation Date: 03/10/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld S. DECKER ANSTROM

Withheld KENNETH J. BACON
Withheld SHELDON M. BONOVITZ
For EDWARD D. BREEN
Withheld JULIAN A. BRODSKY
Withheld JOSEPH J. COLLINS
Withheld J. MICHAEL COOK
For JEFFREY A. HONICKMAN
For BRIAN L. ROBERTS
For RALPH J. ROBERTS
Withheld DR. JUDITH RODIN
For MICHAEL I. SOVERN
Policies
02 For For INDEPENDENT AUDITORS.
Policies
03 For For 2002 EMPLOYEE STOCK PURCHASE PLAN.
Policies
04 Against For 2002 RESTRICTED STOCK PLAN.
Policies
This proposal seeks to add shares to a restricted stock plan for key executives.
The plan is not a good one because it fails to specify performance standards upon
which to grant the stock. For that reason, a vote is cast against the proposal.
05 Against For 2006 CASH BONUS PLAN.
Policies
06 For Against PREVENT THE ISSUANCE OF NEW STOCK OPTIONS.
Comments
share price.
07 For Against REQUIRE THAT THE CHAIRMAN OF THE BOARD NOT BE AN EMPLOYEE.
Policies
08 For Against LIMIT COMPENSATION FOR MANAGEMENT.
Comments
This shareholder proposal requests that the Company eliminate all severance contracts
and all remuneration for any member of management in an amount above $500,000 per
year. A vote is cast for this proposal to protest the excessive compensation paid
to the Companys CEO during the past year in comparison to Company performance. The
Company's total cumulative return to shareholders dropped $18.00 from $81.00 in
2004, but the CEO received a total increase of $5.6 million in salary, bonus, restricted
stock and other compensation.
09 For Against ADOPT A RECAPITALIZATION PLAN.
Policies
This proposal eliminates unequal voting rights. It is in the best interests of shareholders
for all shareholders to have equal voting rights. A vote is cast in favor of the
proposal.
10 For Against ESTABLISH A MAJORITY VOTE SHAREHOLDER COMMITTEE.
Comments
This proposal asks the Board to form a committee composed of the proponent and any
other interested shareholder whenever a shareholder proposal that receives a majority
vote and the Board has not taken the action requested in the proposal. The proponent
said last year a majority of Class A shareholders voted to eliminate the Company's
poison pill but the Board has not adopted it. A vote is cast for this proposal because
the proposal provides a mechanism by which shareholders can communicate with Board
representatives their viewpoint.

Ark Asset 101 1,411 1,411 03/31/2006 05/08/2006 05/09/2006
COMFORT SYSTEMS USA, INC. Ticker: FIX Annual Meeting Date: 05/18/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For APPROVAL OF 2006 EQUITY INCENTIVE PLAN.
Policies
03 Against For APPROVAL OF 2006 STOCK OPTIONS/SAR PLAN FOR NON-EMPLOYEE
DIRECTORS.
Policies
04 For For RATIFICATION OF APPOINTMENT OF ERNST & YOUNG LLP AS
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2006.
Policies

Ark Asset 104 1,000 1,000 04/11/2006 05/07/2006 05/08/2006
CONOCOPHILLIPS Ticker: COP Annual Meeting Date: 05/10/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2006
Policies
03 For Against DRILLING IN SENSITIVE AREAS
Comments
This shareholder proposal asks the Board to prepare a report on the potential environmental
damage that would result from drilling inside the National Petroleum Reserve - Alaska
and the implications of a policy of refraining from drilling in that area. The Company
said it is committed to protecting fragile arctic environments and has strict standards
to ensure protection and accountability of performance. Therefore, the Board should
have no objection to providing a report that would allow shareholders to evaluate
the risks evolved in operating in an environmentally sensitive area.
04 For Against DIRECTOR ELECTION VOTE STANDARD
Policies
05 For Against SHAREHOLDER APPROVAL OF FUTURE EXTRAORDINARY RETIREMENT
BENEFITS FOR SENIOR EXECUTIVES
Policies
This proposal urges the Board to require shareholder approval before granting any
extraordinary pension benefits for executives under the Company's supplemental executive
retirement plan (SERP). A SERP is a plan that supplements executives retirement
pay with non-qualified benefits above compensation limits set by the IRS. They are
unfunded plans payable out of Company assets and the pension liability can be significant.
06 For Against ENVIRONMENTAL ACCOUNTABILITY TO COMMUNITIES
Comments
This shareholder proposal asks the Board to report on how the corporation ensures
that it is accountable for it environmental impacts in all of the communities where
it operates. The report should contain: 1) information on how the Company makes
available reports regarding environmental impacts on the communities in which it
operates, 2) how community environmental accountability is integrated into its current
code of conduct and business practices, and 3) the impact of its activities on the
health of people living in poor areas. The Company said it issued a Sustainable
Development Report in 2005 and will continue to make these reports publicly available.
Since the Company is already producing a report about meeting its sustainable development
commitment, adding information that addresses the particular concerns of the proponent
should not be a difficult request to comply with.
07 Against Against EQUITABLE COMPENSATION OF NON-EMPLOYEE DIRECTORS
Comments
This shareholder proposal recommends the Board compensate non-employee directors
and the chairs of all Board committees the same. The proponent believes that all
chair committee persons are equally important and directors who work the most should
receive the most compensation. A vote is cast against this proposal because the
demands of the Sarbanes-Oxley Act place additional responsibility and legal liabilities
on the person who heads the audit committee and additional compensation is needed
to retain and attract a talented person for that position. Therefore, a vote is
cast against this proposal.

Ark Asset 104 974 974 04/06/2006 04/28/2006 04/28/2006
CONSOLIDATED EDISON, INC. Ticker: ED Annual Meeting Date: 05/15/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For K. BURKE
Withheld V.A. CALARCO
Withheld G. CAMPBELL, JR.
Withheld G.J. DAVIS
For M.J. DEL GIUDICE
Withheld E.V. FUTTER
For S. HERNANDEZ
For P.W. LIKINS
For E.R. MCGRATH
For F.V. SALERNO
Withheld L.F. SUTHERLAND
For S.R. VOLK
Policies
02 For For RATIFICATION OF APPOINTMENT OF INDEPENDENT ACCOUNTANTS.
Policies
03 For Against ADDITIONAL COMPENSATION INFORMATION.
Policies

Ark Asset 104 200 200 04/12/2006 05/02/2006 05/03/2006
CORNING INCORPORATED Ticker: GLW Annual Meeting Date: 04/27/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld JAMES B. FLAWS

Withheld JAMES R. HOUGHTON
For JAMES J. O'CONNOR
Withheld DEBORAH D. RIEMAN
Withheld PETER F. VOLANAKIS
Withheld PADMASREE WARRIOR
Policies
record.
02 For For APPROVAL OF THE AMENDMENT OF THE 2002 WORLDWIDE EMPLOYEE
SHARE PURCHASE PLAN.
Policies
favor.
03 Against For APPROVAL OF THE ADOPTION OF THE 2006 VARIABLE COMPENSATION
PLAN.
Policies
04 Against For APPROVAL OF THE AMENDMENT OF THE 2003 EQUITY PLAN
FOR NON-EMPLOYEE DIRECTORS.
Policies
LLP AS CORNING S INDEPENDENT AUDITORS FOR THE FISCAL
YEAR ENDING DECEMBER 31, 2006.
Policies
06 For Against SHAREHOLDER PROPOSAL RELATING TO THE ELECTION OF EACH
DIRECTOR ANNUALLY.
Policies

Ark Asset 105 900 900 03/09/2006 04/11/2006 04/12/2006
COSTCO WHOLESALE CORPORATION Ticker: COST Annual Meeting Date: 01/25/2006

Issuer: 22160K City: Holdings Reconciliation Date: 12/02/2005
SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld JAMES D. SINEGAL

Withheld JEFFREY H. BROTMAN
Withheld RICHARD A. GALANTI
For DANIEL J. EVANS
Policies
02 Against For AMENDMENTS TO THE RESTATED 2002 STOCK INCENTIVE PLAN.
Policies
03 For Against SHAREHOLDER PROPOSAL TO HOLD ANNUAL ELECTIONS FOR
ALL DIRECTORS.
Policies
04 For Against SHAREHOLDER PROPOSAL TO ADOPT A VENDOR CODE OF CONDUCT.
Comments
This proposal asks the Company to amend its code of vendor conduct to reflect the
full adoption of the principles articulated by the International Labor Organization,
which are endorsed globally and developed through a tripartite process involving
business, labor and governments. The rights involved are freedom of association
and collective bargaining, elimination of forced/compulsory/child labor, and elimination
of discrimination in respect of employment and occupation. It would be wise for
the Company to adopt these principles. A vote is cast in favor.
05 For For RATIFICATION OF SELECTION OF INDEPENDENT AUDITORS.
Policies
conflict of interest. Here, the amount the auditors receive for "other" services
is so small there is no potential for a conflict of interests. Therefore, a vote
is cast in favor of the appointment of auditors.

Ark Asset 105 300 300 12/24/2005 01/09/2006 01/10/2006
COUNTRYWIDE FINANCIAL CORPORATION Ticker: CFC Annual Meeting Date: 06/14/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For TO APPROVE THE ADOPTION OF THE COMPANY S 2006 EQUITY
INCENTIVE PLAN.
Policies
03 Against For TO RATIFY THE APPOINTMENT OF KPMG LLP AS INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR
ENDING DECEMBER 31, 2006.
Policies
04 For Against TO CONSIDER A STOCKHOLDER PROPOSAL, IF PROPERLY PRESENTED,
URGING OUR BOARD OF DIRECTORS TO ADOPT A POLICY THAT
OUR STOCKHOLDERS BE GIVEN AN OPPORTUNITY TO ANNUALLY
APPROVE THE REPORT OF OUR COMPENSATION COMMITTEE.
Comments
This shareholder proposal requests that the Company adopt a policy that shareholders
be given the opportunity at each annual meeting of shareholders to vote on an advisory
resolution, to be proposed by management, to approve the report of the Compensation
Committee set forth in the proxy statement. The proponent specifies that the policy
should provide that appropriate disclosures will be made to ensure that shareholders
fully understand that: the vote is advisory; will not affect any person's compensation;
and will not affect the approval of any compensation-related proposal. The Company's
compensation plans do not contain specific performance standards, and give the Compensation
Committee substantial discretion in establishing performance targets and making
awards. Once such a compensation plan is in place, shareholders do not have a mechanism
for providing ongoing input on how the compensation committee chooses and applies
performance standards. This proposal would give shareholders a voice in how compensation
plans are administered, and it would provide the Company with shareholders' views
on its compensations practices, which could be useful for the Compensation Committee.
This is in the best interest of shareholders and would strengthen the Company's
pay-for-performance practices. A vote is cast in favor.

Ark Asset 104 400 400 04/29/2006 06/13/2006 06/13/2006
CVS CORPORATION Ticker: CVS Annual Meeting Date: 05/11/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For W. DON CORNWELL

For DAVID W. DORMAN
Withheld THOMAS P. GERRITY
For MARIAN L. HEARD
For WILLIAM H. JOYCE
For TERRENCE MURRAY
Withheld SHELI Z. ROSENBERG
For THOMAS M. RYAN
Withheld ALFRED J. VERRECCHIA
Policies
02 Against For PROPOSAL TO RATIFY THE APPOINTMENT OF KPMG LLP AS
CVS INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
FOR THE FISCAL YEAR ENDING DECEMBER 30, 2006.
Policies
03 For Against STOCKHOLDER PROPOSAL REGARDING ELECTION OF DIRECTORS.
Policies
04 For Against STOCKHOLDER PROPOSAL REGARDING RETIREMENT BENEFITS
OF CERTAIN SENIOR EXECUTIVES.
Policies
05 For Against STOCKHOLDER PROPOSAL REGARDING INDEPENDENCE OF THE
CHAIRMAN OF THE BOARD.
Policies
06 For Against STOCKHOLDER PROPOSAL REGARDING THE FORMULATION OF
COSMETICS SOLD AT CVS.
Comments
This proposal asks the Board to prepare a report on the feasibility of reformulating
its cosmetics to be free of chemicals linked with cancer, mutation or birth defects
and thereby globally meeting the standards set by the EU Cosmetics Directive 2003/15/EC.
The Company said it is committed to consumer safety and has measures in place to
conduct independent product testing of its suppliers. A vote is cast for this proposal
because the Board should have no objection to providing a report which would allow
shareholders to determine if the Company is taking the necessary precautions to
provide wholesome products for those consumers who are concerned about cosmetic
safety.

Ark Asset 100 600 600 04/04/2006 05/01/2006 05/02/2006
D.R. HORTON, INC. Ticker: DHI Annual Meeting Date: 01/26/2006

Issuer: 23331A City: Holdings Reconciliation Date: 12/01/2005
SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld DONALD R. HORTON

For BRADLEY S. ANDERSON
For MICHAEL R. BUCHANAN
For RICHARD I. GALLAND
For MICHAEL W. HEWATT
Withheld DONALD J. TOMNITZ
Withheld BILL W. WHEAT
Policies
02 Against For TO APPROVE THE 2006 STOCK INCENTIVE PLAN.
Policies
A stock compensation plan receives additional shares pursuant to this proposal.
The proposal is flawed for the following reason(s):
03 Against For TO APPROVE AN AMENDMENT TO OUR CHARTER INCREASING
THE NUMBER OF AUTHORIZED SHARES OF COMMON STOCK.
Policies
04 For Against TO APPROVE A SHAREHOLDER PROPOSAL CONCERNING AN ENERGY
EFFICIENCY ASSESSMENT.
Comments
This shareholder proposal requests that the Company assess its response to rising
regulatory, competitive, and public pressure to increase energy efficiency and report
-- at a reasonable cost-- to shareholders. The Company responds that it is conducting
a number of on-going programs to integrate energy conservation considerations into
the homes it builds. There is no one document, however, which ties together all
of the energy conservation efforts of the Company's various divisions, sub-contractors,
etc. or assesses how effective these are in regard to the Company's end products.
Having a report on this is a reasonable request. A vote is cast in favor of the
proposal.
05 Against For TO CONDUCT OTHER BUSINESS PROPERLY BROUGHT BEFORE
THE MEETING.
Policies

Ark Asset 109 400 400 12/17/2005 01/12/2006 01/12/2006
DAIMLERCHRYSLER A.G. Ticker: DCX Annual Meeting Date: 04/12/2006

Issuer: D1668R City: Holdings Reconciliation Date: 03/03/2006
SEDOL:

Proposal Vote
02 For For RESOLUTION ON THE ALLOCATION OF UNAPPROPRIATED PROFIT
Comments
This proposal seeks approval of the company's allocation of income. This is normally
a routine, bookkeeping matter and in the best interests of shareholders. No objection
has been made. A vote is cast in favor of the proposal.
03 For For RESOLUTION ON RATIFICATION OF BOARD OF MANAGEMENT
ACTIONS IN THE 2005 FINANCIAL YEAR
Comments
The discharge of the management board is a symbolic, basically procedural non-binding
vote. A vote in favor is cast.
04 For For RESOLUTION ON RATIFICATION OF SUPERVISORY BOARD ACTIONS
IN THE 2005 FINANCIAL YEAR
Comments
The discharge of the supervisory board is a symbolic, basically procedural, non-binding
matter. A vote in favor is cast.
05 Against For RESOLUTION ON THE APPOINTMENT OF AUDITORS OF THE INDIVIDUAL
FINANCIAL STATEMENTS AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE 2006 FINANCIAL YEAR
Comments
06 Against For RESOLUTION ON AUTHORIZING THE COMPANY TO ACQUIRE ITS
OWN SHARES
Comments
07 Against For RESOLUTION ON THE ELECTION OF A SUPERVISORY BOARD MEMBER
Comments
08 For For RESOLUTION ON AMENDMENT OF THE MEMORANDUM AND ARTICLES
OF INCORPORATION DUE TO THE NEW GERMAN UMAG LAW
Comments
This proposal amends the Company's articles to comply with recent changes in corporate
law. It is in the best interests of shareholders for their company to be in legal
compliance and the changes themselves are not objectionable. A vote is cast in favor.
09 Abstain Against APPOINTMENT OF SPECIAL AUDITORS CONCERNING SMART
Comments
Insufficient information was provided by the Company as to the nature and details
of this proposal. Therefore, a vote is cast to abstain.

10 Abstain Against APPOINTMENT OF SPECIAL AUDITORS CONCERNING MAYBACH
Comments

Ark Asset 123 100 100 03/23/2006 03/27/2006 03/28/2006
DANAHER CORPORATION Ticker: DHR Annual Meeting Date: 05/02/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For MORTIMER M. CAPLIN

For DONALD J. EHRLICH
For LINDA P. HEFNER
Withheld WALTER G. LOHR, JR.
Policies
Policies

Ark Asset 102 200 200 04/07/2006 04/20/2006 04/20/2006
DEERE & COMPANY Ticker: DE Annual Meeting Date: 02/22/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For APPROVAL OF THE AMENDMENT OF THE JOHN DEERE OMNIBUS
EQUITY AND INCENTIVE PLAN.
Policies
A stock plan for key executives is amended by this proposal. In order to reward
past superior performance and to encourage that performance in the future, such
plans must specify performance standards for the granting of options.
FIRM FOR FISCAL 2006.
Policies

Ark Asset 105 200 200 01/11/2006 02/02/2006 02/03/2006
DELL INC. Ticker: DELL Annual Meeting Date: 07/21/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RATIFICATION OF INDEPENDENT AUDITOR
Policies
SH1 For Against GLOBAL HUMAN RIGHTS STANDARD
Policies
SH2 Against Against DECLARATION OF DIVIDEND
Comments
This shareholder proposal would require the Company to declare a quarterly dividend.
Taking such an action is the prerogative of the board, which has the broad perspective
on all aspects of the Company's situation to know when such a move is most beneficial.
Shareholders can express their opinions on this matter by their votes in the election
of the Company's board of directors. A vote is cast against the proposal.

Ark Asset 101 1,500 1,500 06/13/2006 07/17/2006 07/18/2006
DEVON ENERGY CORPORATION Ticker: DVN Annual Meeting Date: 06/07/2006

Issuer: 25179M City: Holdings Reconciliation Date: 04/10/2006
SEDOL:

Proposal Vote
Policies
02 Against For RATIFY THE APPOINTMENT OF THE COMPANY S INDEPENDENT
AUDITORS FOR 2006
Policies
03 Against For ADOPTION OF THE AMENDMENT TO THE DEVON ENERGY CORPORATION
2005 LONG-TERM INCENTIVE PLAN
Comments
This proposal asks for shareholder approval to amend a Company stock compensation
plan which would allow for a wider variety of award types. A vote is cast against
this proposal because the plan is flawed in that awards are not granted according
to specific performance goals and a expansion of award types does not make it better.

Ark Asset 103 300 300 05/02/2006 05/26/2006 05/27/2006
DOLLAR THRIFTY AUTOMOTIVE GROUP, INC Ticker: DTG Annual Meeting Date: 05/18/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
For MOLLY SHI BOREN
For THOMAS P. CAPO
For MARYANN N. KELLER
For HON. EDWARD C. LUMLEY
For RICHARD W. NEU
For GARY L. PAXTON
Withheld JOHN C. POPE
For JOHN P. TIERNEY
For EDWARD L. WAX
Policies
02 Against For RATIFICATION OF DELOITTE & TOUCHE LLP AS THE INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM FOR 2006.
Policies
03 For For APPROVAL OF THE DOLLAR THRIFTY AUTOMOTIVE GROUP, INC.
EMPLOYEE STOCK PURCHASE PLAN.
Policies

Ark Asset 105 200 200 04/20/2006 05/07/2006 05/08/2006
DOMINION RESOURCES, INC. Ticker: D Annual Meeting Date: 04/28/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld PETER W. BROWN

For RONALD J. CALISE
Withheld THOS. E. CAPPS
Withheld GEORGE A. DAVIDSON, JR.
Withheld THOMAS F. FARRELL, II
For JOHN W. HARRIS
For ROBERT S. JEPSON, JR.
For MARK J. KINGTON
For BENJAMIN J. LAMBERT III
For RICHARD L. LEATHERWOOD
For MARGARET A. MCKENNA
Withheld FRANK S. ROYAL
Withheld S. DALLAS SIMMONS
For DAVID A. WOLLARD
Policies
02 Against For RATIFY THE APPOINTMENT OF INDEPENDENT AUDITORS FOR
THE 2006 FINANCIAL STATEMENTS.
Policies
03 For Against SHAREHOLDER PROPOSAL - MAJORITY VOTE STANDARD
Policies
04 For Against SHAREHOLDER PROPOSAL - ENVIRONMENTAL REPORT
Comments
This shareholder proposal requests that a committee of independent directors of
the Board assess how the Company is responding to rising regulatory, competitive
and public pressure to reduce carbon dioxide and other emissions and to report to
shareholders by 09-01-06. The Company responds that it "takes responsibility for

environmental stewardship seriously ". It points out that it regularly updates the
Board on the Company's environmental record and posts its environmental record,
compliance and positions on emerging, evolving or ongoing environmental issues on
its website. Given this, the information requested in the report should be readily
available. A vote is cast in favor of this proposal.
05 For Against SHAREHOLDER PROPOSAL - RETIREMENT BENEFITS
Policies

Ark Asset 109 200 200 03/21/2006 04/17/2006 04/17/2006
DUKE ENERGY CORPORATION Ticker: DUK Special Meeting Date: 03/10/2006

SEDOL:

Proposal Vote
01 For For APPROVAL OF THE AGREEMENT AND PLAN OF MERGER AND THE
MERGERS.
Comments
This proposal seeks shareholder approval of the Company acquiring Cinergy. The Company
is a diversified energy company with a portfolio of natural gas and electric businesses
and an affiliated real estate company. Cinergy provides electric and gas service
and markets and trades natural gas. The Board recommends shareholder approval
because of the increased scale and scope, stronger utility business platform and
merchant power business of the combined entity. Per the terms of the acquisition,
each share of Cinergy stock will receive 1.56 of a share of Company stock, which
represents a premium of 13.4% based on the closing prices the day before the transaction
was announced (19.5% based on the average closing prices for the five-day period
starting 60 days before the announcement). Current Company shareholders will own
76% of the combined entity and current Cinergy shareholders will own 24%. An opinion
has been issued by UBS Securities and Lazard Freres that the terms are fair to the
Company's shareholders. For those reasons, a vote is cast in favor of the proposal.

Ark Asset 106 700 700 02/04/2006 02/23/2006 02/24/2006
E. I. DU PONT DE NEMOURS AND COMPANY Ticker: DD Annual Meeting Date: 04/26/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For ON RATIFICATION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
Policies
03 For Against ON EXECUTIVE COMPENSATION
Comments
This shareholder proposal requests a report from the Board which would review its
compensation packages in relation to their linkage to Company performance and relationship
to the lowest paid workers in the Company. The report would also address whether
there should be a ceiling on compensation packages and whether senior executive
compensation should be adjusted in the event of a substantial layoff of employees.
Finally, the report would also address ways to link compensation to the Company's
social performance. The Board's response is that the objective of this proposal
is already answered in the compensation committee's report on executive compensation
which is provided annually in the proxy statement. A vote is cast for this proposal
because all the issues raised in this proposal are not being addressed in the compensation
committee's annual report and it would be in the best interests of shareholders
to have more detailed and clear information on executive compensation.
04 For Against ON GENETICALLY MODIFIED FOOD
Comments
This shareholder proposal would have the Board of Directors review the Company's
internal controls related to potential adverse impacts associated with genetically
modified organisms, including: reviewing the adequacy of current post-marketing
monitoring systems; retaining an independent expert to review the effectiveness
of established risk management processes; examining possible impact on seed product
integrity and reporting results to shareholders. The Company responds that it agrees
that disclosures of potential liabilities and potential uncertainties facing the
Company is of critical importance to stockholders. It also recognizes the value
of differing viewpoints and as such has established a Biotechnology Advisory Panel
who members represent a diversity of interests. Given all of the interest the Company
has shown and all the resources it has put toward looking at these issues from many
perspectives, producing a report as requested in the proposal should not be an
undue burden. A vote is cast in favor of the proposal.
05 For Against ON PERFORMANCE-BASED COMPENSATION
Policies
06 For Against ON PFOA
Comments
This shareholder proposal asks the Board for a report on the feasibility of an expeditious
phase-out of the use of PFOA in the production of all Company products and the development
and adoption of safe substitutes. The proponent said the Company faces liabilities
and marketplace risks due to the potential health and environmental consequences
of PFOA a chemical processing aid used in the production of Teflon and other products.
The Company said that under an EPA program, the Company has committed to virtually
eliminate the sources of exposure to PFOA from its manufacturing operations and
products by 2015. Since the Company supports the goal of the proponent they should
have no objection to providing a report to shareholders that would allow them to
evaluate the progress being made by the Company. A vote is cast in favor.
07 For Against ON CHEMICAL FACILITY SECURITY
Comments
This shareholder proposal asks the Board to prepare a report on the implications
of a policy for reducing potential harm and the number of people in danger from
potential catastrophic chemical releases. The proponent said the Company operates
thirty-three facilities in the U.S. that combined put a total of over nine million
people at risk in the event of a catastrophic release of extremely hazardous chemicals.
The Company said it has a policy in place to reduce potential harm and addresses
the very concerns stated in the objective. Therefore the Company should have no
objection to providing the report that would allow shareholders to know about the
Company's efforts to prevent and reduce the magnitude of catastrophic incidents
at its facilities. A vote is cast in favor of the proposal.

Ark Asset 109 600 600 03/24/2006 04/12/2006 04/13/2006
E.ON AG Ticker: EON Annual Meeting Date: 05/04/2006

SEDOL:

Proposal Vote
02 For For APPROPRIATION OF THE BALANCE SHEET INCOME FROM THE
2005 FINANCIAL YEAR
Comments
03 For For DISCHARGE OF THE BOARD OF MANAGEMENT FOR THE 2005
FINANCIAL YEAR
Comments
The discharge of the management board is a symbolic, basically procedural non-binding
vote. A vote in favor is cast.
04 For For DISCHARGE OF THE SUPERVISORY BOARD FOR THE 2005 FINANCIAL
YEAR
Comments
The discharge of the supervisory board is a symbolic, basically procedural, non-binding
matter. A vote in favor is cast.
05 Against For AUTHORIZATION TO ACQUIRE AND USE OWN SHARES
Comments
06 For For CONSENT TO THE AGREEMENT ON DOMINATION AND DISTRIBUTION
OF PROFITS AND LOSSES BETWEEN THE COMPANY AND E.ON
ZWOLFTE VERWALTUNGS GMBH
Comments
This proposal seeks to transfer the special reserve of the Company between the capital
gains and other reserves accounts. The arrangement is designed to improve the tax
status of the Company. That is in the best interests of shareholders. A vote is
cast in favor.
07 For For CONSENT TO THE AGREEMENT ON DOMINATION AND DISTRIBUTION
OF PROFITS AND LOSSES BETWEEN THE COMPANY AND E.ON
DREIZEHNTE VERWALTUNGS GMBH
Comments
This proposal seeks to transfer the special reserve of the Company between the capital
gains and other reserves accounts. The arrangement is designed to improve the tax
status of the Company. That is in the best interests of shareholders. A vote is
cast in favor.
08 For For CHANGE OF THE ARTICLES OF ASSOCIATION REGARDING THE
SHAREHOLDERS RIGHT TO SPEAK AND ASK QUESTIONS DUE
TO THE INSERTION OF SECTION 131 PARAGRAPH 2 SENTENCE
2 GERMAN STOCK CORPORATION ACT (AKTG) THROUGH THE
LAW ON CORPORATE INTEGRITY AND MODERNIZATION OF THE
RIGHT OF AVOIDANCE (UMAG)
Comments
This proposal amends the Company's articles to comply with recent changes in corporate
09 Against For ELECTION OF THE AUDITORS FOR THE 2006 FINANCIAL YEAR
Comments

Ark Asset 103 300 300 03/31/2006 04/13/2006 04/13/2006
EASTMAN KODAK COMPANY Ticker: EK Annual Meeting Date: 05/10/2006

SEDOL:

Proposal Vote
Policies
past three years and it's share value has plummetted and represents a loss for shareholders
who invested in it during that period. Given that performance, a vote is cast to
withhold authority for all nominees to the board.
02 For For RATIFICATION OF THE AUDIT COMMITTEE S SELECTION OF
PRICEWATERHOUSECOOPERS LLP AS OUR INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM.
Policies
03 For Against SHAREHOLDER PROPOSAL REQUESTING RECOUPMENT OF EXECUTIVE
BONUSES IN THE EVENT OF A RESTATEMENT.
Comments
This shareholder proposal requests that the company adopt a policy whereby, in the
event the company restates its financial results or makes a significant extraordinary
write-off for a given period, the board will review all bonuses and any other awards
that were made to senior executives on the basis of having met or exceeded specific
performance targets during the restatement period and will recoup for the benefit
of the Company all such bonuses or awards to the extent that the specified performance
targets were not achieved and focus on those employees most responsible. There is
no reason executives should benefit from financial misstatements. A vote is cast
in favor.

Ark Asset 109 200 200 03/22/2006 04/29/2006 04/30/2006
EBAY INC. Ticker: EBAY Annual Meeting Date: 06/13/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld WILLIAM C. FORD, JR.

For DAWN G. LEPORE
For PIERRE M. OMIDYAR
For R.T. SCHLOSBERG, III
Policies
record. Because there is a two-thirds independent director majority, a vote is cast
for all other director nominees.
02 Against For TO APPROVE AN AMENDMENT TO OUR 2001 EQUITY INCENTIVE
PLAN TO INCREASE BY 30,000,000 THE NUMBER OF SHARES
OF COMMON STOCK THAT MAY BE ISSUED UNDER OUR 2001
EQUITY INCENTIVE PLAN.
Policies
03 Against For TO RATIFY THE SELECTION OF PRICEWATERHOUSECOOPERS
LLP AS OUR INDEPENDENT AUDITORS FOR OUR FISCAL YEAR
Policies

Ark Asset 103 800 800 04/29/2006 05/31/2006 06/01/2006
EDISON INTERNATIONAL Ticker: EIX Annual Meeting Date: 04/27/2006

SEDOL:

Proposal Vote
Policies
02 For For MANAGEMENT PROPOSAL TO AMEND ARTICLES OF INCORPORATION
TO ELIMINATE ARTICLE FIFTH, THE FAIR PRICE PROVISION.
Policies
03 For Against SHAREHOLDER PROPOSAL ON SIMPLE MAJORITY VOTE .
Policies

Ark Asset 107 200 200 03/23/2006 04/24/2006 04/24/2006
EL PASO CORPORATION Ticker: EP Annual Meeting Date: 05/25/2006

Issuer: 28336L City: Holdings Reconciliation Date: 03/27/2006
SEDOL:

Proposal Vote
Policies
02 For Against APPROVAL OF THE ADOPTION OF CUMULATIVE VOTING AS A
BY-LAW OR LONG-TERM POLICY.
Policies
03 For Against APPROVAL OF THE AMENDMENT TO THE BY-LAWS FOR THE DISCLOSURE
OF EXECUTIVE COMPENSATION.
Comments
This shareholder proposal requests that the Company disclose to stockholders information
about the compensation of the Chief Executive Officer and "other named executive
officers" including the estimated monetary value of the benefits to which each such
named executive officer had any vested rights to on the last day of the reported
period under any pension, retirement or deferred compensation plan, including any
supplemental executive retirement plan, established by the Company. The Company
replies that it is already making such disclosures in its proxy statements and that
the disclosures will become even more comprehensive next year under new SEC rules.
Given that this information is already being provided by the Company, a vote in
favor underlines how important shareholders feel access to such information is for
them.

Ark Asset 109 523 523 04/08/2006 05/16/2006 05/17/2006
ELECTRONIC ARTS INC. Ticker: ERTS Annual Meeting Date: 07/27/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For APPROVAL OF STOCK OPTION EXCHANGE PROGRAM.
Comments
This proposal would allow the exchange of underwater options for restricted stock
grants. Directors and executive officers would not be eligible to participate in
the exchange. The exchange ratio is expected to range from 3 to 4 options per 1
restricted stock grant. Advantages of this plan cited by management are the renewal
of the potential employee retention incentive and the reduction of option overhang
due to the ratio of options surrendered to restricted stock granted. Even with
this rationale, the fact is that employees who partake of the exchange will receive
some value for their options even if stock prices have decreased, while shareholders
see the worth of their stock holdings decline. A vote is cast against the proposal.
03 Against For AMENDMENT TO THE 2000 EQUITY INCENTIVE PLAN.
Comments
This proposal is related to the previous proposal in that it seeks to increase the
number of the Equity Incentive Plan shares allotted to be granted as restricted
share awards. This increased allocation would be needed to implement the proposed
exchange of underwater options for restricted share grant awards. Since a vote was
cast against that proposal, a vote is also cast against this proposal.
04 For For AMENDMENT TO THE 2000 EMPLOYEE STOCK PURCHASE PLAN.
Policies
favor.
05 For For RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITORS.
Policies

Ark Asset 109 200 200 07/01/2006 07/20/2006 07/21/2006
ELECTRONIC DATA SYSTEMS CORPORATION Ticker: EDS Annual Meeting Date: 04/18/2006
SEDOL:

Proposal Vote
Policies
past three years and it's share value has plummetted and represents a loss for shareholders
who invested in it during that period. Given that performance, a vote is cast to
withhold authority for all nominees to the board.
02 For For RATIFICATION OF APPOINTMENT OF AUDITORS.
Policies
03 For Against SHAREHOLDER PROPOSAL ENTITLED DIRECTORS TO BE ELECTED
BY MAJORITY VOTE .
Policies
04 For Against SHAREHOLDER PROPOSAL ENTITLED INDEPENDENT BOARD CHAIRMAN
.
Policies

Ark Asset 104 400 400 03/24/2006 04/04/2006 04/05/2006
ELI LILLY AND COMPANY Ticker: LLY Annual Meeting Date: 04/24/2006
SEDOL:

Proposal Vote
Comments
The Company has lost share value for the last five years and has underperformed
both broad index measures as well as it peer group. A vote is cast against board
nominees.
02 Against For RATIFICATION OF THE APPOINTMENT BY THE AUDIT COMMITTEE
OF THE BOARD OF DIRECTORS OF ERNST & YOUNG LLP AS
PRINCIPAL INDEPENDENT AUDITORS FOR 2006.
Policies
03 For Against PROPOSAL BY SHAREHOLDERS ON EXTENDING THE COMPANY
S ANIMAL CARE AND USE POLICY TO CONTRACT LABS.
Comments
This shareholder proposal requests that the Board issue a report on the feasibility
of amending the Company's Animal Care and Use Policy to ensure that it is applied
to all contract laboratories and is reviewed with such labs on a regular basis;
and that superior standards of care for test animals used by the Company and contract
labs contain provisions to ensure that the animals' psychological, social and behavioral
needs are met. It's further requested that the Board issue an annual report to
shareholders on the extent to which in-house and contract labs are adhering to
the policy including the implementation of the psychological enrichment measures.
The proposal cites the Company's contract with Covance, Inc., a British lab which
lost a suit against People for the Ethical Treatment of Animals (PETA) for publicizing
its abuse of lab animals. The Company feels that the additional assurances called
for in this proposal are unnecessary given the Company's adherence to government
regulations and its adopted Animal Care and Use policy it publishes on its website.
It is clear, however, that even with the best of intentions, the standards of treatment
of animals at contract labs has lapsed as witnessed by the documented instances
of animal abuse at Covance. Given this the Company should be willing to make its
animal treatment requirements clear to its subcontractors and to monitor and report
on such. A vote is cast in favor of the shareholder proposal.
04 For Against PROPOSAL BY SHAREHOLDERS ON SEPARATING THE ROLES OF
CHAIRMAN AND CHIEF EXECUTIVE OFFICER.
Policies
05 For Against PROPOSAL BY SHAREHOLDERS ON ANNUAL ELECTION OF EACH
DIRECTOR.
Policies
06 For Against PROPOSAL BY SHAREHOLDERS ON ELECTION OF DIRECTORS
BY MAJORITY VOTE.
Policies

Ark Asset 108 700 700 03/03/2006 04/13/2006 04/13/2006
EMC CORPORATION Ticker: EMC Annual Meeting Date: 05/04/2006

SEDOL:

Proposal Vote
Policies
02 Against For TO RATIFY THE SELECTION BY THE AUDIT COMMITTEE OF
THE BOARD OF DIRECTORS OF PRICEWATERHOUSECOOPERS LLP
AS EMC S INDEPENDENT AUDITORS FOR THE FISCAL YEAR
Policies
03 For Against TO ACT UPON A SHAREHOLDER PROPOSAL RELATING TO ELECTION
OF DIRECTORS BY MAJORITY VOTE, AS DESCRIBED IN EMC
S PROXY STATEMENT.
Policies
04 For Against TO ACT UPON A SHAREHOLDER PROPOSAL RELATING TO PAY-FOR-SUPERIOR
PERFORMANCE, AS DESCRIBED IN EMC S PROXY STATEMENT.
Comments
This shareholder proposal would l establish a pay--for-superior-performance standard
in the Company's executive compensation plan. The plan would use peer company performance
as a benchmark for making awards and no awards would be made unless the Company's
performance exceeded the median or mean performance of the peer companies. This
criteria would ensure that compensation awards benefited not only those receiving
them, but shareholders as well. A vote is cast in favor of the proposal.
05 For Against TO ACT UPON A SHAREHOLDER PROPOSAL RELATING TO ANNUAL
ELECTIONS OF DIRECTORS, AS DESCRIBED IN EMC S PROXY
STATEMENT.
Policies
06 For Against TO ACT UPON A SHAREHOLDER PROPOSAL RELATING TO EMC
S AUDIT COMMITTEE, AS DESCRIBED IN EMC S PROXY STATEMENT.
Policies
This proposal requests that the Company adopt and communicate to shareholders a
policy of having its audit committee consist entirely of independent directors.
Having such representation on a key committee would be an effective way to protect
shareholder interests. A vote is cast in favor.

Ark Asset 102 1,400 1,400 03/25/2006 05/01/2006 05/01/2006
EMERSON ELECTRIC CO. Ticker: EMR Annual Meeting Date: 02/07/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For A. A. BUSCH III

Withheld A. F. GOLDEN
For V. R. LOUCKS, JR.
For J. B. MENZER
Policies
all other nominees.
02 Against For APPROVAL OF THE EMERSON ELECTRIC CO. 2006 INCENTIVE
SHARES PLAN.
Policies
FIRM.
Policies
04 For Against THE STOCKHOLDER PROPOSAL ON SEVERANCE AGREEMENTS DESCRIBED
IN THE PROXY STATEMENT.
Comments
This shareholder proposal seeks shareholder approval to be required for future severance
agreements with senior executives that provide benefits in an amount exceeding 2.99
times the sum of the executive's base salary plus bonus. Key executives usually
have ample compensation without golden parachutes, and the proposal would allow
almost three times salary and bonus compensation to be given to an executive before
shareholder approval is required. This allows the Company to have considerable
latitude in developing a severance package before having to put it to shareholders
for approval. A vote is cast in favor of the proposal.


Ark Asset 104 300 300 12/21/2005 01/31/2006 01/31/2006
ENSCO INTERNATIONAL INCORPORATED Ticker: ESV Annual Meeting Date: 05/09/2006

Issuer: 26874Q City: Holdings Reconciliation Date: 03/10/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For RATIFICATION OF THE AUDIT COMMITTEE S APPOINTMENT
OF KPMG LLP AS THE COMPANY S INDEPENDENT ACCOUNTANTS
FOR 2006.
Policies

Ark Asset 100 100 100 03/28/2006 05/03/2006 05/04/2006
ENTERGY CORPORATION Ticker: ETR Annual Meeting Date: 05/12/2006

Issuer: 29364G City: Holdings Reconciliation Date: 03/14/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
For M.S. BATEMAN

Withheld W.F. BLOUNT
For S.D. DEBREE
For G.W. EDWARDS
For A.M. HERMAN
For D.C. HINTZ
For J.W. LEONARD
For S.L. LEVENICK
For R. V.D. LUFT
For J.R. NICHOLS
For W.A. PERCY, II
For W.J. TAUZIN
For S.V. WILKINSON
Policies
02 For For APPROVAL TO AMEND THE CERTIFICATE OF INCORPORATION
TO ELIMINATE SUPERMAJORITY VOTE REQUIREMENT WITH RESPECT
TO THE REMOVAL OF DIRECTORS.
Policies
This proposal eliminates a supermajority requirement to remove directors. If a
majority of shareholders want to remove a director, they should be allowed to.
03 Against For APPROVAL OF 2007 EQUITY OWNERSHIP AND LONG TERM CASH
INCENTIVE PLAN.
Policies
A stock plan for employees and non-employee directors is established by this proposal.
In order to reward past superior performance and to encourage that performance
in the future, such plans must specify performance standards for the granting of
options.
04 For For RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTANTS FOR THE FISCAL YEAR ENDING 2006.
Policies
05 For Against SHAREHOLDER PROPOSAL REGARDING MAJORITY ELECTION OF
DIRECTORS.
Policies

Ark Asset 103 200 200 03/31/2006 05/07/2006 05/08/2006
EOG RESOURCES, INC. Ticker: EOG Annual Meeting Date: 05/02/2006

Issuer: 26875P City: Holdings Reconciliation Date: 03/06/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
For GEORGE A. ALCORN

For CHARLES R. CRISP
For MARK G. PAPA
For EDMUND P. SEGNER, III
Withheld WILLIAM D. STEVENS
For H. LEIGHTON STEWARD
For DONALD F. TEXTOR
For FRANK G. WISNER
Policies
02 For For TO RATIFY THE APPOINTMENT BY THE AUDIT COMMITTEE OF
THE BOARD OF DIRECTORS OF DELOITTE & TOUCHE LLP, INDEPENDENT
REGISTERED PUBLIC ACCOUNTANTS, AS AUDITORS FOR THE
COMPANY FOR THE YEAR ENDING DECEMBER 31, 2006.
Policies

Ark Asset 101 200 200 04/04/2006 04/27/2006 04/27/2006
EQUITY OFFICE PROPERTIES TRUST Ticker: EOP Annual Meeting Date: 05/24/2006
SEDOL:

Proposal Vote
Policies
02 For For RATIFICATION OF THE AUDIT COMMITTEE S APPOINTMENT
OF ERNST & YOUNG LLP AS INDEPENDENT AUDITORS.
Policies

Ark Asset 103 300 300 04/19/2006 05/15/2006 05/15/2006
EQUITY RESIDENTIAL Ticker: EQR Annual Meeting Date: 05/25/2006

SEDOL:

Proposal Vote
Policies
02 Against For RATIFICATION OF THE SELECTION OF ERNST & YOUNG LLP
AS THE COMPANY S INDEPENDENT AUDITOR FOR THE YEAR
Policies

Ark Asset 107 200 200 04/20/2006 05/16/2006 05/17/2006
EXELON CORPORATION Ticker: EXC Annual Meeting Date: 06/27/2006

Issuer: 30161N City: Holdings Reconciliation Date: 05/12/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For RATIFICATION OF INDEPENDENT ACCOUNTANT
Policies
03 For Against SHAREHOLDER PROPOSAL TO REQUIRE SHAREHOLDER APPROVAL
OF FUTURE SEVERANCE BENEFITS
Policies
for key executives who are terminated) which could exceed 2.99 times the sum of
the executive's base salary plus cash bonus be approved by shareholders. Such packages
is cast.

Ark Asset 101 400 400 05/23/2006 06/01/2006 06/02/2006
EXXON MOBIL CORPORATION Ticker: XOM Annual Meeting Date: 05/31/2006

SEDOL:

Proposal Vote
Comments
A vote is cast to withhold authority for all nominees to protest the Company's lavish
pension benefit of $98 million to its former CEO as well at its lack of responsiveness
to shareholder concerns (note the 13 shareholder proposals filed this year). The
benefit was inflated by the Company calculating in over $12 million in bonuses to
the CEO over the last three years when the Company was only matching its Peer Group
in terms of total return to shareholders.
02 Against For RATIFICATION OF INDEPENDENT AUDITORS (PAGE 32)
Policies
03 For Against CUMULATIVE VOTING (PAGE 34)
Policies
04 For Against MAJORITY VOTE (PAGE 35)
Policies
05 For Against INDUSTRY EXPERIENCE (PAGE 37)
Comments
This shareholder proposal would have the board adopt a policy of annually nominating,
wherever possible, at least two independent directors who, without any conflicts
of interest with the Company, hold expertise in the oil, gas, or energy industries.
Such independent directors who, upon their election to the board, already have
an understanding of the complexities of the energy industry, will be able to effectively
deal with Company issues from the outset of their board service. A vote is cast
06 Against Against DIRECTOR QUALIFICATIONS (PAGE 38)
Comments
This shareholder proposal would have the board adopt a policy whereby the chairs
of the audit, compensation and nominating committees not be "over committed".
The proposal cites serving on more than three boards and having a tenure on the
Company's board of over fifteen years as being "consistent" with this proposal's
concept of "overcommitted". It also includes not having " a record of serving on
boards with poor governance ratings unless it was clearly a turnaround situation."
Corporate governance standards recognize there is a danger of over commitment from
serving on multiple boards, but also recognizes that there is a difference between
currently employed directors (three board maximum) and directors who are retirees
(five board maximum). Judgment on that factor, plus the effect of length of tenure
on the board and quality of service on other boards should be left to the shareholder
to determine with their vote on the directors. A vote is cast against the proposal.
07 For Against DIRECTOR COMPENSATION (PAGE 40)
Comments
This shareholder proposal requests that the board annually seek shareholder approval
for the compensation package for non-employee directors. In describing the package,
every benefit and perquisite of serving as a director that involves an expenditure
or use of Company assets, including contributions to charities of particular interest
to directors, be listed. The package would become effective if it received at least
half of the shareholder votes. If not, the existing non-employee director compensation
package would remain in effect. This proposal would give shareholders complete
information regarding the total worth of the non-employee director compensation
package and a say so as to whether it is appropriate. A vote is cast in favor of
the proposal.
08 For Against BOARD CHAIRMAN AND CEO (PAGE 41)
Policies
09 For Against EXECUTIVE COMPENSATION REPORT (PAGE 43)
Comments
This shareholder proposal requests a report comparing the compensation package of
the Company's CEO with the Company's lowest paid U.S. workers, an analysis of the
trends shown in the comparison, an evaluation of whether the CEO's compensation
package is excessive, and an explanation of whether layoffs or level of pay for
lowest paid workers should result in an adjustment of executive pay. A report on
these factors and how they entered into the board's Compensation Committee's rationale
for its executive compensation packages would be useful for shareholders in understanding
the board's priorities. A vote is cast in favor of the proposal.
10 For Against EXECUTIVE COMPENSATION CRITERIA (PAGE 45)
Policies
This proposal requests that the Board consider non-financial factors, including
social and environmental concerns in determining compensation for top executives.
A vote is cast for this proposal because social and environmental accountability
are important business goals to reverse global trends of waste and degradation and
the most effective way for the Company to achieve that is be tieing executive compensation
to it.
11 For Against POLITICAL CONTRIBUTIONS REPORT (PAGE 47)
Policies
12 For Against CORPORATE SPONSORSHIPS REPORT (PAGE 49)
Comments
This shareholder proposal requests that the board conduct a special review of the
Company's anti-discrimination statement as it pertains to corporate sponsorships
and executive perks and publish a report addressing whether the Company pays for
event sponsorships or memberships for executives for institutions which discriminate
against groups which are protected by the Company's anti-discrimination policy.
The Company states that it prohibits discrimination of any kind at the workplace,
but that it chooses what events to lend corporate sponsorship to based on its business
needs, corporate social objectives and overall effectiveness. In other words, it

does not view an entity's discriminatory practices as a sufficient reason not to
provide support with a corporate sponsorship. This makes the Company's anti-discrimination
policies and statements look like so much lip service. Shareholders should send
a message that they expect the Company to back its anti-discriminatory policies
and statements with actions. A report examining the gap between policy and practice
would bring clarity to the situation. A vote is cast in favor of the proposal.
13 For Against AMENDMENT OF EEO POLICY (PAGE 50)
Comments
This shareholder proposal requests that the Company amend its written equal employment
opportunity policy to explicitly prohibit discrimination based on sexual orientation
and to substantially implement that policy. The Company replies that it has zero
tolerance for any form of discrimination, including sexual orientation, and that
based on this zero tolerance policy, there is no need for an amendment to specifically
address sexual orientation. Being very explicit about the kinds of discrimination
the Company's policy pertains to would be very helpful in ensuring that the Company's
position on anti-discrimination is clearly understood. A vote is made in support
of the proposal.
14 For Against BIODIVERSITY IMPACT REPORT (PAGE 52)
Comments
This shareholder proposal requests that the independent directors of the Company
prepare a report on the potential environmental damage that would result from the
Company drilling for oil and gas in protected areas such as national parks, wildlife
refuges and World Heritage Sites. The report should consider the implications of
a policy of refraining from drilling in such areas and should be available to investors
by the 2007 annual meeting. Written as requested, this report would present a balance
picture of the environmental effects of drilling in ecologically sensitive areas
and the business implication of foregoing working at such sites. A vote is cast
for this proposal.
15 For Against COMMUNITY ENVIRONMENTAL IMPACT (PAGE 53)
Comments
This shareholder proposal requests the board of directors to report to shareholders
on how the Company ensures that it is accountable for its environmental impacts
in all of the communities where it operates. The proponents of this proposal feel
the kind of report they seek can not only help the Company better respond to the
demands of reporting the adequacy of environmental impacts on financial statements
now required by Sarbanes-Oxley, but also reduce the possibility that current corporate
behavior will have negative future financial impacts on the Company. The Company
replies that it provides information about environmental conservation work and assessment
through its Corporate Citizenship Report on the Company's website. This is not the
same kind of report this proposal requests. A vote is cast in favor of the proposal.

Ark Asset 102 4,000 4,000 04/12/2006 05/30/2006 05/30/2006
FEDERATED DEPARTMENT STORES, INC. Ticker: FD Annual Meeting Date: 05/19/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For TO RATIFY THE APPOINTMENT OF KPMG LLP AS FEDERATED
THE FISCAL YEAR ENDING FEBRUARY 3, 2007.
Policies
03 Against For TO ADOPT AN AMENDMENT TO FEDERATED S CERTIFICATE OF
INCORPORATION.
Policies
04 Against For TO AMEND FEDERATED S 1995 EXECUTIVE EQUITY INCENTIVE
PLAN.
Policies
05 Against For TO AMEND FEDERATED S 1994 STOCK INCENTIVE PLAN.
Comments
This proposal seeks to amend the stock option plan of an acquired company to mirror
the terms of the Company's 1995 Equity Plan. The Company's plan, referred to in
the previous proposal, has a potential dilution of 14.7%. This is excessive, thus
a vote is cast against the proposal.
06 Against Against TO ACT UPON A STOCKHOLDER PROPOSAL TO ADOPT A POLICY
THAT WOULD LIMIT THE NUMBER OF BOARDS ON WHICH FEDERATED
S DIRECTORS MAY CONCURRENTLY SERVE.
Comments
This shareholder proposal seeks a policy whereby directors are limited from serving
on no more than five for-profit boards and no more than three such boards if they
are employed full-time. This is a good corporate governance policy, however is somewhat
more restrictive than the policy now used by such entities as the Council Of Institutional
Investors, which places a limit of three outside boards for directors employed
full-time. While the spirit of this proposal is heartily endorsed, the detail of
the number of boards and its slight variance from existing standards, causes a vote
against the proposal.

Ark Asset 101 162 162 04/20/2006 05/12/2006 05/12/2006
FIFTH THIRD BANCORP Ticker: FITB Annual Meeting Date: 03/28/2006

SEDOL:

Proposal Vote
Policies
02 For For PROPOSAL TO REMOVE ARTICLE III, SECTION 18 FROM THE
CODE OF REGULATIONS TO ELIMINATE THE SUPER-MAJORITY
VOTING PROVISIONS CONTAINED IN SUCH SECTION.
Policies
This proposal eliminates a supermajority requirement to declassify the board. If
a majority of shareholders want to declassify the board they should be allowed to
do so. A vote is cast in favor.
This proposal eliminates a supermajority requirement to remove directors. If a
majority of shareholders want to remove a director, they should be allowed to.
03 For For PROPOSAL TO AMEND ARTICLE III, SECTION 1 OF THE CODE
OF REGULATIONS TO PROVIDE FOR THE ANNUAL ELECTION
OF ALL DIRECTORS.
Policies
04 For For PROPOSAL TO ADOPT THE AMENDED AND RESTATED FIFTH THIRD
BANCORP 1993 STOCK PURCHASE PLAN AND THE ISSUANCE
OF UP TO AN ADDITIONAL 1,500,000 SHARES OF COMMON
STOCK THEREUNDER.
Policies
favor.
05 For For PROPOSAL TO APPROVE THE APPOINTMENT OF DELOITTE &
TOUCHE LLP AS THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM FOR THE COMPANY FOR THE YEAR 2006.
Policies

Ark Asset 100 400 400 03/08/2006 03/14/2006 03/15/2006
FIRST DATA CORPORATION Ticker: FDC Annual Meeting Date: 05/10/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For THE RATIFICATION OF THE ELECTION OF DAVID A. COULTER
AS A DIRECTOR.
Policies
It is in the best interests of shareholders for there to be a majority of independents
on the board to supervise management. There is such a majority here. A vote is
cast for all nominees.
03 For For THE RATIFICATION OF THE ELECTION OF HENRY C. DUQUES
AS A DIRECTOR.
Policies
04 For For THE RATIFICATION OF THE ELECTION OF PETER B. ELLWOOD
AS A DIRECTOR.
Policies
05 For For THE RATIFICATION OF THE SELECTION OF ERNST & YOUNG
FIRM FOR THE COMPANY FOR 2006.
Policies

Ark Asset 104 546 546 03/31/2006 05/04/2006 05/05/2006
FIRSTENERGY CORP. Ticker: FE Annual Meeting Date: 05/16/2006

SEDOL:

Proposal Vote
Policies
FIRM
Policies
03 For Against SHAREHOLDER PROPOSAL
Policies
This proposal eliminates a supermajority requirement on any matters subjected to
shareholder approval. If a majority of shareholders want to act by written consent,
they should be able to. A vote is cast in favor.
04 For Against SHAREHOLDER PROPOSAL
Policies
is cast.

Ark Asset 107 200 200 04/05/2006 05/09/2006 05/10/2006
FORD MOTOR COMPANY Ticker: F Annual Meeting Date: 05/11/2006

SEDOL:

Proposal Vote
Policies
02 Against For RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED
Policies
03 For Against RELATING TO DISCLOSURE OF OFFICERS COMPENSATION.
Policies
04 For Against RELATING TO THE COMPANY REPORTING ON CAFE LOBBYING
EFFORTS.
Comments
This shareholder proposal requests that the Company prepare a report on its lobbying
efforts and financial expenditures intended to influence government regulation of
fuel economy standards. Per the statements supporting the proposal, the average
fuel economy for vehicles the Company has produced in the U.S. over the last nine
years has actually decreased, while the Company has committed to making significant
reductions in carbon emissions in vehicles sold in Europe and Australia. The Company's
reply states that it takes global warming very seriously and is investing heavily
in new technologies for reducing greenhouse gas emissions. The Company feels, however,
that the requested focus of the report is too narrow for it to give a picture of
the Company's total strategic approach to environmental issues. Knowing what the
Company is doing in terms of influencing legislation would give shareholders some
useful insight concerning the direction in which the Company wants to move its environmental
strategies. A vote is cast in favor of the proposal.
05 For Against RELATING TO ADOPTION OF CUMULATIVE VOTING FOR THE
ELECTION OF DIRECTORS.
Policies
06 For Against RELATING TO TYING EXECUTIVE COMPENSATION TO A REDUCTION
OF LIFETIME PRODUCT GREENHOUSE GAS EMISSIONS.
Comments
This shareholder proposal requests that the Company review executive compensation
with a view toward linking a significant portion of senior executive compensation
to progress in reducing lifetime product greenhouse gas emissions from the Company's
new passenger vehicles, and issue a report on the review within six months of the
annual meeting. In its reply, the Company acknowledges that it is feasible to include
such criteria as a part of broader performance measures for senior executives.

Given increasing worldwide concern over global warming and other environmental issues,
it would be a forward thinking approach to link executive compensation, in some
fashion, to the effectiveness of the Company's strategies for dealing with such
issues. A vote is cast in favor of the proposal.
07 For Against RELATING TO CONSIDERATION OF A RECAPITALIZATION PLAN
TO PROVIDE THAT ALL COMPANY STOCK HAVE ONE VOTE PER
SHARE.
Policies
This proposal eliminates unequal voting rights. It is in the best interests of shareholders
for all shareholders to have equal voting rights. A vote is cast in favor of the
proposal.
08 Against Against RELATING TO PUBLISHING A REPORT ON GLOBAL WARMING/COOLING.
Comments
This shareholder proposal requests the Company to prepare a "scientific" report
on global warming/cooling. The specific items to be addressed include the temperature
measurements the Company uses in discussing global warming/cooling; the atmospheric
gasses the Company considers to be "greenhouse" gasses; and the effect the Company
considers the sun's radiation to have on global warming/cooling. The proposal states
that if the Company does not have any formulation or measurement of the items requested,
it should say so in the report. The Company replies that the depth of the scientific
query involved in addressing the items requested in the report, goes way beyond
the scientific resources of the Company. The Company cites a report it has already
produced which addresses the issue of climate change from a business perspective.
This is the perspective where the Company has its expertise. A vote is cast against
the proposal.
09 Against Against RELATING TO THE COMPANY REMOVING REFERENCES TO SEXUAL
ORIENTATION FROM ITS EQUAL EMPLOYMENT POLICIES.
Comments
This shareholder proposal would have the Company exclude any reference to sexual
orientation in its equal employment opportunity policy. This would be a step backward
for the Company's anti-discrimination efforts. A vote is cast against the proposal.
10 For Against RELATING TO THE COMPANY REQUIRING THAT THE CHAIRMAN
OF THE BOARD HAVE NO MANAGEMENT DUTIES, TITLES OR RESPONSIBILITIES
Policies
officer and have an independent serve as the chair. The chair should be in a position
to oversee and monitor the CEO. That can only happen if different people hold the
positions and the chair is independent. A vote is cast in favor.

Ark Asset 860 1,100 1,100 04/08/2006 05/05/2006 05/05/2006
FORTUNE BRANDS, INC. Ticker: FO Annual Meeting Date: 04/25/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RATIFY THE APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP
AS INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR
2006.
Policies
03 For Against IF PRESENTED, A SHAREHOLDER PROPOSAL ENTITLED ELECT
EACH DIRECTOR ANNUALLY .
Policies
04 For Against IF PRESENTED, A SHAREHOLDER PROPOSAL ENTITLED PAY-FOR-SUPERIOR
PERFORMANCE .
Comments
This shareholder proposal requests that the Board's Executive Compensation Committee
establish a pay-for-superior-performance standard in the Company's compensation
plan for senior executives. The following principals would be incorporated into
the plan: annual bonuses based on financial data would only be awarded if the Company
exceeded the median or mean performance of a disclosed group of peer companies on
the selected financial criteria; and long-term equity compensation would be based
on utilizing financial data and/or stock price performance criteria that can be
benchmarked against peer group performance. Options, or restricted shares, etc.,
would be structured so that compensation is received only when Company performance
exceeds the median or mean performance of peer group companies on the selected criteria.
Closely linking compensation rewards with Company performance is good corporate
practice for building sustainable long-term corporate value. A vote is cast in
favor of the proposal.

Ark Asset 101 100 100 03/14/2006 04/17/2006 04/17/2006
FRANKLIN RESOURCES, INC. Ticker: BEN Annual Meeting Date: 01/26/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For SAMUEL H. ARMACOST

Withheld HARMON E. BURNS
For CHARLES CROCKER
For JOSEPH R. HARDIMAN
For ROBERT D. JOFFE
Withheld CHARLES B. JOHNSON
Withheld RUPERT H. JOHNSON, JR.
For THOMAS H. KEAN
For CHUTTA RATNATHICAM
Withheld PETER M. SACERDOTE
For LAURA STEIN
Withheld ANNE M. TATLOCK
For LOUIS E. WOODWORTH
Policies
02 Against For RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS
FIRM FOR THE FISCAL YEAR ENDING SEPTEMBER 30, 2006.
Policies

Ark Asset 101 200 200 01/03/2006 01/12/2006 01/12/2006
FREESCALE SEMICONDUCTOR, INC. Ticker: FSL Annual Meeting Date: 04/21/2006

Issuer: 35687M City: Holdings Reconciliation Date: 02/21/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For TO RATIFY THE APPOINTMENT OF THE INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM OF KPMG LLP, OUR INDEPENDENT
AUDITORS, FOR FISCAL 2006.
Policies

Ark Asset 206 154 154 03/17/2006 04/06/2006 04/06/2006
GANNETT CO., INC. Ticker: GCI Annual Meeting Date: 04/18/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For PROPOSAL TO RATIFY ERNST & YOUNG LLP AS THE COMPANY
THE 2006 FISCAL YEAR.
Policies
03 Against For PROPOSAL TO RE-APPROVE THE MATERIAL TERMS OF THE PERFORMANCE
MEASURES IN THE COMPANY S 2001 OMNIBUS INCENTIVE COMPENSATION
PLAN.
Comments
This proposal seeks shareholder re-approval of the material terms of the performance
measures included in the Company's 2001 Omnibus Incentive Compensation Plan. However,
the plan contains only a list of categories by which performance could be assessed
rather than the specific performance levels which would be used to make awards under
the plan. Because of this lack of specificity a vote is cast against the proposal.
04 For Against SHAREHOLDER PROPOSAL CONCERNING ANNUAL ELECTION OF
DIRECTORS.
Policies
05 For Against SHAREHOLDER PROPOSAL CONCERNING INDEPENDENT BOARD
CHAIRMAN.
Policies

Ark Asset 101 200 200 03/11/2006 04/05/2006 04/05/2006
GAP, INC. Ticker: GPS Annual Meeting Date: 05/09/2006

SEDOL:

Proposal Vote
Policies
02 For For RATIFY THE APPOINTMENT OF DELOITTE & TOUCHE LLP AS
THE REGISTERED PUBLIC ACCOUNTING FIRM.
Policies
03 Against For TO APPROVE THE AMENDMENT AND RESTATEMENT OF OUR 1996
STOCK OPTION AND AWARD PLAN TO BE KNOWN THEREAFTER
AS THE 2006 LONG-TERM INCENTIVE PLAN.
Policies
The existing plan itself does not specify performance standards upon which to base
the granting of options.

Ark Asset 108 500 500 03/31/2006 05/02/2006 05/03/2006
GENERAL DYNAMICS CORPORATION Ticker: GD Annual Meeting Date: 05/03/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For SELECTION OF INDEPENDENT AUDITORS
Policies
03 For Against SHAREHOLDER PROPOSAL WITH REGARD TO MAJORITY VOTE
STANDARD FOR ELECTION OF DIRECTORS
Policies
04 For Against SHAREHOLDER PROPOSAL WITH REGARD TO AUTOMATIC DISQUALIFICATION
OF DIRECTORS WHO FAIL TO RECEIVE A MAJORITY OF AFFIRMATIVE
VOTES CAST
Comments
This shareholder proposal would prohibit a director from standing for election if
that director was elected for an immediately preceding term in an uncontested election
in which he or she received more "withheld" votes than "for" votes. The principal
that directors should serve only if they a majority vote from the shareholders is
basic good corporate governance. A vote is cast in favor of this shareholder proposal.
05 For Against SHAREHOLDER PROPOSAL WITH REGARD TO INDEPENDENT BOARD
CHAIRMAN
Policies
06 For Against SHAREHOLDER PROPOSAL WITH REGARD TO CORPORATE POLITICAL
CONTRIBUTIONS
Comments
This shareholder proposal would have the Company produce a report listing its policies
and procedures for monetary and non-monetary political contributions and expenditures,
including monies paid to trade organizations and tax exempt organizations which
would be used for political activities. The Company replies that federal law prohibits
the corporation from contributing to candidates for federal office or to political
committees influencing federal elections. The Company does, however, have a Political
Action Committee (PAC) which receives voluntary donations from management level
employees. Per the Company, all contributions the PAC makes go through a rigorous
internal review process to ensure they represent the best interests of the Company
and the shareholders. All PAC contributions are reported the Federal Election Commission.
A report outlining how the contribution review process works accompanied by a list
of contributions provided to the FEC seems fairly easy to compile, and would give
shareholders a convenient source for referencing this important information. A
vote is cast in favor of the proposal..
07 For Against SHAREHOLDER PROPOSAL WITH REGARD TO SUSTAINABILITY
REPORT
Comments
This proposal requests the Board of Directors to prepare a "sustainability" (how
companies interact with their workers and the communities where they operate, source
and sell their products) report which will include a review of current Company policies
and practices related to social, environmental and economic sustainability and a
summary of long-term plans to integrate sustainability objectives throughout the
Company's operations. The proponent states that good corporate citizenship goes
beyond the traditional business functions of creating jobs and paying taxes, to
include corporate practices designed to protect human rights, worker rights, land
and the environment, and a commitment to pay a sustainable living wage to its employees
and workers of suppliers. Such a report would provide shareholders with useful
information in evaluating the Company's plans, policies and practices. A vote is
cast in favor.

Ark Asset 108 200 200 04/04/2006 04/27/2006 04/28/2006
GENERAL ELECTRIC COMPANY Ticker: GE Annual Meeting Date: 04/26/2006

SEDOL:

Proposal Vote
A Withheld For DIRECTOR
Policies
B For For RATIFICATION OF SELECTION OF INDEPENDENT AUDITOR
Policies
Policies
02 Against Against CURB OVER-EXTENDED DIRECTORS
Comments
This shareholder proposal requests that board service for the Company's directors
be limited to a total of three directorships or five if the director is retired.
This standard is more restrictive than the usually employed criteria of three to
five directorships other than the Company's board. There are several sitting independent
members of the Company's board who have served the Company well who would not be
in compliance with this more limited policy. The current board service criteria
recognizes the importance of not allowing directors to spread themselves too thin,
while giving them somewhat more latitude to serve on other boards. In support of
the current policy, a vote is cast against this proposal.
03 For Against ONE DIRECTOR FROM THE RANKS OF RETIREES
Comments
This shareholder proposal seeks adoption of a policy that each year, one of the
director nominees be a , non-executive retiree of the Company. The proposal cites
the statement by a former Chairman of the Board that the Company's retirees are
the largest block of shareholders of the Company. In addition to bringing to the
board the perspective of a major group of shareowners, a retired employee director
would come onto the Board already having a good deal of knowledge and insight about
how the Company operates. This combination of insight about and understanding of
the Company would be a useful allocation of one of the fifteen seats on the Board.
A vote is cast in favor of the proposal.
04 For Against INDEPENDENT BOARD CHAIRMAN
Policies

05 For Against DIRECTOR ELECTION MAJORITY VOTE STANDARD
Policies
06 For Against REPORT ON GLOBAL WARMING SCIENCE
Comments
This shareholder proposal requests that the Board of Directors report to shareholders
on the scientific and economic analyses relevant to the Company's climate change
policy omitting proprietary information and at reasonable cost. The proposal cites
GE's Ecomagination initiative which, according to the proposal's author, is based
in part on the supposition that human activity harms the global . Also cited is
the Company's 2005 Citizenship Report that the Company strives to base its public
policy positions on sound facts, detailed analysis and consideration of competing
analysis. It goes on to state that Greenhouse Gas emissions most be reduced. The
Company responds that it has never adopted a climate change policy. Given that the
Company has made the above statement and has embarked on a business strategy called
GE Ecomagination which seeks to develop new energy efficient, environmentally friendly
products, it seems that it is time that the Company clearly state a policy, including
the rationale and supporting data, toward the issue of climate change. To this
end a vote is cast in favor of the proposal.c

Ark Asset 103 6,500 6,500 03/09/2006 04/19/2006 04/20/2006
GENERAL MOTORS CORPORATION Ticker: GM Annual Meeting Date: 06/06/2006

SEDOL:

Proposal Vote
Policies
02 Against For DIRECTORS RECOMMEND: A VOTE FOR THE RATIFICATION OF
AUDITORS. RATIFICATION OF SELECTION OF DELOITTE &
TOUCHE FOR THE YEAR 2006
Policies
03 For Against STOCKHOLDER PROPOSAL - PROHIBITION ON AWARDING, REPRICING,
OR RENEWING STOCK OPTIONS
Comments
This shareholder proposal requests that the board take the necessary steps so that
no future new stock options are awarded to anyone, nor that any current stock options
are repriced or renewed (unless there is an existing contract to do so). The proposal
is prompted by the granting of generous stock option awards to senior executives
even while company performance is poor and stockholders' share value is deteriorating.
It is understood that stock options are a useful tool in crafting compensation
packages, however, such rewards must be linked to specific levels of performance.
Shareholders, not just senior management, should benefit from the granting of options.
Until this balance is reached a vote to eliminate future option awards is cast.
04 Against Against STOCKHOLDER PROPOSAL - PUBLICATION OF A REPORT ON
GLOBAL WARMING/COOLING
Comments
This shareholder proposal requests the Company to prepare a "scientific" report
on global warming/cooling. The specific items to be addressed include the temperature
measurements the Company uses in discussing global warming/cooling; the atmospheric
gasses the Company considers to be "greenhouse" gasses; and the effect the Company
considers the sun's radiation to have on global warming/cooling. The proposal
states that if the Company doesnt have any formulation or measurement of the items
requested, it should say so. The Company replies that the depth of the scientific
query involved in addressing the items requested in the report, goes way beyond
the scientific resources of the Company. The Company cites a report it has already
produced which addresses the issue of climate change from a business perspective.
This is the perspective where the Company has its expertise. A vote is cast against
the proposal.
05 For Against STOCKHOLDER PROPOSAL - SEPARATION OF ROLES OF CHAIRMAN
AND CHIEF EXECUTIVE OFFICER
Policies
06 For Against STOCKHOLDER PROPOSAL - RECOUPING UNEARNED INCENTIVE
BONUSES
Comments
This shareholder proposal requests the board to adopt a policy to recoup, for the
benefit of the Company, all unearned incentive bonuses or other incentive payments
to senior executives to the extent that their corresponding performance targets
were later reasonably determined to have not been achieved. Restatements are one
means of determining unearned bonuses. A vote is cast in favor of this proposal
because incentive compensation should be paid and retained only if the Company has
legitimately reached the performance benchmarks which are the basis for the payments.
07 For Against STOCKHOLDER PROPOSAL - CUMULATIVE VOTING
Policies
08 For Against STOCKHOLDER PROPOSAL - MAJORITY VOTING FOR ELECTION
OF DIRECTORS
Policies

Ark Asset 105 400 400 04/28/2006 05/24/2006 05/25/2006
GENZYME CORPORATION Ticker: Annual Meeting Date: 05/25/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For DR. VICTOR DZAU

Withheld SENATOR CONNIE MACK
For HENRI A. TERMEER
Policies
02 Against For A PROPOSAL TO AMEND THE 2004 EQUITY INCENTIVE PLAN
TO PROVIDE FOR THE GRANT OF RESTRICTED STOCK AND RESTRICTED
STOCK UNITS AND INCREASE THE NUMBER OF SHARES OF COMMON
STOCK COVERED BY THE PLAN BY 7,000,000 SHARES.
Policies
03 Against For A PROPOSAL TO AMEND THE 1998 DIRECTOR STOCK OPTION
PLAN TO INCREASE THE NUMBER OF SHARES OF COMMON STOCK
COVERED BY THE PLAN BY 300,000 SHARES.
Policies
This proposal establishes a stock plan for outside directors. Total director compensation
is excessive and stock is granted without regard to company performance or director
attendance. That is not in the best interests of shareholders. A vote is cast against.
04 For For THE AMENDMENT AND RESTATEMENT OF OUR RESTATED ARTICLES
OF ORGANIZATION TO DECLASSIFY OUR BOARD SO THAT, BEGINNING
IN 2007, ALL DIRECTORS ARE ELECTED FOR ONE-YEAR TERMS.
Policies
05 Against For A PROPOSAL TO RATIFY THE SELECTION OF INDEPENDENT
AUDITORS FOR 2006.
Policies
06 For Against A SHAREHOLDER PROPOSAL THAT EXECUTIVE SEVERANCE ARRANGEMENTS

BE APPROVED BY SHAREHOLDERS.
Policies
is cast.

Ark Asset 104 200 200 04/14/2006 05/16/2006 05/17/2006
GILEAD SCIENCES, INC. Ticker: GILD Annual Meeting Date: 05/10/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For TO RATIFY THE SELECTION OF ERNST & YOUNG LLP BY THE
AUDIT COMMITTEE OF THE BOARD OF DIRECTORS AS THE INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM OF GILEAD FOR THE
FISCAL YEAR ENDING DECEMBER 31, 2006.
Policies
03 Against For TO APPROVE AN AMENDMENT TO GILEAD S 2004 EQUITY INCENTIVE
PLAN.
Comments
The Company is proposing a number of changes to its 2004 Equity Incentive Plan which
it says acknowlledge that "stock based compensation is a valuable and limited
resource and that stockholders expect us to utilize this tool in an efficient manner".
Even with these sentiments, the proposed changes result in a plan with dilution
potential of 16% -- above the average for peer companies -- no specific performance
criteria, and excessive formulaic option grants to directors. Based on these factors
a vote is cast against the proposal.
04 Against For TO APPROVE GILEAD S CODE SECTION 162(M) BONUS PLAN
AND CERTAIN PERFORMANCE-BASED PROVISIONS THEREUNDER.
Policies
05 Against For TO APPROVE AN AMENDMENT TO GILEAD S RESTATED CERTIFICATE
OF INCORPORATION TO INCREASE THE AUTHORIZED NUMBER
OF SHARES OF GILEAD S COMMON STOCK FROM 700,000,000
TO 1,400,000,000 SHARES.
Policies
06 For Against TO APPROVE A STOCKHOLDER PROPOSAL REQUESTING A REPORT
ON THE HIV/AIDS, TUBERCULOSIS AND MALARIA PANDEMIC.
Comments
This shareholder proposal requests that the Company review the economic effects
of the HIV/AIDS, tuberculosis and malaria pandemics on the Company's business strategies,
and its initiatives to date and report to shareholders. The proposal cites the potentially
profound effect the growth of these diseases could have on pharmaceutical companies
which produce drugs aimed at such diseases and that such a report would "improve
our ability to evaluate our investment". The Company replies that it does not produce
tuberulosis or malaria-related drugs and that the requested report would not contribute
to investors understanding of the impact of HIV/AIDS on the Company's business strategy.
The proposal appears to be aimed at achieving more disclosure of the Company's
programs for providing HIV/AIDS to impoverished people in third world countries.
The Company states that the global HIV/AIDS pandemic is already a priority for
the Company, and that it it has a program to reduce or eliminate the cost of drugs
to people who cannot afford them. Even with this being the case, only a small
number of countries the program is targeted toward currently have the program in
place. Pending regulatory approvals are holding it up in the vast majority of countires
which are in need of this program. The requested shareholder report would make
available information on the Company's progress in getting the required approvals.

Ark Asset 103 300 300 03/31/2006 05/04/2006 05/04/2006
GOLDEN WEST FINANCIAL CORPORATION Ticker: GDW Annual Meeting Date: 05/03/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For RATIFICATION OF THE SELECTION OF DELOITTE & TOUCHE
LLP TO SERVE AS THE COMPANY S INDEPENDENT OUTSIDE
AUDITORS FOR THE YEAR ENDING DECEMBER 31, 2006.
Policies

Ark Asset 106 200 200 03/10/2006 05/01/2006 05/02/2006
GUIDANT CORPORATION Ticker: GDT Special Meeting Date: 03/31/2006

SEDOL:

Proposal Vote
01 For For TO APPROVE THE AGREEMENT AND PLAN OF MERGER, DATED
AS OF JANUARY 25, 2006, AMONG BOSTON SCIENTIFIC CORPORATION,
GALAXY MERGER SUB, INC., A WHOLLY OWNED SUBSIDIARY
OF BOSTON SCIENTIFIC CORPORATION, AND GUIDANT CORPORATION,
PURSUANT TO WHICH GALAXY MERGER SUB, INC. WILL MERGE
WITH AND INTO GUIDANT CORPORATION, ALL AS MORE FULLY
DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS.
Comments
This proposal seeks shareholder approval of the Company being acquired by Boston
Scientific. The Company is a multi-national company that designs, manufactures and
markets medical devices for use in the treatment of cardiac and vascular disease.
Boston Scientific is a worldwide leader in the development, manufacturing and marketing
of medical devices used by interventional medical specialists. The Board recommends
shareholder approval because of the amount of the consideration offered and the
fact that a portion of it will be in Boston Scientific stock, thus allowing shareholders
to retain an equity interested in the combined company . Per the terms of the acquisition,
each share of Company stock will be exchanged for $42.00 cash and the equivalent
of some $38.00 of Boston Scientific stock. This represents a premium of 4% based
on the closing price of Company stock the day before the transaction was agreed
to (30% based on the average closing price of Company shares for the five days beginning
60 days before the agreement). An opinion has been issued by J.P. Morgan Securities
that the terms are fair to the Company's shareholders. For those reasons, a vote
is cast in favor of the proposal.

Ark Asset 105 200 200 03/07/2006 03/15/2006 03/15/2006
GULF ISLAND FABRICATION, INC. Ticker: GIFI Annual Meeting Date: 04/26/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For TO VOTE ON AN AMENDMENT TO THE 2002 STOCK INCENTIVE
PLAN.
Comments
This proposal would amend the Company's 2002 Stock Incentive Plan to eliminate the
limit of 50,000 shares which may be issued as restricted shares from the total number
of shares authorized to be awarded through the plan . Restricted shares have a
more tenuous relation to Company performance than do stock option awards in that
restricted shares will always have some base value whereas options may become worthless
if Company performance deteriorates below their granting price. Further there are
no set performance standards in the plan for making the incentive awards. A good
stock incentive plan will grant awards linked to personal and Company performance,
which is why a vote is cast against this proposal.

Ark Asset 102 300 300 03/22/2006 04/20/2006 04/21/2006
HALLIBURTON COMPANY Ticker: HAL Annual Meeting Date: 05/17/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For A.M. BENNETT

For J.R. BOYD
For R.L. CRANDALL
For K.T DERR
Withheld S.M. GILLIS
For W.R. HOWELL
For R.L. HUNT
For D.J. LESAR
For J.L.MARTIN
For J.A. PRECOURT
For D.L. REED
Policies
02 Against For PROPOSAL FOR RATIFICATION OF THE SELECTION OF AUDITORS.
Policies
03 For For PROPOSAL TO AMEND CERTIFICATE OF INCORPORATION.
Policies
a stock split. Splits increase liquidity at no cost to current shareholder equity.
For those reasons, a vote is cast in favor.
04 For For PROPOSAL ON SEVERANCE AGREEMENTS.
Comments
This management proposal seeks adoption of a policy that will require shareholder
approval of future severance agreements that pay more than 2.99 times an executive's
salary and bonus. This is the exact type of proposal that shareholders typically
submit on an advisory basis and the Company should be congratulated on submitting
a binding proposal. A vote is cast in favor.
05 For Against PROPOSAL ON HUMAN RIGHTS REVIEW.
Comments
This proposal requests that the Company review its policies related to human rights,
compare them to the principles of the United Nation's International labor Organization
(ILO) on workplace human rights, and to report to the shareholders on what areas
it needs to adopt and implement additional policies. Reports on human rights abuses
in the overseas subsidiaries and suppliers of some U.S. based companies has led
to an increased public awareness of the problems of child labor, "sweatshop" conditions,
and the denial of labor rights in U.S. corporate overseas operations. This can
lead to negative publicity, public protests and a loss of consumer confidence which
can have a negative impact on shareholder value. The review and report requested
in this proposal will enable the Company to make a meaningful assessment of its
policies and provide useful information for shareholders. Therefore, a vote is
cast in favor of this proposal.
06 For Against PROPOSAL ON DIRECTOR ELECTION VOTE THRESHOLD.
Policies
07 For Against PROPOSAL ON POISON PILL.
Policies
This proposal requests the company to redeem its poison pill plan or submit it to
a vote of shareholders. Since poison pills can be used to discourage takeovers
that are beneficial to shareholders, a vote is cast in favor of the proposal.

Ark Asset 101 600 600 04/25/2006 05/08/2006 05/09/2006
HARLEY-DAVIDSON, INC. Ticker: HDI Annual Meeting Date: 05/01/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld JEFFREY L. BLEUSTEIN

Withheld DONALD A. JAMES
For JAMES A. NORLING
Withheld JAMES L. ZIEMER
Policies
02 Against For RATIFICATION OF SELECTION OF ERNST & YOUNG LLP, INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM, AS AUDITORS.
Policies

Ark Asset 108 200 200 04/04/2006 04/23/2006 04/24/2006
HCA INC. Ticker: HCA Annual Meeting Date: 05/25/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RATIFICATION OF ERNST & YOUNG LLP AS HCA S INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM, AS DESCRIBED IN
THE PROXY STATEMENT
Policies
03 For Against APPROVAL OF SHAREHOLDER PROPOSAL NO. 1, AS DESCRIBED
IN THE PROXY STATEMENT
Policies
This proposal requests that a significant portion of future stock option grants
to senior executives shall be performance-based. Performance based is defined as
indexed options, premium-priced options or performance vesting options. This would
be a good way to better align the interests of shareholders and senior executives.
A vote is cast for.
04 For Against APPROVAL OF SHAREHOLDER PROPOSAL NO. 2, AS DESCRIBED
IN THE PROXY STATEMENT
Comments
This proposal requests that the Board adopt a policy under which senior executives
and directors commit to hold throughout their tenure at least 75% of all HCA shares
that they obtain through equity based compensation. The proposal was prompted by
a Thompson Research report that over 20 Company insiders sold approximately $160
million of HCA shares last year with a number of the transactions occurring not
long before an earnings warning in July, after which the stock price declined.
Most of the transactions involved were followed by an immediate sale of the shares
acquired. The SEC is conducting an investigation into these trades. It is in the
best interests of shareholders for their interests to be aligned with senior executives
by the executives holding shares and the policy requested here is appropriate in
light of the questionable insider trading that still under investigation. A vote
is cast in favor.

Ark Asset 109 300 300 04/18/2006 05/15/2006 05/16/2006
HEWLETT-PACKARD COMPANY Ticker: HPQ Annual Meeting Date: 03/15/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For PROPOSAL TO RATIFY THE APPOINTMENT OF THE INDEPENDENT
ENDING OCTOBER 31, 2006.
Policies
03 Against For PROPOSAL TO APPROVE THE HEWLETT-PACKARD COMPANY 2005
PAY-FOR-RESULTS PLAN.
Comments
A cash bonus plan is established by this proposal. Awards are not made pursuant
to specific performance standards. That is not in the best interests of shareholders.
04 For Against STOCKHOLDER PROPOSAL ENTITLED DIRECTOR ELECTION MAJORITY
VOTE STANDARD PROPOSAL .
Comments
provide nominees standing for election to the board must receive the vote of a
majority of shares entitled to vote at an annual meeting of the shareholders in
order to be elected. Currently, directors only need a plurality of votes to win
re-election, which ensures the re-election of all incumbents who are running without
opposition. Requiring a majority vote for election/re-election would give real
teeth to the vote no campaigns (e.g., against Eisner at Disney or against three
nominees at Safeway) that are waged against incumbent directors who shareholders
feel are not responsive. Such vote no campaigns are currently just symbolic protest
votes. A vote is cast in favor of this proposal.
05 For Against STOCKHOLDER PROPOSAL ENTITLED RECOUP UNEARNED MANAGEMENT
BONUSES .
Comments
This shareholder proposal requests that the Board adopt a policy whereby, in the
event of a significant restatement of financial results or significant extraordinary
write-off, the board will review bonuses made to senior executives during the restatement
period which were based on attaining performance goals and seek to recoup any portion
of the bonuses which were attributable to the incorrect financial reports or the
write-offs. The Company replies that it has a substantially similar policy already
in place. The difference, however, is that the Company limits its policy for recouping
unearned bonuses to situations involving fraud or misconduct. Moreover the Company
makes no commitment to include a provision to recoup unearned bonuses in future
executive compensation agreements. For these reasons a vote is cast in favor of
the proposal.

Ark Asset 103 1,732 1,732 01/27/2006 03/02/2006 03/03/2006
HONDA MOTOR CO., LTD. Ticker: HMC Annual Meeting Date: 06/23/2006
SEDOL:

Proposal Vote
01 For For APPROVAL OF PROPOSAL FOR APPROPRIATION OF RETAINED
EARNINGS FOR THE 82ND FISCAL YEAR.
Policies
The approval of financial statements, allocation of income and the discharge of
directors. These are normally routine, bookkeeping and ministerial matters. No
objection has been raised. A vote in favor is cast.
02 For For PARTIAL AMENDMENTS TO THE ARTICLES OF INCORPORATION.
Policies
This proposal amends the company's articles to comply with recent changes in corporate
03 For DIRECTOR
Withheld TAKEO FUKUI
Withheld SATOSHI AOKI
Withheld MINORU HARADA
Withheld MOTOATSU SHIRAISHI
Withheld SATOSHI DOBASHI
Withheld ATSUYOSHI HYOGO
Withheld SATOSHI TOSHIDA
Withheld KOKI HIRASHIMA
Withheld KOICHI KONDO
Withheld TORU ONDA
Withheld AKIRA TAKANO
Withheld MIKIO YOSHIMI
Withheld SHIGERU TAKAGI
Withheld HIROSHI KURODA
For SATORU KISHI
For KENSAKU HOGEN
Withheld HIROYUKI YOSHINO
Withheld TETSUO IWAMURA
Withheld TATSUHIRO OYAMA
Withheld FUMIHIKO IKE
Policies
04 Against For PAYMENT OF BONUS TO DIRECTORS AND CORPORATE AUDITORS
FOR THE 82ND FISCAL YEAR.
Comments
This proposal seeks to distribute profit-sharing bonuses for key executives. The
plan does not specify performance standards on which to base the bonus which make
it impossible to judge the validity of the plan. A vote is cast against.
05 Against For PRESENTATION OF RETIREMENT ALLOWANCE TO RETIRING DIRECTOR
FOR HIS RESPECTIVE SERVICES.
Comments
This seeks approval of retirement bonuses for directors and statutory auditors.
They presumably have been fairly compensated for their services and the company
fails to explain why this bonus is appropriate. A vote is cast against.

Ark Asset 308 400 400 06/06/2006 06/12/2006 06/13/2006
HONEYWELL INTERNATIONAL INC. Ticker: HON Annual Meeting Date: 04/24/2006

SEDOL:

Proposal Vote
Policies
02 Against For APPROVAL OF INDEPENDENT ACCOUNTANTS
Policies
03 Against For 2006 STOCK INCENTIVE PLAN
Policies
04 Against For 2006 STOCK PLAN FOR NON-EMPLOYEE DIRECTORS
Policies
05 For Against MAJORITY VOTE
Comments
06 For Against DIRECTOR COMPENSATION
Comments
be identified. The current annualized value of compensation received by a Company

outside director is estimated to be $249,433, which does not include the value of
travel, health and life insurance that the outside directors also receive. Given
that over the past five years the Company has lost nearly $12 on a $100 investment
and underperformed both its peer group and broad market index, it is understandable
why the proponent seeks shareholder approval of future compensation packages for
non-employee directors. A vote is cast in favor.
07 For Against RECOUP UNEARNED MANAGEMENT BONUSES
Comments
in favor.
08 For Against ONONDAGA LAKE ENVIRONMENTAL POLLUTION
Comments
This shareholder proposal requests that the Company report to shareholders on what
steps the Company has taken to educate the public and the communalities in and around
Lake Onondaga about the dangers and hazards of consuming fish and water from it.
Lake Onondaga is one of the most polluted in the U.S. and the New York State Department
of Environmental Conservation has issued a "Record of Decision" that names the Company
as the main potentially responsible party for a remediation plan. The requested
report would provide shareholders with valuable information on what steps the Company
is taking to address this issue. A vote is cast in favor.
09 For Against SEPARATE VOTE ON GOLDEN PAYMENTS
Comments
This shareholder proposal requests that the Board of Directors adopt a policy that
any merger that includes golden parachutes or "golden hellos" (a large signing bonus
for a new executive) be required to allow shareholders to vote on the dollar amount
of such golden pay as a separate line item on the same ballot. This is a problem
throughout Corporate America (more than a half billion dollars were paid in golden
parachutes to executives in the WellPoint Health Networks and Anthem meager in 2004)
and there is a bad history at this Company--a former CEO received a $4 million lifetime
annual retirement benefit when the Company merged with Allied Signal and the incoming
CEO's agreement in 2002 included a $59 million "golden hello". Having separate
votes on mergers and golden parachutes/golden hellos would be an important reform
and in the best interests of shareholders. A vote is cast in favor.

Ark Asset 106 500 500 03/15/2006 04/11/2006 04/11/2006
HOSPIRA, INC. Ticker: HSP Annual Meeting Date: 05/17/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For PROPOSAL TO RATIFY THE APPOINTMENT OF DELOITTE & TOUCHE
LLP AS AUDITORS FOR HOSPIRA FOR 2006.
Policies

Ark Asset 100 100 100 04/01/2006 05/08/2006 05/09/2006
HOVNANIAN ENTERPRISES, INC. Ticker: HOV Annual Meeting Date: 03/08/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld K. HOVNANIAN
Withheld A. HOVNANIAN
For R. COUTTS
Withheld G. DECESARIS, JR.
For E. KANGAS
For J. MARENGI
Withheld J. ROBBINS
For J. SORSBY
For S. WEINROTH
Policies
02 For For RATIFICATION OF THE SELECTION OF ERNST & YOUNG LLP
AS THE COMPANY S INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM FOR THE YEAR ENDED OCTOBER 31, 2006.
Policies

Ark Asset 203 200 200 02/07/2006 02/20/2006 02/21/2006
ILLINOIS TOOL WORKS INC. Ticker: ITW Annual Meeting Date: 05/05/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld WILLIAM F. ALDINGER

For MICHAEL J. BIRCK
For MARVIN D. BRAILSFORD
For SUSAN CROWN
For DON H. DAVIS, JR.
For ROBERT C. MCCORMACK
For ROBERT S. MORRISON
For JAMES A. SKINNER
For HAROLD B. SMITH
For DAVID B. SPEER
Policies
02 For For APPROVAL OF THE AMENDMENT OF OUR RESTATED CERTIFICATE
OF INCORPORATION.
Policies
a stock split. Splits increase liquidity at no cost to current shareholder equity.
For those reasons, a vote is cast in favor.
03 Against For APPROVAL OF THE ILLINOIS TOOL WORKS INC. 2006 STOCK
INCENTIVE PLAN.
Policies
The plan has not been established by an independent compensation committee of the
Board, comprised solely of two or more outside directors.
04 Against For RATIFICATION OF THE APPOINTMENT OF DELOITTE & TOUCHE
LLP.
Policies
05 For Against TO VOTE ON A STOCKHOLDER PROPOSAL REGUIRING IMPLEMENTATION
OF CERTAIN BUSINESS PRINCIPLES FOR WORKERS IN CHINA.
Comments
This proposal requests that the Company commit itself to the implementation of a
code of corporate conduct based on the principles of the United Nation's International
labor Organization (ILO) on workplace human rights standards in the People's Republic
of China, where the Company has operations. Reports of human rights abuses in the
overseas subsidiaries and suppliers of some U.S. based companies has led to an increased
public awareness of the problems of child labor, "sweatshop" conditions, and the
denial of labor rights in U.S. corporate overseas operations. This can lead to
negative publicity, public protests and a loss of consumer confidence which can
have a negative impact on shareholder value. Therefore, a vote is cast in favor
of this proposal.
06 For Against TO VOTE ON A STOCKHOLDER PROPOSAL REQUIRING A MAJORITY
VOTE FOR ELECTION OF DIRECTORS
Policies

Ark Asset 109 200 200 03/31/2006 04/27/2006 04/28/2006
INGERSOLL-RAND COMPANY LIMITED Ticker: IR Annual Meeting Date: 06/07/2006

Issuer: G4776G City: Holdings Reconciliation Date: 04/10/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For APPOINTMENT OF INDEPENDENT AUDITORS AND AUTHORIZATION
OF BOARD OF DIRECTORS TO FIX THE AUDITORS REMUNERATION.
Policies

Ark Asset 101 400 400 04/27/2006 05/26/2006 05/27/2006
INTEL CORPORATION Ticker: INTC Annual Meeting Date: 05/17/2006

SEDOL:

Proposal Vote
1A For For ELECTION OF DIRECTOR: CRAIG R. BARRETT
Comments
This board does have a two-thirds majority of independent outsiders on it, but two
of them (Guzy and Thornton) serve on more than three other boards of publicly traded
companies, which is not in the best interests of shareholders. Therefore, a vote
is cast in favor of all nominees except Guzy and Thornton.
1B For For ELECTION OF DIRECTOR: CHARLENE BARSHEFSKY
1C For For ELECTION OF DIRECTOR: E. JOHN P. BROWNE
1D Against For ELECTION OF DIRECTOR: D. JAMES GUZY
1E For For ELECTION OF DIRECTOR: REED E. HUNDT
1F For For ELECTION OF DIRECTOR: PAUL S. OTELLINI
1G For For ELECTION OF DIRECTOR: JAMES D. PLUMMER
1H For For ELECTION OF DIRECTOR: DAVID S. POTTRUCK
1I For For ELECTION OF DIRECTOR: JANE E. SHAW
1J Against For ELECTION OF DIRECTOR: JOHN L. THORNTON
1K For For ELECTION OF DIRECTOR: DAVID B. YOFFIE
02 For For AMENDMENT OF THE SECOND RESTATED CERTIFICATE OF INCORPORATION

( CERTIFICATE OF INCORPORATION ) TO REPEAL ARTICLE
10 (THE FAIR PRICE PROVISION )
Comments
This management proposal eliminates an existing "fair price" provision in the Company's
articles. Such provisions can discourage acquisitions that can be beneficial to
shareholders. A vote is cast in favor.
03 For For AMENDMENT OF THE CERTIFICATE OF INCORPORATION TO REPEAL
ARTICLE 7 AND ARTICLE 12 (THE SUPERMAJORITY VOTE
PROVISIONS )
Policies
04 Against For RATIFICATION OF THE APPOINTMENT OF ERNST & YOUNG LLP
AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
FOR THE CURRENT YEAR
Policies
05 Against For APPROVAL OF THE 2006 EQUITY INCENTIVE PLAN
Policies
06 For For APPROVAL OF THE 2006 STOCK PURCHASE PLAN
Policies

Ark Asset 100 3,800 3,800 04/04/2006 05/08/2006 05/09/2006
INTERNATIONAL BUSINESS MACHINES CORP Ticker: IBM Annual Meeting Date: 04/25/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
For C. BLACK
For K.I. CHENAULT
Withheld J. DORMANN
Withheld M.L. ESKEW
Withheld S.A. JACKSON
For M. MAKIHARA
For L.A. NOTO
For J.W. OWENS
For S.J. PALMISANO
For J.E. SPERO
For S. TAUREL
For C.M. VEST
Withheld L.H. ZAMBRANO
Policies
record.
02 Against For RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM. (PAGE 26)
Policies
03 For Against STOCKHOLDER PROPOSAL ON: CUMULATIVE VOTING (PAGE 27)
Policies
04 For Against STOCKHOLDER PROPOSAL ON: PENSION AND RETIREMENT MEDICAL
(PAGE 27)
Comments
This proposal request that the Company end age discrimination in its retirement
policies by allowing all employees, regardless of age, to be able to choose pension
and retirement medical insurance under the terms in effect at the Company prior
to 1995. This proposal was prompted by the Company's unilateral decision to switch
from a traditional defined benefit pension plan to a cash balance plan, which caused
a groundswell of employee discontent. The proponent's position has been affirmed

in federal litigation which the Company is now appealing. The choice option in
this proposal would recognize the legitimate rights and expectations of the Company's
employees, which is in the best interests of shareholders. A vote is cast in favor.
05 For Against STOCKHOLDER PROPOSAL ON: EXECUTIVE COMPENSATION (PAGE
29)
Comments
This proposal requests that the Company adopt a policy that the compensation of
senior executives will be determined in the future without regard to any "pension
income" from a defined benefit pension plan that accounting rules may required the
Company to treat as an addition to its reported income and earnings per share.
This past practice of the Company has come under much criticism, especially since
it was coupled with the Company's efforts to abolish its defined benefit plan in
favor of a cash balance plan. It is in the best interests of shareholders that
executive compensation be based on income from operations, for which they have responsibility,
and not from appreciation in pension plan investments. A vote is cast in favor.
06 For Against STOCKHOLDER PROPOSAL ON: DISCLOSURE OF EXECUTIVE COMPENSATION
(PAGE 29)
Comments
This proposal urges the board of directors to establish a policy and practice to
provide full and transparent disclosure of all forms of compensation issued and
promised to company executive officers. The SEC has proposed new rules to achieve
this because it has become clear that the current system is lacking in comprehension
and clarity. It is in the best interests of shareholder to be fully informed on
executive compensation in order to better evaluate the compensation plans they vote
on. A vote is cast in favor.
07 For Against STOCKHOLDER PROPOSAL ON: OFFSHORING (PAGE 30)
Comments
This shareholder proposal requests that the Board establish an independent committee
to prepare a report evaluating the risk of damage to the Company's brand name and
reputation in the US resulting from its off shoring initiative to shift 4,700 programming
jobs overseas and by rumors that those jobs are just the tip of the iceberg. The
initiative has triggered a firestorm of criticism, which was increased when a Company
executive noted that Company employees in many European countries have more protection
against off shoring than the Company's US employees. The report requested in this
proposal would provide useful information to both the Company and its shareholders.
08 For Against STOCKHOLDER PROPOSAL ON: CHINA BUSINESS PRINCIPLES
(PAGE 32)
Comments
This proposal requests that the Company commit itself to the implementation of a
code of corporate conduct for its activities in China based on the principles of
the United Nation's International labor Organization (ILO) on workplace human rights
standards by its international suppliers and in its own international production
facilities and to commit to a program of outside independent monitoring of compliance
with these standards. Reports of human rights abuses in China has led to an increased
of this proposal.
09 For Against STOCKHOLDER PROPOSAL ON: POLITICAL CONTRIBUTIONS (PAGE
33)
Comments
10 For Against STOCKHOLDER PROPOSAL ON: MAJORITY VOTING FOR DIRECTORS
(PAGE 34)
Comments
majority of shares cast at an annual meeting of the shareholders in order to be
elected. Currently, directors only need a plurality of votes to win re-election,
which ensures the re-election of all incumbents who are running without opposition.
Requiring a majority vote for election/re-election would give real teeth to the
vote no campaigns (e.g., against Eisner at Disney or against three nominees at Safeway)
that are waged against incumbent directors who shareholders feel are not responsive.
Such vote no campaigns are currently just symbolic protest votes. A vote is cast
11 For Against STOCKHOLDER PROPOSAL ON: SIMPLE MAJORITY VOTE (PAGE
35)
Policies

Ark Asset 101 1,000 1,000 03/15/2006 04/14/2006 04/15/2006
INTERNATIONAL GAME TECHNOLOGY Ticker: IGT Annual Meeting Date: 03/07/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For NEIL BARSKY

For ROBERT A. BITTMAN
For RICHARD R. BURT
For LESLIE S. HEISZ
For ROBERT A. MATHEWSON
For THOMAS J. MATTHEWS
Withheld ROBERT MILLER
For FREDERICK B. RENTSCHLER
Policies
02 Against For APPROVAL OF THE AMENDMENTS TO THE INTERNATIONAL GAME
TECHNOLOGY 2002 STOCK INCENTIVE PLAN.
Policies
03 For For APPROVAL OF THE AMENDMENTS TO THE INTERNATIONAL GAME
TECHNOLOGY EMPLOYEE STOCK PURCHASE PLAN.
Policies
LLP AS IGT S INDEPENDENT AUDITORS FOR THE FISCAL YEAR
ENDING SEPTEMBER 30, 2006.
Policies

Ark Asset 102 300 300 01/18/2006 02/08/2006 02/09/2006
INTERNATIONAL PAPER COMPANY Ticker: IP Annual Meeting Date: 05/08/2006

SEDOL:

Proposal Vote
Policies
02 Against For RATIFICATION OF DELOITTE & TOUCHE LLP AS THE COMPANY
2006.
Policies
03 For Against PROPOSAL RELATING TO MAJORITY VOTING FOR DIRECTORS.
Policies
04 For Against PROPOSAL RELATING TO SUSTAINABLE FORESTRY.
Comments
This proposal requests the Board to prepare a report assessing the feasibility
of phasing out its use of fiber not certified by the Forest Stewardship Council
(FSC). Certification programs recognize forestry operations that adopt environmentally
and socially responsible practices. FSC is the only independent certification system
in the world accepted by the conservation and business communities. The Company
currently sources virgin tree fiber from Canada's Boreal forest, the largest remaining
ancient forest left in North America. A number of other companies (e.g., Home Depot,
Lowes, Ikea) have FSC certified programs. JP Morgan has stated: "We prefer FSC
certification when we finance forestry projects." The Company itself acknowledges
that it purchases FSC-certified fiber to the extent that it is available and meets
its product performance and fiber cost requirements. Nonetheless, the Company has
been targeted for its fiber sourcing practices, raising reputational risks for the
Company. Under the circumstances, a report assessing the feasibility of the Company
phasing out its use of non-FSC certified fiber is appropriate and in the best interests
of the Company and its shareholders. A vote is cast in favor.
05 For Against PROPOSAL RELATING TO ANNUAL ELECTION OF DIRECTORS.
Policies


Ark Asset 103 300 300 04/05/2006 04/27/2006 04/28/2006
J. C. PENNEY COMPANY, INC. Ticker: JCP Annual Meeting Date: 05/19/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld V.E. JORDAN, JR.

For B. OSBORNE
For M.B. STONE WEST
For R.G. TURNER
Policies
AUDITOR FOR THE FISCAL YEAR ENDING FEBRUARY 3, 2007.
Policies
03 For For TO CONSIDER A MANAGEMENT PROPOSAL TO AMEND THE COMPANY
S RESTATED CERTIFICATE OF INCORPORATION AND BYLAWS
TO DECLASSIFY THE BOARD OF DIRECTORS.
Policies
04 For Against TO CONSIDER A STOCKHOLDER PROPOSAL RELATING TO EXECUTIVE
COMPENSATION.
Comments
This shareholder proposal requests that the Company establish a pay-for-superior-performance
standard for senior executives by providing that: (1) annual incentives should use
financial performance criteria that can be benchmarked against peer group performance,
and no annual bonus should be awarded based on financial performance criteria unless
the company exceeds the median or mean performance of a disclosed group of peer
companies on the selected financial criteria; (2) long-term equity compensation
should use financial and/or stock price performance criteria that can be benchmarked
against peer group performance, and any options, restricted shares, or other equity
compensation used should be structured so that compensation is received only when
company performance exceeds the median or mean performance of the peer group companies
on the selected financial and stock price performance criteria; and (3) disclosure
should allow shareholders to monitor the correlation between pay and performance
established in the plan. By connecting a senior executive's compensation to peer
group performance in this way, the general trend in the Company's industry is neutralized
and a better correlation between pay and reward will result. The proposal would
strengthen the Company's pay practices and ensure that executives are rewarded for
superior performance. A vote is cast in favor of this proposal.

Ark Asset 106 200 200 04/13/2006 05/10/2006 05/11/2006
JOHNSON & JOHNSON Ticker: JNJ Annual Meeting Date: 04/27/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For APPROVAL OF AMENDMENTS TO THE RESTATED CERTIFICATE
OF INCORPORATION
Policies
03 Against For RATIFICATION OF APPOINTMENT OF PRICEWATERHOUSECOOPERS
AS INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Policies
04 Against Against PROPOSAL ON CHARITABLE CONTRIBUTIONS
Comments
05 For Against PROPOSAL ON MAJORITY VOTING REQUIREMENTS FOR DIRECTOR
NOMINEES
Comments


Ark Asset 104 1,800 1,800 03/17/2006 04/20/2006 04/20/2006
JOHNSON CONTROLS, INC. Ticker: JCI Annual Meeting Date: 01/25/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RATIFICATION OF PRICEWATERHOUSECOOPERS AS INDEPENDENT
AUDITORS FOR 2006.
Policies
03 Against For APPROVAL OF THE JOHNSON CONTROLS, INC. ANNUAL AND
LONG-TERM INCENTIVE PERFORMANCE PLAN (ALTIPP).
Comments
A cash bonus plan is established by this proposal. Awards are not made pursuant
to specific performance standards. That is not in the best interests of shareholders.

Ark Asset 107 400 400 12/20/2005 01/11/2006 01/12/2006
JPMORGAN CHASE & CO. Ticker: JPM Annual Meeting Date: 05/16/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
For JOHN H. BIGGS

For STEPHEN B. BURKE
For JAMES S. CROWN
For JAMES DIMON
For ELLEN V. FUTTER
Withheld WILLIAM H. GRAY, III
For WILLIAM B. HARRISON, JR
For LABAN P. JACKSON, JR.
For JOHN W. KESSLER
For ROBERT I. LIPP
For RICHARD A. MANOOGIAN
For DAVID C. NOVAK
For LEE R. RAYMOND
For WILLIAM C. WELDON
Policies
02 Against For APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
Policies
03 Against Against STOCK OPTIONS
Comments
This proposal requests that no future stock options be granted. This is too drastic
and simplistic approach to the issue of stock options. It also seems to miss the
point of excess executive compensation at this Company--although the Company's chairman
and CEO each received $1 million in salary, an $8.4 million bonus, and $12.6 million
in restricted stock in 2005, neither of them were granted any stock options. A
vote is cast against this proposal because it is faulty in theory and not really
applicable to this Company.
04 For Against PERFORMANCE-BASED RESTRICTED STOCK
Policies
A vote is cast for.
05 For Against SEPARATE CHAIRMAN
Policies
06 Against Against SEXUAL ORIENTATION
Policies
This shareholder proposal asks the Company to adopt/amend an equal opportunity policy
which does not make reference to sexual orientation. A vote is cast against this
proposal because it is important for the company to be able to attract and hire
the best employees and ensure the best possible work environment. Adoption of this
proposal could also put the company in violation of laws of cities and states in
which the company does business.
07 For Against SPECIAL SHAREHOLDER MEETINGS
Policies
This proposal restores the right of shareholders to call a special meeting. If shareholders
want to call a special meeting, they should be able to do so . A vote is cast for
the proposal.
08 For Against LOBBYING PRIORITIES REPORT
Comments
This proposal asks the company to report on its process for identifying and prioritizing
legislative and regulatory public policy advocacy activities (i.e., lobbying) in
terms of creating shareholder value and the business rationale for the priorities.
The proponent's supporting statement indicates the proponent believes the Company
has put too much priority on reducing greenhouse gas emissions and not enough priority
on litigation reform. Regardless of the merits of the proponents beliefs, the report
sought by this proposal would provide useful information for shareholders. A vote
is cast in favor.
09 For Against POLITICAL CONTRIBUTIONS REPORT
Policies
10 For Against POISON PILL
Policies
Policies
12 For Against BONUS RECOUPMENT
Comments
in favor.
13 Against Against OVERCOMMITTED DIRECTORS
Comments
This proposal requests that the Board adopt a policy that the Company's audit, nominating
and compensation committees not be chaired by directors who serve on more that two
other boards, have more than 15-years tenure, are not independent or have a record
of serving on boards with poor governance ratings. This is a flawed proposal.
Serving on only two other boards is unduly restrictive. The 15-year tenure could
deprive shareholders of the service of a well qualified director. Stock Exchange
listing requirements already require that all members of the audit, nominating and
compensation committees be independent. And the reference to serving on boards
with poor governance ratings is too general and vague (and could be counterproductive
if the director worked to improve the governance structure at the board with "poor
governance ratings"). For those reasons, a vote is cast against.

Ark Asset 100 2,494 2,494 04/01/2006 05/07/2006 05/08/2006
KB HOME Ticker: KBH Annual Meeting Date: 04/06/2006

Issuer: 48666K City: Holdings Reconciliation Date: 02/14/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For PROPOSAL TO AMEND THE AMENDED CERTIFICATE OF INCORPORATION
OF KB HOME TO DECREASE THE NUMBER OF AUTHORIZED SHARES
OF KB HOME COMMON STOCK FROM 300 MILLION SHARES TO
290 MILLION SHARES.
Comments
This proposal would decrease the authorized stock by 10M from 300M to 290M. This
fulfills a commitment the Company made to shareholders in connection with a proposal
made at the 2005 annual meeting to increase authorized stock to the 300M level
in anticipation of a two-for-one stock dividend. The dividend has been effected
and now the Company is fulfilling its promise. A vote is cast in favor of the proposal.
03 Against For PROPOSAL TO APPROVE THE AMENDED AND RESTATED KB HOME
1999 INCENTIVE PLAN.
Policies
04 For For PROPOSAL TO RATIFY ERNST & YOUNG LLP AS KB HOME S
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR
THE FISCAL YEAR ENDING NOVEMBER 30, 2006.
Policies

Ark Asset 109 400 400 03/07/2006 03/20/2006 03/21/2006
KELLOGG COMPANY Ticker: K Annual Meeting Date: 04/21/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld JOHN T. DILLON

For JAMES M. JENNESS
For L. DANIEL JORNDT
For WILLIAM D. PEREZ
Policies
02 Against For RATIFICATION OF INDEPENDENT AUDITOR FOR 2006
Policies
03 Against For APPROVAL OF THE KELLOGG COMPANY SENIOR EXECUTIVE ANNUAL
INCENTIVE PLAN
Comments
A cash bonus plan is established by this proposal. The plan does not specify performance
standards upon which to base the granting of awards. That is not in the best interest
of shareholders. A vote is cast against.
04 For Against PREPARE SUSTAINABILITY REPORT
Comments
cast in favor.

Ark Asset 108 300 300 03/08/2006 04/10/2006 04/11/2006
KERR-MCGEE CORPORATION Ticker: KMG Annual Meeting Date: 05/09/2006

SEDOL:

Proposal Vote
Policies
Policies
03 For Against STOCKHOLDER PROPOSAL REQUESTING ESTABLISHMENT OF AN
OFFICE OF THE BOARD OF DIRECTORS.
Comments
This proposal requests that the Board establish an Office of the Board of directors
to enable direct communications on corporate governance matters. The office shall
report directly to a committee of the non-management directors. Improving communications
between the Board and its shareholders is clearly in the best interests of shareholders.

Ark Asset 107 100 100 03/31/2006 04/28/2006 04/28/2006
KEYCORP Ticker: KEY Annual Meeting Date: 05/11/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RATIFICATION OF THE APPOINTMENT OF INDEPENDENT AUDITORS.
Policies

Ark Asset 108 300 300 03/24/2006 05/03/2006 05/04/2006
KFX INC. Ticker: KFX Annual Meeting Date: 05/13/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For APPROVAL OF AMENDMENT TO OUR RESTATED CERTIFICATE
OF INCORPORATION
Policies
03 For For APPROVAL OF THE COMPANY S 2005 EMPLOYEE STOCK PURCHASE
PLAN
Policies
04 For For RATIFICATION OF SELECTION OF DELOITTE & TOUCHE LLP
AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Policies

Ark Asset 107 1,600 1,600 04/14/2006 05/03/2006 05/04/2006
KIMBERLY-CLARK CORPORATION Ticker: KMB Annual Meeting Date: 04/27/2006

SEDOL:

Proposal Vote
Policies
02 Against For APPROVAL OF AUDITORS
Policies
03 For Against STOCKHOLDER PROPOSAL REGARDING CLASSIFIED BOARD
Policies
04 For Against STOCKHOLDER PROPOSAL REGARDING ADOPTION OF GLOBAL
HUMAN RIGHTS STANDARDS BASED ON INTERNATIONAL LABOR
CONVENTIONS
Policies
05 For Against STOCKHOLDER PROPOSAL REGARDING MAJORITY VOTING
Policies
06 For Against STOCKHOLDER PROPOSAL REQUESTING A REPORT ON SUSTAINABLE
FORESTRY PRACTICES
Comments
This proposal requests the Board to prepare a report assessing the feasibility of
phasing out its use of fiber not certified by the Forest Stewardship Council (FSC).
Certification programs recognize forestry operations that adopt environmentally
and socially responsible practices. FSC is the only independent certification system
in the world accepted by the conservation and business communities. The Company
currently sources virgin tree fiber from Canada's Boreal forest, the largest remaining
ancient forest left in North America. A number of other companies (e.g., Home Depot,
Lowes, Ikea) have FSC certified programs. JP Morgan has stated: "We prefer FSC
certification when we finance forestry projects." The Company itself acknowledges

that it purchases FSC-certified fiber to the extent that it is available and meets
its product performance and fiber cost requirements. Nonetheless, the Company has
been targeted for its fiber sourcing practices, raising reputational risks for the
Company. Under the circumstances, a report assessing the feasibility of the Company
phasing out its use of non-FSC certified fiber is appropriate and in the best interests
of the Company and its shareholders. A vote is cast in favor.

Ark Asset 103 300 300 03/10/2006 04/20/2006 04/20/2006
KOHL'S CORPORATION Ticker: KSS Annual Meeting Date: 04/26/2006

SEDOL:

Proposal Vote
Policies
02 For For RATIFY APPOINTMENT OF ERNST & YOUNG LLP AS INDEPENDENT
AUDITORS.
Policies
03 For For COMPANY PROPOSAL TO AMEND THE COMPANY S ARTICLES OF
INCORPORATION TO DECLASSIFY THE BOARD OF DIRECTORS.
Policies
04 For Against SHAREHOLDER PROPOSAL REQUESTING THE BOARD OF DIRECTORS
TO INITIATE THE APPROPRIATE PROCESS TO AMEND THE COMPANY
S ARTICLES OF INCORPORATION TO PROVIDE THAT DIRECTOR
NOMINEES SHALL BE ELECTED BY THE AFFIRMATIVE VOTE
OF A MAJORITY OF VOTES CAST AT AN ANNUAL MEETING OF
SHAREHOLDERS. THE BOARD OF DIRECTORS OPPOSES THIS PROPOSAL.
Policies

Ark Asset 104 200 200 03/23/2006 04/17/2006 04/17/2006
LABOR READY, INC. Ticker: LRW Annual Meeting Date: 05/17/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS
ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING DECEMBER
29, 2006.
Policies

Ark Asset 208 900 900 04/19/2006 05/08/2006 05/09/2006
LEHMAN BROTHERS HOLDINGS INC. Ticker: LEH Annual Meeting Date: 04/05/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RATIFY THE SELECTION OF ERNST & YOUNG LLP AS THE COMPANY
S INDEPENDENT AUDITORS FOR THE 2006 FISCAL YEAR BY
THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS.
Policies
03 Against For ADOPT AN AMENDMENT TO THE COMPANY S RESTATED CERTIFICATE
OF INCORPORATION TO INCREASE THE NUMBER OF AUTHORIZED
SHARES OF COMMON STOCK FROM 600 MILLION TO 1.2 BILLION
SHARES.
Policies
04 For For ADOPT AN AMENDMENT TO THE COMPANY S RESTATED CERTIFICATE
OF INCORPORATION TO PROVIDE FOR THE ANNUAL ELECTION
OF ALL DIRECTORS.
Policies

Ark Asset 100 200 200 03/02/2006 03/20/2006 03/21/2006
LENNAR CORPORATION Ticker: LEN Annual Meeting Date: 03/30/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
Comments
(At this Company there is a classified board and all nominees are independent outsiders.)
02 For Against THE STOCKHOLDER PROPOSAL REGARDING DECLASSIFYING THE
BOARD OF DIRECTORS. PROXIES EXECUTED AND RETURNED
WILL BE SO VOTED UNLESS CONTRARY INSTRUCTIONS ARE
INDICATED ON THIS PROXY.
Policies
03 For Against THE STOCKHOLDER PROPOSAL REGARDING INDEXED OPTIONS.
PROXIES EXECUTED AND RETURNED WILL BE SO VOTED UNLESS
CONTRARY INSTRUCTIONS ARE INDICATED ON THIS PROXY.
Comments
This proposal requests that future stock option grants to senior executives shall
be performance-based. Performance based is defined as indexed options, premium-priced
options or performance vesting options. This would be a good way to better align
the interests of shareholders and senior executives. A vote is cast in favor.

Ark Asset 104 200 200 03/02/2006 03/13/2006 03/13/2006
Ark Asset 302 20 20 03/02/2006 03/13/2006 03/13/2006
LEXMARK INTERNATIONAL, INC. Ticker: LXK Annual Meeting Date: 04/27/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For MICHAEL J. MAPLES

Withheld STEPHEN R. HARDIS
For WILLIAM R. FIELDS
For ROBERT HOLLAND, JR.
Policies
ACCOUNTING FIRM FOR THE COMPANY S FISCAL YEAR ENDING
DECEMBER 31, 2006.
Policies

Ark Asset 107 100 100 03/16/2006 04/20/2006 04/20/2006
LIMITED BRANDS, INC. Ticker: LTD Annual Meeting Date: 05/22/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld E. GORDON GEE

For JAMES L. HESKETT
For ALLAN R. TESSLER
For ABIGAIL S. WEXNER
Policies

Ark Asset 107 200 200 04/13/2006 05/10/2006 05/11/2006
LOCKHEED MARTIN CORPORATION Ticker: LMT Annual Meeting Date: 04/27/2006

SEDOL:

Proposal Vote
Policies
02 For For RATIFICATION OF APPOINTMENT OF INDEPENDENT AUDITORS
Policies
03 Against For MANAGEMENT PROPOSAL-ADOPTION OF PERFORMANCE GOALS
WITHIN THE 2006 MANAGEMENT INCENTIVE COMPENSATION PLAN
Comments
This proposal seeks approval of performance standards for a cash bonus plan. The
standards are not specific enough to allow a shareholder to determine what type
of performance will generate what amount of award. That is not in the best interests
04 For For MANAGEMENT PROPOSAL-APPROVAL OF AMENDMENT AND RESTATEMENT
OF THE CHARTER
Policies
05 For Against STOCKHOLDER PROPOSAL BY EVELYN Y. DAVIS
Comments
This proposal requests that the Company identify in future proxy statements the
names and title of all executives who receive base salaries of more than $500,000
monthly. Such disclosure would enable shareholders to better evaluation the Company's
executive compensation programs. A vote is cast in favor.
06 For Against STOCKHOLDER PROPOSAL BY JOHN CHEVEDDEN
Policies
07 For Against STOCKHOLDER PROPOSAL BY THE SISTERS OF ST. FRANCIS
OF PHILADELPHIA AND OTHER GROUPS
Comments
This proposal seeks a report from the Company on its Equal Employment policies and
practices that can be published on its web site. The Company asserts it is in full
compliance with all legal requirements. This report would be a good way for it
to check on that. A vote is cast in favor.
08 For Against STOCKHOLDER PROPOSAL BY THE SISTERS OF MERCY AND OTHER
GROUPS
Comments
This proposal seeks a report from the Company on its involvement with depleted uranium
weapons. The Department of Defense has conceded that depleted uranium weapons has
caused contamination in 36 states. The Company's response is that it handles all
depleted uranium in conformance with applicable regulations and safe work practices.
Therefore this report would be an excellent opportunity for the Company to check
on the efficacy of its efforts. A vote is cast in favor.

Ark Asset 109 300 300 03/25/2006 04/20/2006 04/20/2006
LOEWS CORPORATION Ticker: LTR Annual Meeting Date: 05/08/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For A.E. BERMAN

Withheld J.L. BOWER
For C.M. DIKER
Withheld P.J. FRIBOURG
Withheld W.L. HARRIS
For P.A. LASKAWY
For G.R. SCOTT
For A.H. TISCH
For J.S. TISCH
For J.M. TISCH
Policies
02 For For RATIFY DELOITTE & TOUCHE LLP AS INDEPENDENT AUDITORS
Policies
03 For Against SHAREHOLDER PROPOSAL-CUMULATIVE VOTING
Policies
04 Against Against SHAREHOLDER PROPOSAL-LAWS RESTRICTING TOBACCO USE
Comments
This shareholder proposal asks the Company to make a public policy commitment to
support legislation at all levels which: 1) ban smoking in public places, 2) increase
taxes on tobacco, and 3) repeal existing state preemption laws limiting local smoke
free air ordinances. The Company argues persuasively that it would be in the best
interests of shareholders for government, businesses and the public to make their
own decisions on these issues. A vote is cost against.


Ark Asset 108 100 100 04/06/2006 04/27/2006 04/28/2006
LOWE'S COMPANIES, INC. Ticker: LOW Annual Meeting Date: 05/25/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld PETER C. BROWNING

For MARSHALL O. LARSEN
For STEPHEN F. PAGE
For O. TEMPLE SLOAN, JR.
Policies
02 Against For TO APPROVE LOWE S COMPANIES, INC. 2006 ANNUAL INCENTIVE
PLAN.
Comments
03 Against For TO APPROVE LOWE S COMPANIES, INC. 2006 LONG-TERM INCENTIVE
PLAN.
Policies
04 For For TO RATIFY THE APPOINTMENT OF DELOITTE & TOUCHE LLP
AS THE COMPANY S INDEPENDENT ACCOUNTANTS.
Policies
05 For For TO APPROVE AMENDMENTS TO THE COMPANY S ARTICLES OF
INCORPORATION.
Comments
This proposal amends the Company's Articles to provide that directors will be elected
by a majority vote standard and directors will also be indemnified to the fullest
extent allowed by North Carolina law. The majority vote standards for electing
directors is in the best interests of shareholders and the indemnification is the
modern approach in corporate governance. A vote is cast in favor.
06 For Against SHAREHOLDER PROPOSAL ENTITLED WOOD PROCUREMENT REPORT.
Comments
This proposal seeks a report from the Company on its progress toward implementing
its wood policy for well-managed, non-endanger forests. Such a report would provide
shareholders with a valuable information and enable the Company to better monitor
its own efforts. A vote is cast in favor.

Ark Asset 107 500 500 04/21/2006 05/18/2006 05/19/2006
LUCENT TECHNOLOGIES INC. Ticker: LU Annual Meeting Date: 02/15/2006

SEDOL:

Proposal Vote
Policies
02 For For BOARD OF DIRECTORS PROPOSAL TO RATIFY THE APPOINTMENT
OF PRICEWATERHOUSECOOPERS LLP AS INDEPENDENT ACCOUNTANTS
Policies
03 For For BOARD OF DIRECTORS PROPOSAL TO APPROVE AN AMENDMENT
TO THE RESTATED CERTIFICATE OF INCORPORATION TO EFFECT
A REVERSE STOCK SPLIT AT THE DISCRETION OF THE BOARD
OF DIRECTORS
Policies
This seeks approval of a reverse stock split. The goal is to increase the price
of the stock to increase its appeal to institutional investors. This is in the
best interest of current shareholders. A vote is cast in favor.
04 For Against SHAREOWNER PROPOSAL REGARDING DISCLOSURE OF POLITICAL
CONTRIBUTIONS
Comments
This shareholder proposal asks the Company to disclose the date and amount of contributions
made by it in the prior year in respect to political campaigns, political parties,
referendum or citizens' initiatives. Although this information is available in various
public records scattered throughout different states, it is not readily and easily
available in total to shareholders. Therefore, the disclosure sought in this proposal
would be in the best interest of shareholders because it will provide with comprehensive
information regarding the use of Company funds for political purposes. A vote is
cast in favor of the proposal.
05 Against Against SHAREOWNER PROPOSAL REQUESTING FUTURE CASH BONUS OR
INCENTIVE COMPENSATION BE CONTINGENT UPON RESTORATION
OF RETIREE BENEFITS
Comments
This shareholder proposal requests that no cash bonus or incentive compensation
other than stock options be awarded to the Company's senior managers until those
benefits taken away from retirees during recent years when the Company faced financial
difficulties, are restored. One of the Company's strategies for regaining financial
stability was to reduce benefits available to retired employees. Even with its
return to profitability, however, reinstatement of obligations which contributed
to its precarious finances would risk a repetition of past difficulties. Instead
of eliminating cash bonuses or incentives other than options, it would be better
to make certain that all such awards for senior management are closely tied to meaningful
performance standards which would increase stock value for all shareholders. Because
of this reasoning a vote is cast against the proposal.
06 For Against SHAREOWNER PROPOSAL REGARDING PERFORMANCE-BASED EQUITY
COMPENSATION
Comments
This proposal asks the Company to adopt a policy that 75% of future equity compensation
of senior executives shall be performance-based (indexed options, premium priced
options, performance vesting options) and the Board shall disclose details of such
compensation to shareholders. This would be an improvement on the current compensation
system and a good way to ensure that the options will be used to reward superior
performance by the Company and not just overall market movements. A vote is cast
in favor.
07 For Against SHAREOWNER PROPOSAL TO EXCLUDE NON-CASH PENSION CREDIT
FROM EARNINGS USED TO DETERMINE INCENTIVE COMPENSATION
FOR EXECUTIVE OFFICERS
Comments
This shareholder proposal requests that the Company refrain from including non-cash
"pension credits" in measures of earnings used to determine future awards of performance-based
compensation for executive officers. Over the last five years the largest portion
of the Company's income on paper has come from pension credits. For the past three
years, senior executives have received bonuses of at least twice their annual salaries.
The Company states that as a matter of policy it does not include net pension credit
in its measure of Company earnings on which bonuses are based, and thus the adoption
of this proposal is unnecessary. It will not, however, disclose the formula it
uses for determining senior management bonuses. If indeed there is an existing
Company policy not to use pension credits in the earnings measure on which bonuses
are based, there should be no difficulty in disseminating that policy and the formula
used for determining bonuses. Passage of this proposal would add an impetus for
such disclosure. A vote is cast in favor of the proposal.

Ark Asset 107 2,700 2,700 01/03/2006 02/01/2006 02/02/2006
MAGELLAN MIDSTREAM PARTNERS, L.P. Ticker: MMP Annual Meeting Date: 04/26/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld N. JOHN LANCASTER, JR.

For GEORGE A. O'BRIEN,, JR.
Withheld THOMAS S. SOULELES
Policies

Ark Asset 106 200 200 03/21/2006 04/17/2006 04/17/2006
MAGNA ENTERTAINMENT CORP. Ticker: MECA Annual Meeting Date: 05/01/2006

SEDOL:

Proposal Vote
A For DIRECTOR
For JERRY D. CAMPBELL

Withheld LOUIS E. LATAIF
For WILLIAM J. MENEAR
For DENNIS MILLS
For GINO RONCELLI
For FRANK STRONACH
Policies
B Against For IN RESPECT OF THE RATIFICATION OF THE AUDIT COMMITTEE
S APPOINTMENT OF ERNST & YOUNG LLP, CERTIFIED PUBLIC
ACCOUNTANTS, AS MEC S AUDITORS FOR THE FISCAL YEAR
Policies

Ark Asset 107 700 700 03/31/2006 04/23/2006 04/24/2006
MAGNA INTERNATIONAL INC. Ticker: MGA Annual Meeting Date: 05/02/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For WILLIAM H. FIKE

For MANFRED GINGL
Withheld MICHAEL D. HARRIS
Withheld EDWARD C. LUMLEY
Withheld KLAUS MANGOLD
For DONALD RESNICK
Withheld ROYDEN R. RICHARDSON
For FRANK STRONACH
For FRANZ VRANITZKY
For DONALD J. WALKER
Withheld SIEGFRIED WOLF
For LAWRENCE D. WORRALL
Policies
02 Withhold For RE-APPOINTMENT OF ERNST & YOUNG LLP AS THE AUDITOR
OF THE CORPORATION, BASED ON THE RECOMMENDATION OF
THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS, AND
AUTHORIZING THE AUDIT COMMITTEE TO FIX THE AUDITOR
S REMUNERATION.
Policies
be cast in favor. At this company, however, it has been disclosed that the auditors
This creates a potential conflict of interest for the auditors. For that reason
a vote is cast to withhold.

Ark Asset 401 158 158 03/31/2006 04/24/2006 04/24/2006
MANPOWER INC. Ticker: MAN Annual Meeting Date: 04/25/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RATIFICATION OF DELOITTE & TOUCHE LLP AS INDEPENDENT
AUDITORS FOR 2006.
Policies
03 Against For APPROVAL OF THE INCREASE IN THE NUMBER OF SHARES AUTHORIZED
FOR ISSUANCE UNDER THE 2003 EQUITY INCENTIVE PLAN
OF MANPOWER INC.
Policies
04 For Against SHAREHOLDER PROPOSAL REGARDING IMPLEMENTATION OF THE
MACBRIDE PRINCIPLES IN NORTHERN IRELAND.
Policies
This proposal requests the company to adopt the MacBride Principles, which is a
code of corporate conduct for doing business in Northern Ireland. This will lessen
the danger to shareholder interests. A vote is cast in favor of the proposal.

Ark Asset 100 200 200 03/14/2006 04/15/2006 04/16/2006
MANULIFE FINANCIAL CORPORATION Ticker: MFC Annual Meeting Date: 05/04/2006

SEDOL:

Proposal Vote
Policies
02 For For APPOINTMENT OF ERNST & YOUNG LLP AS AUDITORS.
Policies
This ratifies the appointment of independent auditors. This is a routine, ministerial
matter that does not materially affect shareholders. No objection has been raised.

Ark Asset 106 237 237 03/23/2006 04/19/2006 04/20/2006
MARATHON OIL CORPORATION Ticker: MRO Annual Meeting Date: 04/26/2006

SEDOL:

Proposal Vote
Policies
02 For For RATIFICATION OF PRICEWATERHOUSECOOPERS LLP AS INDEPENDENT
AUDITORS FOR 2006.
Policies
03 For For BOARD PROPOSAL TO AMEND THE RESTATED CERTIFICATE OF
INCORPORATION TO DECLASSIFY THE BOARD OF DIRECTORS.
Policies
04 For For BOARD PROPOSAL TO AMEND THE RESTATED CERTIFICATE OF
INCORPORATION TO REVISE THE PURPOSE CLAUSE, ELIMINATE
THE SERIES A JUNIOR PREFERRED STOCK AND MAKE OTHER
TECHNICAL CHANGES.
Comments
This proposal eliminates references to a series of preferred stock that is no longer
being used and makes other technical changes to the Company's Certificate of Incorporation.
This is a good housekeeping measure. A vote is cast in favor.
05 For Against STOCKHOLDER PROPOSAL TO ELECT DIRECTORS BY A MAJORITY
VOTE.
Policies
06 For Against STOCKHOLDER PROPOSAL FOR A SIMPLE MAJORITY VOTE OF
STOCKHOLDERS.
Policies

Ark Asset 106 300 300 03/15/2006 04/19/2006 04/20/2006
MARRIOTT INTERNATIONAL, INC. Ticker: MAR Annual Meeting Date: 04/28/2006

SEDOL:

Proposal Vote
Policies
PRINCIPAL INDEPENDENT AUDITOR.
Policies
03 For For APPROVAL OF AMENDMENTS TO THE CHARTER TO DECLASSIFY
THE BOARD OF DIRECTORS AND ESTABLISH ANNUAL ELECTION
OF ALL DIRECTORS.
Policies
04 For For SHAREHOLDER PROPOSAL TO REQUIRE ELECTION OF DIRECTORS
BY A MAJORITY OF VOTES CAST AT AN ANNUAL MEETING.
Policies

Ark Asset 202 200 200 03/31/2006 04/21/2006 04/22/2006
MARSH & MCLENNAN COMPANIES, INC. Ticker: MMC Annual Meeting Date: 05/18/2006
SEDOL:

Proposal Vote
Policies
02 For For RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED
Policies
03 For Against STOCKHOLDER PROPOSAL: DIRECTOR ELECTION VOTING STANDARD
Policies
04 For Against STOCKHOLDER PROPOSAL: POLITICAL CONTRIBUTION DISCLOSURE
Policies

Ark Asset 102 400 400 04/04/2006 05/09/2006 05/10/2006
MASCO CORPORATION Ticker: MAS Annual Meeting Date: 05/09/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For RATIFICATION OF THE SELECTION OF PRICEWATERHOUSECOOPERS
LLP AS INDEPENDENT AUDITORS FOR THE COMPANY FOR THE
YEAR 2006.
Policies

Ark Asset 106 300 300 04/11/2006 04/28/2006 04/29/2006
MCDONALD'S CORPORATION Ticker: MCD Annual Meeting Date: 05/25/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For APPROVAL OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
Policies
03 For Against APPROVAL OF A SHAREHOLDER PROPOSAL RELATING TO SHAREHOLDER
APPROVAL OF FUTURE SEVERANCE AGREEMENTS
Policies
is cast.
04 For Against APPROVAL OF A SHAREHOLDER PROPOSAL RELATING TO LABELING
OF GENETICALLY ENGINEERED PRODUCTS
Comments
This proposal asks the Board to adopt a policy to identify and label all food products
manufactured or sold by the Company that may contain genetically engineered ingrediients.
The proponent notes millions suffer from mild to fatal food allergies and without
labeling, consumers have no way to proect themselves from hidden allergens. GE
labeling is required in the European Union, Japan, New Zealand, South Korea and
Australia and the FDA has issued draft guidance for companies electing to volunarilty
label foods regarding their genetric engineering status. This proposal is an opportunity
for the Company to take a leadership role in GE labeling in the U.S. A vote is
cast in favor.

Ark Asset 101 1,000 1,000 04/06/2006 05/18/2006 05/19/2006
MEDCO HEALTH SOLUTIONS, INC. Ticker: MHS Annual Meeting Date: 05/24/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
For LAWRENCE S. LEWIN

Withheld CHARLES M. LILLIS
For EDWARD H. SHORTLIFFE
For DAVID D. STEVENS
Policies
FIRM OF THE COMPANY FOR THE FISCAL YEAR ENDING DECEMBER
30, 2006.
Policies
This proposal seeks approval of the Company's auditors--normally a routine matter.
At this Company, however, the auditors either render non-audit services that constitute
a conflict of interest with their audit duties or they were not recommended by a
board committee of independent outsiders. Therefore, a vote is cast against. (T)

Ark Asset 102 168 168 04/15/2006 05/14/2006 05/15/2006
MELLON FINANCIAL CORPORATION Ticker: MEL Annual Meeting Date: 04/18/2006

SEDOL:

Proposal Vote
Policies
02 Against For PROPOSAL TO APPROVE THE ADOPTION OF MELLON FINANCIAL
CORPORATION DIRECTOR EQUITY PLAN (2006).
Comments
This plan establishes a restricted stock plan for outside directors. Grants are
not made pursuant to specific performance standards or director attendance. The
outside directors are paid a competitive cash compensation. Therefore, a vote is
cast against the plan.
03 For Against SHAREHOLDER PROPOSAL.
Policies
PUBLIC ACCOUNTANTS.
Policies

Ark Asset 108 400 400 03/16/2006 04/08/2006 04/10/2006
MERCK & CO., INC. Ticker: MRK Annual Meeting Date: 04/25/2006
SEDOL:

Proposal Vote
Policies
02 For For RATIFICATION OF THE APPOINTMENT OF THE COMPANY S INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM FOR 2006
Policies
03 Against For PROPOSAL TO ADOPT THE 2007 INCENTIVE STOCK PLAN
Policies
04 Against For PROPOSAL TO ADOPT THE 2006 NON-EMPLOYEE DIRECTORS
STOCK OPTION PLAN
Policies
05 For Against STOCKHOLDER PROPOSAL CONCERNING STOCK OPTION AWARDS
Comments
This proposal seeks to eliminate all stock option plans at the Company. Stock option
plans can be in the best interests of shareholders if they are designed to reward
past superior performance and to encourage future superior performance. That has
not been the case at this Company, where a $100 investment five years ago has dwindled
to $42. Last year, the CEO was awarded $1.8 million in stock options and $1.9 million
in restricted stock (on top of $2.2 million in salary and bonus). To protest such
practices, a vote is cast in favor of this proposal.
06 For Against STOCKHOLDER PROPOSAL CONCERNING NON-DIRECTOR SHAREHOLDER
VOTES
Policies
07 For Against STOCKHOLDER PROPOSAL CONCERNING AN ANIMAL WELFARE
POLICY REPORT
Comments
cast in favor.

Ark Asset 107 1,300 1,300 03/09/2006 04/15/2006 04/16/2006
MERRILL LYNCH & CO., INC. Ticker: MER Annual Meeting Date: 04/28/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RATIFY APPOINTMENT OF DELOITTE & TOUCHE LLP AS INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM
Policies
03 For Against INSTITUTE CUMULATIVE VOTING
Policies
04 For Against SUBMIT DIRECTOR COMPENSATION TO SHAREHOLDERS FOR ANNUAL
APPROVAL
Comments
be identified. The compensation for non-employee directors here does appear large--the
current annualized value of compensation received by a Company outside director
was estimated to be $171,667, which was before the Company switched to deferred
stock instead of options, raising the amount to $260,000. It is understandable
why the proponent seeks shareholder approval of future compensation packages for
non-employee directors. A vote is cast in favor.
05 For Against SUBMIT MANAGEMENT DEVELOPMENT AND COMPENSATION COMMITTEE
REPORT TO SHAREHOLDERS FOR ANNUAL APPROVAL
Comments

Ark Asset 108 600 600 03/11/2006 04/21/2006 04/22/2006
METLIFE, INC. Ticker: MET Annual Meeting Date: 04/25/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RATIFICATION OF APPOINTMENT OF DELOITTE & TOUCHE LLP
AS INDEPENDENT AUDITOR FOR 2006
Policies

Ark Asset 108 500 500 03/22/2006 04/17/2006 04/17/2006
MI DEVELOPMENTS INC. Ticker: MIM Annual Meeting Date: 05/03/2006

Issuer: 55304X City: Holdings Reconciliation Date: 03/15/2006
SEDOL:

Proposal Vote
A Withhold For IN RESPECT OF THE ELECTION OF JOHN BARNETT, BARRY
BYRD, NEIL DAVIS, PHILIP FRICKE, MANFRED JAKSZUS,
DENNIS MILLS, JOHN SIMONETTI, FRANK STRONACH, FRANK
VASILKIOTI AND JUDSON WHITESIDE AS DIRECTORS;
Policies
In voting on nominees for the board of trustees, the shareholder examines each nominee
to determine if he or she is an independent outsider or an insider (e.g., a key
executive, a relative of a key executive, a contractor with the company).
It is in the best interests of shareholders for there to be a majority of independents
on the board to supervise management. Here, insiders are in the majority and the
ballot requires a vote for or against all nominees. A vote is cast against.
B For For IN RESPECT OF THE RE-APPOINTMENT OF ERNST & YOUNG
LLP AS THE AUDITOR OF THE CORPORATION BASED ON THE
RECOMMENDATION OF THE AUDIT COMMITTEE OF THE BOARD
OF DIRECTORS AND AUTHORIZING THE AUDIT COMMITTEE TO
FIX THE AUDITOR S REMUNERATION.
Policies
conflict of interest. Here, the amount the auditors receive for "other" services
is so small there is no potential for a conflict of interests. Therefore, a vote
is cast in favor of the appointment of auditors.

Ark Asset 104 50 50 04/07/2006 04/25/2006 04/25/2006
MONSANTO COMPANY Ticker: MON Annual Meeting Date: 01/17/2006

Issuer: 61166W City: Holdings Reconciliation Date: 11/18/2005
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED
Policies
03 Against For APPROVAL OF PERFORMANCE GOAL UNDER SECTION 162(M)
OF THE INTERNAL REVENUE CODE
Comments
The Company seeks shareholder approval of the performance standards for a cash bonus
plan. The proposal does not specify the performance standards. That is not in
the best interests of shareholders. Therefore, a vote is cast against.
04 For Against APPROVAL OF SHAREOWNER PROPOSAL ONE
Comments
and procedures for political contributions and expenditures (both direct and indirect)
made with corporate funds and the business rationale for each contribution. The
disclosure of policies and procedures and business rationale are not items that
are available in the various public records the Company has to file. This would
provide useful information to shareholders. A vote is cast in favor.
05 For Against APPROVAL OF SHAREOWNER PROPOSAL TWO
Policies

Ark Asset 101 236 236 12/15/2005 12/19/2005 12/20/2005
MOODY'S CORPORATION Ticker: MCO Annual Meeting Date: 04/25/2006

SEDOL:

Proposal Vote
I For For DIRECTOR
Policies
II For For RATIFICATION OF THE APPOINTMENT OF INDEPENDENT REGISTERED
Policies
III For Against STOCKHOLDER PROPOSAL TO ELECT EACH DIRECTOR ANNUALLY.
Policies

Ark Asset 105 200 200 03/24/2006 04/17/2006 04/17/2006
MORGAN STANLEY Ticker: MS Annual Meeting Date: 04/04/2006

SEDOL:

Proposal Vote
Policies
AS INDEPENDENT AUDITORS
Policies
03 For For TO AMEND THE CERTIFICATE OF INCORPORATION TO ACCELERATE
THE DECLASSIFICATION OF THE BOARD OF DIRECTORS
Policies
04 Against For TO AMEND THE CERTIFICATE OF INCORPORATION TO ELIMINATE
THE PROVISION REQUIRING PLURALITY VOTING FOR DIRECTORS
Comments
This proposal would amend the Company's charter to eliminate the plurality voting
provision for the election of directors. At first glance this would appear to be
a step in the direction of good corporate governance practices. However, since the
proposed amendment does not include the adopting of a majority vote standard, the
lack of definitive language means that the default voting system would be that
specified under Delaware corporate law which is the plurality standard. In other
words, nothing would really change with the passage of this proposal. A shareholder
proposal appearing later on this ballot contains the language to change to a majority
vote standard for electing directors. Given this a vote is cast against this proposal.
05 For For TO AMEND THE CERTIFICATE OF INCORPORATION TO ELIMINATE
CERTAIN SUPERMAJORITY VOTE REQUIREMENTS
Comments
This proposal would eliminate a supermajority lock-in provision currently in the
Company's charter which requires an 80 percent vote of outstanding shares to: remove
a director, amend the provision prohibiting stockholder action by written consent
and certain aspects related to board structure. While there is a shareholder proposal
also on the ballot eliminating all supermajority vote requirements, this proposal
is reflective of the same "majority rule" principal and merits a favorable vote.
06 For Against SHAREHOLDER PROPOSAL REGARDING DIRECTOR ELECTIONS
Comments
This shareholder proposal requests that the Company take all necessary actions to
required that directors be elected by a favorable majority of votes cast for the
nominees plus votes withheld, unless there are more director candidates than director
positions. This proposal provides the necessary steps for ensuring that the Company's
proposal to remove the plurality standard for director elections from the Company
charter without specifying a majority standard, does not allow the Company to "backdoor"
into the default Delaware corporate standard for electing directors, which is a
plurality vote. A vote is cast in favor of the proposal.
07 For Against SHAREHOLDER PROPOSAL TO ADOPT SIMPLE MAJORITY VOTE
Policies
08 For Against SHAREHOLDER PROPOSAL REGARDING FUTURE SEVERANCE AGREEMENTS
WITH SENIOR EXECUTIVES
Policies
is cast.

Ark Asset 448 700 700 02/28/2006 03/21/2006 03/22/2006
MOTOROLA, INC. Ticker: MOT Annual Meeting Date: 05/01/2006

SEDOL:

Proposal Vote
1A For For ELECTION OF DIRECTOR: E. ZANDER
Comments
There is a two-thirds majority of independent outsiders at this company. However,
one of the nominees failed to attend 75% of director meetings. A vote is cast in
favor of all nominees except for the one who failed to attend 75% of his meetings.
1B Against For ELECTION OF DIRECTOR: H.L. FULLER
Comments
1C For For ELECTION OF DIRECTOR: J. LEWENT
Comments
1D For For ELECTION OF DIRECTOR: T. MEREDITH
Comments
1E For For ELECTION OF DIRECTOR: N. NEGROPONTE
Comments
1F For For ELECTION OF DIRECTOR: I. NOOYI
Comments
1G For For ELECTION OF DIRECTOR: S. SCOTT III
Comments
1H For For ELECTION OF DIRECTOR: R. SOMMER
Comments
1I For For ELECTION OF DIRECTOR: J. STENGEL
Comments
favor of all nominees except for the one who failed to attend 75% of his meetings
1J For For ELECTION OF DIRECTOR: D. WARNER III
Comments
1K For For ELECTION OF DIRECTOR: J. WHITE
Comments
1L For For ELECTION OF DIRECTOR: M. WHITE
Comments
02 Against For ADOPTION OF THE MOTOROLA OMNIBUS INCENTIVE PLAN OF
2006
Policies
03 For Against SHAREHOLDER PROPOSAL RE: REDEEM OR VOTE POISON PILL
Policies

Ark Asset 109 1,500 1,500 03/18/2006 04/23/2006 04/24/2006
NABORS INDUSTRIES LTD. Ticker: NBR Special Meeting Date: 03/30/2006

Issuer: G6359F City: Holdings Reconciliation Date: 02/17/2006
SEDOL:

Proposal Vote
01 Against For AMENDMENT TO AMENDED AND RESTATED BYE-LAWS TO INCREASE
THE TOTAL NUMBER OF SHARES OF COMMON STOCK.
Policies

Ark Asset 103 200 200 03/02/2006 03/13/2006 03/13/2006
NABORS INDUSTRIES LTD. Ticker: NBR Annual Meeting Date: 07/06/2006

Issuer: G6359F City: Holdings Reconciliation Date: 04/07/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld EUGENE M. ISENBERG
Policies
02 For For APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP AS INDEPENDENT
AUDITORS AND TO AUTHORIZE THE AUDIT COMMITTEE OF THE
BOARD OF DIRECTORS TO SET AUDITORS REMUNERATION.
Policies
03 Against For MANAGEMENT PROPOSAL: APPROVAL OF THE COMPANY S AMENDED
AND RESTATED 2003 EMPLOYEE STOCK PLAN.
Policies

Ark Asset 103 200 200 05/10/2006 05/24/2006 05/25/2006
NATIONAL CITY CORPORATION Ticker: NCC Annual Meeting Date: 04/25/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld J.E. BARFIELD

For J.S. BROADHURST
For C.M. CONNOR
For D.A. DABERKO
For B.P. HEALY
For S.C. LINDNER
For P.A. ORMOND
For G.L. SHAHEEN
For J.S. THORNTON
For M. WEISS
Policies
02 Against For THE RATIFICATION OF THE AUDIT COMMITTEE S SELECTION
OF ERNST & YOUNG LLP AS THE INDEPENDENT REGISTERED
Policies

Ark Asset 103 400 400 03/10/2006 04/17/2006 04/17/2006
NATIONAL OILWELL VARCO, INC. Ticker: NOV Annual Meeting Date: 05/17/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RATIFICATION OF INDEPENDENT AUDITORS.
Policies

Ark Asset 101 200 200 04/15/2006 05/08/2006 05/09/2006
NEENAH PAPER, INC. Ticker: NP Annual Meeting Date: 05/04/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For APPROVAL OF THE PERFORMANCE MEASURES UNDER THE NEENAH
PAPER, INC. 2004 OMNIBUS STOCK AND INCENTIVE COMPENSATION
PLAN.
Policies
This proposal asks shareholders to approve adding a new performance criterion(criteria)
to a Company equity incentive compensation plan. A vote is cast against this proposal
because the plan is flawed in that it does not disclose specific performance goals
upon which awards are based. This addition only makes a bad plan worse. Also, the
total shares in all the Company's plans represent in excess of 20%.(T)
AS THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
OF NEENAH PAPER, INC. FOR THE FISCAL YEAR ENDING 2006.
Policies

Ark Asset 109 9 9 04/07/2006 04/26/2006 04/27/2006
NEWMONT MINING CORPORATION Ticker: NEM Annual Meeting Date: 04/25/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For G.A. BARTON

For V.A. CALARCO
For N. DOYLE
Withheld V.M. HAGEN
For M.S. HAMSON
For L.I. HIGDON, JR.
For P. LASSONDE
For R.J. MILLER
For W.W. MURDY
For R.A. PLUMBRIDGE
For J.B. PRESCOTT
For D.C. ROTH
For S. SCHULICH
For J.V. TARANIK
Policies
02 For For RATIFY APPOINTMENT OF INDEPENDENT AUDITORS.
Policies
03 For Against STOCKHOLDER PROPOSAL REGARDING INDEPENDENT BOARD CHAIRMAN.
Policies

Ark Asset 106 300 300 03/25/2006 04/17/2006 04/17/2006
NISSAN MOTOR CO., LTD. Ticker: NSANY Annual Meeting Date: 06/27/2006
SEDOL:

Proposal Vote
01 For For APPROVAL OF APPROPRIATION OF RETAINED EARNINGS FOR
THE 107TH FISCAL YEAR
Comments
02 For For AMENDMENT TO THE ARTICLES OF INCORPORATION
Comments
This proposal seeks shareholder approval of various amendments to the Company's
articles of association. The amendments are essentially housekeeping in nature
and not against the best interest of shareholders. A vote is cast in favor of the
proposal.
03 Against For ISSUANCE OF SHINKABU-YOYAKUKEN (STOCK ACQUISITION
RIGHT) WITHOUT CONSIDERATION AS STOCK OPTIONS TO EMPLOYEES
OF THE COMPANY AND DIRECTORS AND EMPLOYEES OF ITS AFFILIATES
Policies
A stock option plan is established by this proposal. In order to reward past superior
performance and to encourage that performance in the future, such plans must specify
performance standards for the granting of options.
4A For For ELECT TAKEO OHTSUBO AS STATUTORY AUDITOR
Comments
This proposal is for the election of statutory auditors. In Japanese companies
statutory auditors are more comparable in rank to directors than auditors in US
and UK companies. The same reasoning that it is in the best interests of shareholders
for there to be a two-thirds majority of independent outsiders as directors also
applies to statutory auditors. There is such a majority here. A vote is cast for
all nominees.
4B For For ELECT TOSHIYUKI NAKAMURA AS STATUTORY AUDITOR
Comments
applies to statutory auditors. There is such a majority here. A vote is cast for
all nominees.
05 Against For GRANTING OF RETIREMENT ALLOWANCE TO THE RETIRING STATUTORY
AUDITORS
Comments

Ark Asset 408 300 300 06/16/2006 06/16/2006 06/17/2006
NORFOLK SOUTHERN CORPORATION Ticker: NSC Annual Meeting Date: 05/11/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For RATIFICATION OF THE APPOINTMENT OF KPMG LLP, INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM, AS NORFOLK SOUTHERN
S INDEPENDENT AUDITORS FOR THE YEAR ENDING DECEMBER
31, 2006.
Policies

Ark Asset 108 300 300 03/31/2006 04/27/2006 04/27/2006
NORTHERN TRUST CORPORATION Ticker: NTRS Annual Meeting Date: 04/18/2006

SEDOL:

Proposal Vote
Policies
02 Against For RATIFICATION OF THE APPOINTMENT OF KPMG LLP AS THE
CORPORATION S INDEPENDENT REGISTERED PUBLIC ACCOUNTING
Policies
03 Against For APPROVAL OF AN AMENDMENT TO THE CORPORATION S RESTATED
CERTIFICATE OF INCORPORATION TO ELIMINATE CUMULATIVE
VOTING TO ALLOW FOR ADOPTION OF A MAJORITY VOTE STANDARD
IN THE ELECTION OF DIRECTORS.
Policies
This proposal eliminates cumulative voting, where each shareholder has votes equal
to the number of shares multiplied by number of board nominees. A shareholder can
lump all votes for one nominee--an effective way to elect someone. A no vote is
cast.
04 Against Against CONSIDER AND ACT UPON A STOCKHOLDER PROPOSAL RELATING
TO CHARITABLE CONTRIBUTIONS, IF IT IS PROPERLY PRESENTED
AT THE ANNUAL MEETING.
Comments

Ark Asset 104 100 100 03/16/2006 04/08/2006 04/10/2006
NORTHROP GRUMMAN CORPORATION Ticker: NOC Annual Meeting Date: 05/17/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For JOHN T. CHAIN, JR.

For VIC FAZIO
For STEPHEN E. FRANK
Withheld CHARLES R. LARSON
For RICHARD B. MYERS
Withheld RONALD D. SUGAR
Policies
02 For For PROPOSAL TO RATIFY THE APPOINTMENT OF DELOITTE & TOUCHE
LLP AS THE COMPANY S INDEPENDENT AUDITOR.
Policies
03 For For PROPOSAL TO AMEND THE COMPANY S RESTATED CERTIFICATE
OF INCORPORATION TO ELIMINATE THE SUPER MAJORITY VOTE
REQUIREMENT.
Policies
04 For Against SHAREHOLDER PROPOSAL REGARDING AN INDEPENDENT BOARD
CHAIRMAN.
Policies

Ark Asset 102 406 406 04/18/2006 05/08/2006 05/09/2006
NUCOR CORPORATION Ticker: NUE Annual Meeting Date: 05/11/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RATIFY THE APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP
AS NUCOR S INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM FOR THE YEAR ENDING DECEMBER 31, 2006
Policies
03 Against For APPROVE THE AMENDMENT TO NUCOR S RESTATED CERTIFICATE
OF INCORPORATION INCREASING ITS AUTHORIZED COMMON
STOCK FROM 400,000,000 SHARES TO 800,000,000 SHARES
Policies
04 For Against STOCKHOLDER PROPOSAL
Policies

Ark Asset 105 200 200 03/31/2006 05/03/2006 05/04/2006
NVR, INC. Ticker: NVR Annual Meeting Date: 05/04/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For C. SCOTT BARTLETT, JR.

For TIMOTHY M. DONAHUE
Withheld WILLIAM A. MORAN
Policies
AUDITORS FOR THE YEAR ENDING DECEMBER 31, 2006.
Policies

Ark Asset 105 100 100 03/24/2006 04/26/2006 04/27/2006
OCCIDENTAL PETROLEUM CORPORATION Ticker: OXY Annual Meeting Date: 05/05/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For THE RATIFICATION OF THE SELECTION OF KPMG AS INDEPENDENT
AUDITORS.
Policies
03 Against For APPROVAL OF INCREASE IN AUTHORIZED CAPITAL STOCK.
Policies
04 For Against LIMIT ON EXECUTIVE COMPENSATION.
Comments
This shareholder proposal requests that the Company eliminate all severance contracts
and all remuneration for any member of management in an amount above $500,000 per
year. Though an arbitrary restriction on executive pay would normally be opposed,
a vote is cast in favor of this proposal in protest of the company's excessive pay
practices. CEO Ray R. Irani received approximately $67.9 million in total compensation
last year---more than 13 times the peer group median CEO pay. In fact, Iranis 2005
pay-package has been heralded as one of the largest of the year. While Iranis salary
remained flat from the prior year at $1.3 million, and his bonus increased from
$3.4 to $3.6 million, his restricted stock award was up sharply: $31 million in
2005, compared to $16.8 million in 2004. In addition, Irani received a $10.6 million
long-term incentive payout for the latest 4-year performance period; and $1.1 million
in other annual compensation that includes amounts for financial counseling, aircraft
usage, and security services. Irani also realized $37.5 million in value from the
exercise of 777,000 stock options in 2005, and at the end of that year held aggregate
restricted shares and units with a value of $63 million. Iranis compensation is
among the highest in the industry, but the Company is much smaller than other energy
companies. The Company may be a strong performer, but Irani's pay level is excessive
and unwarranted.
05 For Against SCIENTIFIC REPORT ON GLOBAL WARMING/COOLING.
Comments
The proponent maintains that shareholders deserve a report indicating what scientific
evidence is behind the companys global warming policies. Occidental Petroleum says
its business plans are consistent with the goal of mitigating greenhouse gas (GHG)
emissions. The proponent states that shareholders deserve a report indicating what
scientific evidence is behind the companys global warming policies. The Company
says its business plans are consistent with the goal of mitigating GHG emissions.
The requested report would give the Company the opportunity to explain how its plans
are consistent with such goal, and the science that supports its approach. The report
would also provide shareholders with information on an important topic. A vote is
cast in favor.
06 For Against ELECTION OF DIRECTORS BY MAJORITY VOTE.
Comments

Ark Asset 105 500 500 03/24/2006 04/28/2006 04/28/2006
OFFICE DEPOT, INC. Ticker: ODP Annual Meeting Date: 05/12/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For LEE A. AULT III

For NEIL R. AUSTRIAN
For DAVID W. BERNAUER
For ABELARDO E. BRU
Withheld DAVID I. FUENTE
For BRENDA J. GAINES
For MYRA M. HART
For W. SCOTT HEDRICK
For MICHAEL J. MYERS
For STEVE ODLAND
Policies
all other nominees.
02 For For RATIFICATION OF APPOINTMENT OF DELOITTE & TOUCHE LLP
AS THE COMPANY S INDEPENDENT PUBLIC ACCOUNTANTS.
Policies
03 For Against TO CONSIDER A PROPOSAL FROM A SHAREHOLDER RECOMMENDING
THAT OUR BOARD OF DIRECTORS INITIATE THE APPROPRIATE
PROCESS TO AMEND THE GOVERNANCE DOCUMENTS (CERTIFICATE
OF INCORPORATION OR BYLAWS) OF THE COMPANY TO PROVIDE
THAT DIRECTOR NOMINEES SHALL BE ELECTED BY THE AFFIRMATIVE
VOTE OF THE MAJORITY OF THE VOTES CAST AT AN ANNUAL
MEETING OF SHAREHOLDERS.
Comments

Ark Asset 106 300 300 04/18/2006 05/02/2006 05/03/2006
OMNICOM GROUP INC. Ticker: OMC Annual Meeting Date: 05/23/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For RATIFICATION OF KPMG LLP AS OUR INDEPENDENT AUDITORS
FOR 2006
Policies

Ark Asset 106 200 200 04/29/2006 05/11/2006 05/11/2006
OREGON STEEL MILLS, INC. Ticker: OS Annual Meeting Date: 04/27/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For JAMES E. DECLUSIN
For CARL W. NEUN
Withheld FRANK M. WALKER
Policies
all other nominees.

Ark Asset 104 1,900 1,900 03/28/2006 04/17/2006 04/18/2006
PACCAR INC Ticker: PCAR Annual Meeting Date: 04/25/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld JAMES C. PIGOTT

For MARK C. PIGOTT
For WILLIAM G. REED, JR.
Policies
all other nominees.
02 Against For APPROVE THE AMENDMENT AND RESTATEMENT OF THE LONG
TERM INCENTIVE PLAN
Comments
This proposal seeks approval to amend a stock incentive plan by: increasing the
list of criteria upon which performance goals may be based; increasing the maximum
amount of long-term performance cash award from $2 million to $6 million; and by
increasing the award types permitted under the plan. The plan does not contain specify
performance standards upon which to base awards and gives the compensation committee
broad discretion in making awards. This is not in the best interest of shareholders,
and the proposed changes would make this bad plan worse. A vote is cast against.
03 Against For APPROVE THE AMENDMENT AND RESTATEMENT OF THE SENIOR

EXECUTIVE YEARLY INCENTIVE COMPENSATION PLAN
Comments
04 For Against STOCKHOLDER PROPOSAL REGARDING ANNUAL ELECTION OF
ALL DIRECTORS
Policies
05 For Against STOCKHOLDER PROPOSAL REGARDING A DIRECTOR VOTE THRESHOLD
Comments

Ark Asset 108 200 200 03/14/2006 04/06/2006 04/07/2006
PEABODY ENERGY CORPORATION Ticker: BTU Annual Meeting Date: 05/05/2006

SEDOL:

Proposal Vote
Policies
Policies
03 Against For APPROVAL OF INCREASE IN AUTHORIZED SHARES OF COMMON
STOCK.
Policies
04 For Against SHAREHOLDER PROPOSAL REGARDING FORMATION OF SPECIAL
COMMITTEE.
Comments
This shareholder proposal requests that the Company's bylaws be amended to provide
that a committee of the board's independent members meet with the proponent of a
shareholder proposal that receives a majority vote if the Board has not complied
with the proposal within 180 days of the meeting at which it received a majority
vote. The proposal was prompted by the Company history of refusing to implement
shareholder proposals that receive majority votes. The proposal is designed at
improving communications between the Board and shareholders in such circumstances--it
does not supplant the Board's decision-making authority. Given this Company's history,
it would be in the best interests of shareholders to enhance such communications.
Comments
06 For Against SHAREHOLDER PROPOSAL REGARDING BOARD DECLASSIFICATION.
Policies
07 For Against SHAREHOLDER PROPOSAL REGARDING WATER USE.
Comments
This shareholder proposal requests that the Company prepare a report detailing how
the Company is responding to rising regulatory, competitive, public pressure to
significantly reduce surface and groundwater withdrawals and water pollution from
the company's current and proposed power plant operations, coal mining sources,
and coal combustion waste facilities. The proponent is concerned that the Company's
treatment of water resources is causing unnecessary damage to the environment and
may be putting shareholders at risk. The proponent cites several examples. As one
example, the proponent states that in Illinois, the attorney general is investigating
alleged water pollution at the Company's Coal Eagle No. 2 mine site in Gallatin
County. The Company argues that the proposal contains erroneous and incomplete information
about the Company's operations. The Company father argues that the report is unnecessary
as it plans to publish a corporate and social responsibility report outlining the
Company's views on a variety of issues, including water use. It appears that the
Company is facing problems related to its water use. The requested report would
be a good way for the Company to explain its policies and to refute the proposal,
which it claims is false. Given the charges made by the proponent and the investigation
in Illinois, a full report on this important topic is in the best interest of shareholders
a vote is cast in favor.

Ark Asset 104 800 800 04/04/2006 04/27/2006 04/27/2006
PEPSICO, INC. Ticker: PEP Annual Meeting Date: 05/03/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For APPROVAL OF INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS
Policies
03 Against Against SHAREHOLDER PROPOSAL - POLITICAL CONTRIBUTIONS (PROXY
STATEMENT P. 23)
Comments
This shareholder proposal requests that the Company publish in newspapers of general
circulation in the cities of New York, Washington, D.C., Detroit, Chicago, San Francisco,
Los Angeles, Dallas, Houston and Miami, and in the Wall Street Journal and USA Today,
a detailed statement of each contribution made by the Company, either directly or
indirectly, within the immediately preceding fiscal year, in respect of a political
campaign, political party, referendum or citizens' initiative, or attempts to influence
legislation, specifying the date and amount of each such contribution, and the person
or organization to whom the contribution was made. PepsiCo has already agreed to
implement disclosure of its political contributions and policy on its website, but
this information will not be available in newspapers as proposed by the proponent.
Publication of this information on the Company's website is more efficient and
cost-effective, and the proponent's request is simply unreasonable. A vote is cast
against.
04 Against Against SHAREHOLDER PROPOSAL - CHARITABLE CONTRIBUTIONS (PROXY
STATEMENT P. 24)
Comments

Ark Asset 108 1,000 1,000 03/28/2006 04/26/2006 04/26/2006
PFIZER INC. Ticker: PFE Annual Meeting Date: 04/27/2006

SEDOL:

Proposal Vote
Policies
02 For For PROPOSAL TO RATIFY THE APPOINTMENT OF KPMG LLP AS
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR 2006.
Policies
03 For For MANAGEMENT PROPOSAL TO AMEND COMPANY S RESTATED CERTIFICATE
OF INCORPORATION TO ELIMINATE SUPERMAJORITY VOTE REQUIREMENTS
AND FAIR PRICE PROVISION.
Policies
This eliminates a "fair price" provision. Such provisions can discourage takeovers
that would be beneficial to shareholders. Furthermore, shareholders should be willing
to accept any price they want. A vote is cast in favor.
04 Against Against SHAREHOLDER PROPOSAL RELATING TO TERM LIMITS FOR DIRECTORS.
Policies
05 For Against SHAREHOLDER PROPOSAL REQUESTING REPORTING ON PHARMACEUTICAL
PRICE RESTRAINT.
Comments
This shareholder proposal requests that the Company report on measures Pfizer is
taking to contain the price increases of its most-prescribed drugs to levels equal
to or below the annual rate of inflation. Given that access to pharmaceutical products
is essential for adequate health care for all Americans, the proponent states that
restraining price increases is an effective way to expand access to pharmaceutical
products. The proponent also argues that while Pfizer's discount drug programs are
welcome, moderating price increases could be a more efficient and effective way
to increase access to medicines, with minimal impacts of profits and research. The
Company argues that prices that adequately reflect the value of its products provide
Pfizer with the best opportunity to invest in the research and other operations
needed to discover, develop and manufacture treatments for people with untreated
medical conditions. Pfizer states that it helps more people in more effective ways
by setting prices based on the real value of its medicines, and then working hard
to help those who genuinely need assistance. The requested report would allow the
Company to further explain its policies in this area, and would give shareholders
information on an important topic. Also, given Pfizer's thorough response to the
proposal, producing the requested report would not be burdensome on the Company.
06 For Against SHAREHOLDER PROPOSAL RELATING TO CUMULATIVE VOTING.
Policies
07 For Against SHAREHOLDER PROPOSAL REQUESTING SEPARATION OF ROLES
OF CHAIRMAN AND CEO.
Comments
08 For Against SHAREHOLDER PROPOSAL REQUESTING A REPORT ON POLITICAL
CONTRIBUTIONS.
Policies
09 For Against SHAREHOLDER PROPOSAL REQUESTING A REPORT ON THE FEASIBILITY
OF AMENDING PFIZER S CORPORATE POLICY ON LABORATORY
ANIMAL CARE AND USE.
Comments
This shareholder proposal requests that the Board issue a report on the feasibility
of amending the Company's Animal Care and Use Policy to ensure that it is applies
to all contract laboratories and is reviewed with such labs on a regular basis;
and that superior standards of care for test animals used by the Company and contract
labs contain provisions to ensure that the animals' psychological, social and behavioral
needs are met. It further requests that the Board issue an annual report to shareholders
on the extent to which in-house and contract labs are adhering to the policy including
the implementation of the psychological enrichment measures. The proposal cites
the example of Covance, Inc., a British lab which lost a suit against People for
the Ethical Treatment of Animals (PETA) for publicizing its abuse of lab animals.
The Company feels that the additional assurances called for in this proposal are
unnecessary given the Company's adherence to government regulations and its adopted
Animal Care and Use policy it publishes on its website. It is clear, however, that
even with the best of intentions, the standards of treatment of animals at contract
labs has lapsed as witnessed by the documented instances of animal abuse at Covance.
Given this, the Company should be willing to make its animal treatment requirements
clear to its subcontractors and to monitor and report on such. A vote is cast in
favor of the shareholder proposal.
10 For Against SHAREHOLDER PROPOSAL REQUESTING JUSTIFICATION FOR
FINANCIAL CONTRIBUTIONS WHICH ADVANCE ANIMAL-BASED
TESTING METHODOLOGIES.
Comments
This shareholder proposal requests that the Company report to shareholders on the
justification for affirmatively contributing to the advancement of animal-based
testing while publicly promoting an animal care Policy that affirmatively commits
to the advancement of non-animal based test methodologies. The proponent argues
that the Company's Laboratory Animal Care and Use policy asserts that Pfizer is
committed to reducing, refining and replacing animal-based methods. However, according
to the proponent, the Financial Times reported that Pfizer and two other companies
donated 4 million pounds to British universities to promote medical research specifically
using animals. The article said that "the donation was part of a greater willingness
by their industry to back animal testing publicly." Pfizer argues that it remains
committed to the use of alternative testing methods wherever appropriate, but maintains
that the overall testing process must involve some level of "in vivo" testing to
assure effectiveness and safety. Using corporate funds to promote testing that might
seem in conflict with the Company's policies creates reputational risk, and threatens
the Company's integrity. This report would give Pfizer the opportunity to fully
explain why the donations are in harmony with its policies. This transparency is
in the best interest of shareholders. Also, based on the Company's response to
the proposal, the requested report would not be burdensome. A vote is cast in favor.

Ark Asset 103 4,520 4,520 03/16/2006 04/14/2006 04/15/2006
PG&E CORPORATION Ticker: PCG Annual Meeting Date: 04/19/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For DAVID R. ANDREWS

For LESLIE S. BILLER
For DAVID A. COULTER
For C. LEE COX
For PETER A. DARBEE
For MARYELLEN C. HERRINGER
For MARY S. METZ
For BARBARA L. RAMBO
Withheld BARRY LAWSON WILLIAMS
Policies
to be spread so thin. A vote is withheld from such nominees. A vote is cast for
all other nominees since there is a two-thirds majority of independent outsiders.
02 For For RATIFICATION OF APPOINTMENT OF THE INDEPENDENT REGISTERED
Policies
03 For Against POISON PILL
Policies
This proposal requests the company to redeem its poison pill plan unless it is approved
by shareholders, and to prohibit the adoption of a new pill without shareholder
approval. Since poison pills can be used to discourage takeovers that are beneficial
to shareholders, a vote is cast in favor of the proposal.
Comments

Ark Asset 108 300 300 03/10/2006 03/31/2006 04/01/2006
PIPER JAFFRAY COMPANIES Ticker: PJC Annual Meeting Date: 05/02/2006

SEDOL:

Proposal Vote
Policies
02 Against For APPROVAL OF THE AMENDED AND RESTATED 2003 ANNUAL AND
LONG-TERM INCENTIVE PLAN.
Policies
03 For For RATIFICATION OF THE SELECTION OF ERNST & YOUNG LLP
AS THE INDEPENDENT AUDITOR FOR THE YEAR ENDED DECEMBER
31, 2006.
Policies
04 For Against SHAREHOLDER PROPOSAL REQUESTING DECLASSIFICATION OF
THE BOARD OF DIRECTORS AND ANNUAL ELECTION OF ALL DIRECTORS.
Policies

Ark Asset 100 12 12 03/16/2006 04/25/2006 04/25/2006
PITNEY BOWES INC. Ticker: PBI Annual Meeting Date: 05/08/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For RATIFICATION OF PRICEWATERHOUSECOOPERS LLP AS INDEPENDENT
REGISTERED PUBLIC ACCOUNTING FIRM FOR 2006.
Policies
03 Against For APPROVAL OF AMENDED AND RESTATED KEY EMPLOYEES INCENTIVE
PLAN.
Comments
This proposal seeks to amend a cash bonus plan to increase the maximum payout for
annual awards to 4 million dollars, and the maximum payout for awards spanning a
three-year performance period to 8 million dollars. The proposed increases are not
in the best interest of shareholders. This plan does not have specific performance
standards. A vote is cast against.
04 For For APPROVAL OF THE PITNEY BOWES 1998 U.K. S.A.Y.E. STOCK
OPTION PLAN.
Comments
This proposal seeks to approve a stock option plan for UK employees. The plan allows
employees in the UK to purchase options for 80 percent (90 percent in practice)
of the average closing prices on the three prior trading days before October 1 of
each year. Participants may contribute up to 250 pounds per month under this plan,
and choose either a three-year or five-year savings period. The plan functions like
an employee stock purchase plan, which allows all full and most part-time employees
to use their salary to purchase stock in the company. This is in the best interest
of shareholders as it aligns the interests of employees and shareholders. A vote
is cast in favor.

Ark Asset 100 200 200 03/28/2006 04/28/2006 04/28/2006
PPG INDUSTRIES, INC. Ticker: PPG Annual Meeting Date: 04/20/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For PROPOSAL TO APPROVE THE PPG INDUSTRIES, INC. OMNIBUS
INCENTIVE PLAN.
Policies
03 For For PROPOSAL TO ENDORSE THE APPOINTMENT OF DELOITTE &
TOUCHE LLP AS THE COMPANY S INDEPENDENT REGISTERED
Policies

Ark Asset 107 200 200 03/07/2006 03/31/2006 04/01/2006
PPL CORPORATION Ticker: PPL Annual Meeting Date: 04/28/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RE-APPROVAL OF SHORT-TERM INCENTIVE PLAN
Comments
Policies
04 For Against SHAREOWNER PROPOSAL
Policies

Ark Asset 106 400 400 03/23/2006 04/19/2006 04/20/2006
PRAXAIR, INC. Ticker: PX Annual Meeting Date: 04/25/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For None PROPOSAL TO APPROVE AN AMENDMENT TO THE PRAXAIR, INC.
CERTIFICATE OF INCORPORATION TO DECLASSIFY THE BOARD.
(NOTE: THE BOARD MAKES NO RECOMMENDATION FOR PROPOSAL
2)
Policies
03 Against For PROPOSAL TO RE-APPROVE PERFORMANCE GOALS UNDER PRAXAIR
S SECTION 162(M) PLAN.
Comments
A cash bonus plan is re-established by this proposal. The plan does not specify
performance standards upon which to base the granting of awards. That is not in
the best interest of shareholders. A vote is cast against.
04 For For PROPOSAL TO RATIFY THE APPOINTMENT OF THE INDEPENDENT
AUDITOR.
Policies

Ark Asset 104 200 200 03/21/2006 04/05/2006 04/05/2006
PRINCIPAL FINANCIAL GROUP, INC. Ticker: PFG Annual Meeting Date: 05/16/2006
Issuer: 74251V City: Holdings Reconciliation Date: 03/17/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
For J. BARRY GRISWELL

For RICHARD L KEYSER
For ARJUN K. MATHRANI
Withheld ELIZABETH E. TALLETT
For THERESE M. VAUGHAN
Policies
02 For For RATIFICATION OF AUDITORS
Policies

Ark Asset 102 200 200 03/31/2006 05/03/2006 05/04/2006
PROGRESS ENERGY, INC. Ticker: PGN Annual Meeting Date: 05/10/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RATIFICATION OF THE SELECTION OF DELOITTE & TOUCHE
LLP AS PROGRESS ENERGY S INDEPENDENT REGISTERED PUBLIC
Policies
03 For For THE PROPOSAL RELATING TO THE DECLASSIFICATION OF THE
BOARD OF DIRECTORS.
Policies
04 For For THE PROPOSAL RELATING TO DIRECTOR ELECTION BY MAJORITY
VOTE.
Comments
This management proposal seeks approval to amend the Company's bylaws to provide
nominees standing for election to the board must receive the vote of a majority
of shares cast at an annual meeting of the shareholders in order to be elected.
Currently, directors only need a plurality of votes to win re-election, which ensures
the re-election of all incumbents who are running without opposition. Requiring
a majority vote for election/re-election would give real teeth to the vote no campaigns
(e.g., against Eisner at Disney or against three nominees at Safeway) that are waged
against incumbent directors who shareholders feel are not responsive. Such vote
no campaigns are currently just symbolic protest votes. A vote is cast in favor
of this proposal.
05 For Against SHAREHOLDER PROPOSAL RELATING TO A RESPONSIBLE CONTRACTOR
POLICY.
Comments
This shareholder proposal requests that the Company adopt, implement and enforce
a responsible contractor policy to improve safety and security at the Company's
nuclear facilities. Such a policy would prohibit the procurement of services from
contractors with a history of regulatory violations. Regulatory compliance by the
Company's independent contractors is of critical importance to the Company's nuclear
power operations. The proponent argues that the lack of a responsible contractor
policy has contributed to security violations at the Company's Crystal River nuclear
facility. Several employees of Brock Enterprises, an independent contractor for
the Company, allegedly used false identification to apply for their jobs and gain
access to the Crystal River nuclear power plant. This security incident led to an
investigation of Brock's employment records by the Department of Homeland Security.
The Company argues that the events at the Crystal River Plant were found to relate
to identity theft, not to a security failure. Regardless, developing a responsible
contractor policy that can help mitigate safety and security risks is in the best
interest of the Company and its shareholders. The Company believes that it already
maintains and enforces an effective independent contractor policy. In such case,
support of this proposal is in line with the Company's current practices and would
strengthen its policies in this area. A vote is therefore cast in favor.

Ark Asset 105 200 200 03/31/2006 05/01/2006 05/02/2006
PROLOGIS Ticker: PLD Annual Meeting Date: 05/26/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For APPROVAL AND ADOPTION OF THE 2006 LONG-TERM INCENTIVE
PLAN.
Policies
03 For For RATIFY THE APPOINTMENT OF THE INDEPENDENT REGISTERED
Policies
04 Against For TO VOTE AND OTHERWISE REPRESENT THE UNDERSIGNED ON
ANY OTHER MATTER THAT MAY PROPERLY COME BEFORE THE
MEETING OR ANY ADJOURNMENT OR POSTPONEMENT THEREOF
IN THE DISCRETION OF THE PROXY HOLDER.
Policies

Ark Asset 102 200 200 04/01/2006 05/16/2006 05/17/2006
PRUDENTIAL FINANCIAL, INC. Ticker: PRU Annual Meeting Date: 05/09/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
LLP AS INDEPENDENT AUDITOR FOR THE YEAR ENDING DECEMBER
31, 2006.
Policies
03 For Against A SHAREHOLDER PROPOSAL REGARDING SEVERANCE PAYMENTS.
Policies
is cast.

Ark Asset 102 400 400 03/31/2006 05/01/2006 05/02/2006
PULTE HOMES, INC. Ticker: PHM Annual Meeting Date: 05/11/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
PULTE HOMES INDEPENDENT REGISTERED PUBLIC ACCOUNTING
Policies
03 For Against A SHAREHOLDER PROPOSAL REQUESTING THE ELECTION OF
DIRECTORS BY A MAJORITY, RATHER THAN PLURALITY, VOTE.
Comments
04 For Against A SHAREHOLDER PROPOSAL REQUESTING THE DECLASSIFICATION
OF THE BOARD OF DIRECTORS.
Policies
05 For Against A SHAREHOLDER PROPOSAL REQUESTING CUMULATIVE VOTING
IN THE ELECTION OF DIRECTORS.
Policies
06 For Against A SHAREHOLDER PROPOSAL REGARDING THE USE OF PERFORMANCE-BASED
OPTIONS.
Comments

Ark Asset 101 400 400 04/05/2006 05/02/2006 05/03/2006
QUALCOMM, INCORPORATED Ticker: QCOM Annual Meeting Date: 03/07/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
Comments
(At this company, which has a classified board, all the nominees are outsiders.)
02 For For TO APPROVE AMENDMENTS TO THE COMPANY S RESTATED CERTIFICATE
OF INCORPORATION TO ELIMINATE THE CLASSIFIED BOARD
AND CUMULATIVE VOTING.
Policies
Comments
In addition to declassifying the board, this proposal also eliminates cumulative
voting, where each shareholder has votes equal to the number of shares multiplied
by the number of board nominees. Under cumulative voting, a shareholder can lump
all votes for one nominee, which is an effective way to elect someone. It is bad
corporate governance practice to lump these proposals together as the company has
done. However, a vote is still cast in favor given that the annual election of directors
will help to strengthen accountability.
03 Against For TO APPROVE THE COMBINATION OF THE COMPANY S EQUITY
COMPENSATION PLANS AS THE 2006 LONG-TERM INCENTIVE
PLAN AND AN INCREASE IN THE SHARE RESERVE BY 65,000,000
SHARES.
Policies
04 For For TO RATIFY THE SELECTION OF PRICEWATERHOUSECOOPERS
LLP AS THE COMPANY S INDEPENDENT ACCOUNTANTS FOR THE
COMPANY S FISCAL YEAR ENDING SEPTEMBER 24, 2006.
Policies
05 Against For TO APPROVE ANY ADJOURNMENTS OF THE MEETING TO ANOTHER
TIME OR PLACE, IF NECESSARY IN THE JUDGMENT OF THE
PROXY HOLDERS, FOR THE PURPOSE OF SOLICITING ADDITIONAL

PROXIES IN FAVOR OF ANY OF THE FOREGOING PROPOSALS.
Policies
the agenda. Since all agenda items are not being supported, a vote is cast against
the proposal.

Ark Asset 103 1,000 1,000 01/19/2006 02/22/2006 02/22/2006
QUEBECOR WORLD INC. Ticker: IQW Annual Meeting Date: 05/10/2006

SEDOL:

Proposal Vote
01 Withhold For ELECTION OF DIRECTORS AS OUTLINED IN THE MANAGEMENT
PROXY CIRCULAR.
Policies
02 For For RE-APPOINT KPMG LLP AS AUDITOR AND AUTHORIZE THE BOARD
OF DIRECTORS TO FIX ITS REMUNERATION.
Policies
The appointment of auditors and approval of their remuneration is a routine matter
that does not materially affect shareholders. No objection has been made. A vote
is cast in favor.
03 For None SHAREHOLDER PROPOSAL AS OUTLINED IN THE MANAGEMENT
PROXY CIRCULAR. THE SOLE SHAREHOLDER PROPOSAL TO BE
VOTED ON IS DETAILED IN SCHEDULE E TO THE MANAGEMENT
PROXY CIRCULAR.
Comments
This shareholder proposal requests that the Company seek approval of the holders
of its subordinate voting shares at least every three years to continue the Company's
share structure. The Company currently has a dual class stock structure with "multiple
voting shares" and "subordinate voting shares". Each multiple voting share carries
the right to 10 votes, and each subordinate voting share carries the right to one
vote. According to the proponent, Quebecor Inc. holds almost all of the outstanding
multiple voting shares. Because of the unequal voting rights, Quebecor controls
84% of the voting power, but has a minority of capital invested in the Company.
This is not in the best interest of shareholders. Best corporate governance practices
call for all shareholders to have equal voting rights that are in proportion to
their capital investments in the Company. This proposal is in the best interest
of shareholders and would increase accountability at the Company. A vote is cast
in favor.

Ark Asset 106 200 200 04/06/2006 04/20/2006 04/20/2006
QWEST COMMUNICATIONS INTERNATIONAL I Ticker: Q Annual Meeting Date: 05/24/2006

SEDOL:

Proposal Vote
Policies
02 Against For RATIFICATION OF THE APPOINTMENT OF KPMG LLP AS OUR
INDEPENDENT AUDITOR FOR 2006
Policies
03 Against For APPROVAL OF THE AMENDED AND RESTATED EQUITY INCENTIVE
PLAN
Comments
This proposal seeks approval to amend a stock incentive plan to do the following:
provide that non-employee directors are eligible to receive additional types of
awards other than stock options; comply with new tax laws relating to certain types
of deferred compensation arrangements; and revise the definition of termination
for "cause." While the latter two amendments are fine, allowing for additional awards
types for non-employee directors is not in the best interests of shareholders. This
plan does not have specific performance standards, and it does not take director
attendance into account. Adding additional award types for which directors do not
even have to pay the exercise price makes this bad plan worse. A vote is cast against.
04 For Against STOCKHOLDER PROPOSAL - REQUESTING WE ADOPT A POLICY
WHEREBY, IN THE EVENT OF A SUBSTANTIAL RESTATEMENT
OF FINANCIAL RESULTS, OUR BOARD OF DIRECTORS SHALL
REVIEW CERTAIN PERFORMANCE-BASED COMPENSATION MADE
TO EXECUTIVE OFFICERS AND PURSUE LEGAL REMEDIES TO
RECOVER SUCH COMPENSATION TO THE EXTENT THAT THE RESTATED
RESULTS DO NOT EXCEED ORIGINAL PERFORMANCE TARGETS
Comments
in favor.
05 For Against STOCKHOLDER PROPOSAL - REQUESTING WE SEEK STOCKHOLDER
APPROVAL OF CERTAIN BENEFITS FOR SENIOR EXECUTIVES
UNDER OUR NON-QUALIFIED PENSION PLAN OR ANY SUPPLEMENTAL
EXECUTIVE RETIREMENT PLAN
Comments
This proposal seeks to require the Company to seek shareholder approval of any future
supplemental executive retirement plan ("SERP"), or individual retirement arrangement,
for senior executives that provides preferential benefit formulas, or supplemental
pension benefits, not provided to other managers under the Company's regular tax-qualified
pension plan. Because SERPs are unfunded plans and payable out of the Company's
general assets, the associated pension liabilities can be significant. Therefore,
it is in the best interests of shareholders that they approve such plans. A vote
is cast in favor.
06 For Against STOCKHOLDER PROPOSAL - AMENDMENT OF BYLAWS TO PROVIDE
THAT DIRECTORS BE ELECTED BY A MAJORITY VOTE (OR IN
SOME CASES A PLURALITY VOTE)
Policies
07 For Against STOCKHOLDER PROPOSAL - REQUESTING WE ESTABLISH A POLICY
OF SEPARATING THE ROLES OF CHAIRMAN OF THE BOARD AND
CEO
Comments

Ark Asset 109 1,000 1,000 04/11/2006 05/12/2006 05/13/2006
RAYTHEON COMPANY Ticker: RTN Annual Meeting Date: 05/03/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For RATIFICATION OF INDEPENDENT AUDITORS
Policies
03 Against For TERMS OF PERFORMANCE AWARDS UNDER LONG-TERM PERFORMANCE
PLAN
Comments
A cash and stock bonus plan is established by this proposal. The plan does not
specify performance standards upon which to base the granting of awards. That is
not in the best interest of shareholders. A vote is cast against.
04 For Against MAJORITY VOTING FOR DIRECTORS
Comments
Policies
06 For Against SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
Comments
extraordinary retirement benefit for senior executives under the Company's supplemental
executive retirement plan ("SERP"). SERP refers to any plan that supplements executives'
retirement pay with non qualified benefits above compensation limits set by the
Internal Revenue Code. "Extraordinary benefits" are defined as additional years
of service credit not actually worked, preferential benefit formulas not provided
under the Company's qualified pension plan, or the accelerated vesting of pension
benefits. Because SERPs are unfunded plans and payable out of the Company's general
assets, the associated pension liabilities can be significant. Therefore, it is
in the best interests of shareholders that they approve such plans. A vote is cast
in favor.
Comments
extraordinary retirement benefit for senior executives under the Company's supplemental
in favor.

Ark Asset 507 300 300 03/31/2006 04/25/2006 04/26/2006
REGIONS FINANCIAL CORP. Ticker: RF Annual Meeting Date: 05/18/2006

Issuer: 7591EP City: Holdings Reconciliation Date: 03/23/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For TO APPROVE THE REGIONS FINANCIAL CORPORATION 2006
LONG TERM INCENTIVE PLAN.
Policies
03 Against For TO RATIFY THE APPOINTMENT OF ERNST & YOUNG LLP AS
REGIONS INDEPENDENT AUDITORS FOR THE YEAR 2006.
Policies
04 For Against SHAREHOLDER PROPOSAL TO RECOMMEND THE ANNUAL ELECTION
OF ALL DIRECTORS.
Policies

Ark Asset 100 300 300 04/13/2006 05/09/2006 05/10/2006
RELIANT ENERGY, INC. Ticker: RRI Annual Meeting Date: 05/19/2006

Issuer: 75952B City: Holdings Reconciliation Date: 03/22/2006
SEDOL:

Proposal Vote
Policies
02 For For PROPOSAL TO RATIFY KPMG LLP AS RELIANT ENERGY, INC.
S INDEPENDENT AUDITORS FOR THE FISCAL YEAR ENDING
DECEMBER 31, 2006
Policies
03 For None STOCKHOLDER PROPOSAL REGARDING THE ELIMINATION OF
A CLASSIFIED BOARD OF DIRECTORS
Policies

Ark Asset 105 158 158 04/19/2006 05/10/2006 05/11/2006
REYNOLDS AMERICAN INC. Ticker: RAI Annual Meeting Date: 05/03/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For RATIFICATION OF KPMG LLP AS INDEPENDENT AUDITORS
Policies
03 Against Against SHAREHOLDER PROPOSAL ON IMPACT ON YOUTH OF FLAVORED
CIGARETTES
Comments
This shareholder proposal requests that the Company initiate and oversee an independent
analysis of those who begin smoking its flavored brands. If more than 20% of the
new initiates are youth, they shall ask the Company to cease immediately all testing,
development, and marketing of flavored cigarettes anywhere in the world. The proponent
argues that flavored cigarettes have a special appeal to youth. The Company argues
that ceasing all testing, development and marketing of "flavored" cigarettes would
severely compromise its ability to serve adult consumers, given that nearly all
cigarettes have flavorings. The Company says its "specialty" blends play a strong
role in building the equity of the Camel brand. In order to meet the Company's stated
goal of growth on investment brands overtaking declines on other brands, while continuing
to deliver sustainable earnings growth, the Company argues that it is critical that
equity behind Camel be supported in innovative ways such as the specialty blends.
The Company states that it does not conduct market research among underage, illegal
consumers; its research has, however, verified that the styles' appeal to adult
smokers. The Company further states that the specialty blends are marketed and advertised
at the point of sale; in age-restricted facilities, such as bars; and in magazines
that have at least 85% adult readership. Also, it is unclear how the requested study
could be conducted. Given these factors, a vote is cast against.
04 Against Against SHAREHOLDER PROPOSAL ON LAWS COMBATING USE OF TOBACCO
Comments
This shareholder proposal asks the company to make as public policy a commitment
to support legislation at all levels of local, regional, state, and federal government
which: 1) ban smoking in public places; 2) increase taxes on tobacco; and 3) repeal
existing state preemption laws limiting local smoke free air ordinances. The Company
argues persuasively that it would be in the best interests of shareholders for government,
businesses and the public to make their own decisions on these issues. A vote is
cast against.


Ark Asset 106 100 100 03/28/2006 04/27/2006 04/28/2006
ROCKWELL AUTOMATION, INC. Ticker: ROK Annual Meeting Date: 02/01/2006

SEDOL:

Proposal Vote
A For DIRECTOR
For BETTY C. ALEWINE

For VERNE G. ISTOCK
Withheld DAVID B. SPEER
Policies
all other nominees.
B For For APPROVE THE SELECTION OF AUDITORS.
Policies

Ark Asset 109 200 200 12/15/2005 01/13/2006 01/13/2006
ROHM AND HAAS COMPANY Ticker: ROH Annual Meeting Date: 05/01/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For RATIFICATION OF PRICEWATERHOUSECOOPERS LLP AS ROHM
AND HAAS COMPANY S REGISTERED PUBLIC ACCOUNTING FIRM
FOR 2006.
Policies

Ark Asset 107 200 200 03/24/2006 04/20/2006 04/20/2006
SAFEWAY INC. Ticker: SWY Annual Meeting Date: 05/25/2006

SEDOL:

Proposal Vote
1A Abstain For ELECTION OF DIRECTOR: STEVEN A. BURD
Policies
1B Abstain For ELECTION OF DIRECTOR: JANET E. GROVE
Policies
1C Abstain For ELECTION OF DIRECTOR: MOHAN GYANI
Policies
1D Abstain For ELECTION OF DIRECTOR: PAUL HAZEN
Policies
1E Abstain For ELECTION OF DIRECTOR: ROBERT I. MACDONNELL
Policies
1F Abstain For ELECTION OF DIRECTOR: DOUGLAS J. MACKENZIE
Policies
1G Abstain For ELECTION OF DIRECTOR: REBECCA A. STIRN
Policies
1H Abstain For ELECTION OF DIRECTOR: WILLIAM Y. TAUSCHER
Policies
This company has underperformed its broad market index and its peer group during
the past five years. Given that performance, a vote is cast to withhold authority
for all nominees to the board.
1I Abstain For ELECTION OF DIRECTOR: RAYMOND G. VIAULT
Policies
02 Against For RE-APPROVAL OF 2001 AMENDED AND RESTATED OPERATING
PERFORMANCE BONUS PLAN FOR EXECUTIVE OFFICERS OF SAFEWAY
INC.
Comments
03 Against For RATIFICATION OF APPOINTMENT OF DELOITTE & TOUCHE LLP
FIRM FOR FISCAL YEAR 2006. THE BOARD OF DIRECTORS
RECOMMENDS A VOTE AGAINST STOCKHOLDER PROPOSALS 4,
5, 6, 7 AND 8.
Policies
04 For Against STOCKHOLDER PROPOSAL REQUESTING CUMULATIVE VOTING.
Policies
05 For Against STOCKHOLDER PROPOSAL REQUESTING A SEPARATE VOTE ON
GOLDEN PAY IN CONNECTION WITH A MERGER.
Comments
This shareholder proposal asks the Board to adopt a policy that any merger which
includes golden parachutes or golden hellos, be approved by shareholders as a separate
item on the same ballot. The proponent said that shareholders do not have a way
to support a profitable merger and object to golden pay that is excessive. Golden
parachutes and hellos can be excessive and unjustified therefore, a vote is cast
06 For Against STOCKHOLDER PROPOSAL REQUESTING THE CREATION OF A
FORMAL MECHANISM FOR DIALOGUE BETWEEN INDEPENDENT
DIRECTORS AND SHAREHOLDERS.
Comments
This proposal requests that the Board establish an Office of the Board of directors
to enable direct communications on corporate governance matters. The office shall
report directly to a committee of the non-management directors. Improving communications
between the Board and its shareholders is clearly in the best interests of shareholders.
07 Against Against STOCKHOLDER PROPOSAL REQUESTING THE LABELING OF GENETICALLY
ENGINEERED PRODUCTS.
Comments
This shareholder proposal requests the Board of Directors adopt a policy to identify
and label all food products manufactured or sold by the company under the company's
brand names or private labels that may contain genetically engineered ingredients.
The Company argues persuasively that from a practical standpoint it is very difficult
to determine what constitutes genetically engineered products, not practical for
it to force manufacturers to label their products as requested, and such labeling
would create confusion and place its products at a competitive disadvantage. The
Company also stresses that it is in compliance with all government labeling regulations
set by the Food and Drug Administration. Therefore, a vote is cast against this
proposal.
08 For Against STOCKHOLDER PROPOSAL REQUESTING THAT THE COMPANY ISSUE
A SUSTAINABILITY REPORT.
Comments
cast in favor.

Ark Asset 208 100 100 04/18/2006 05/16/2006 05/17/2006
SCHERING-PLOUGH CORPORATION Ticker: SGP Annual Meeting Date: 05/19/2006

SEDOL:

Proposal Vote
Policies
02 For For RATIFY THE DESIGNATION OF DELOITTE & TOUCHE LLP TO
AUDIT THE BOOKS AND ACCOUNTS FOR 2006
Policies
03 For For APPROVE AMENDMENTS TO GOVERNING INSTRUMENTS TO PROVIDE
FOR THE ANNUAL ELECTION OF DIRECTORS
Policies
04 For For APPROVE THE DIRECTORS COMPENSATION PLAN
Policies
This authorizes a plan which enables directors to defer their compensation. The
deferral is a tax advantage for the directors and has no adverse impact on shareholders.
A vote in favor is cast.
This proposal provides that directors can choose to be paid in stock or cash. This
is a good way to better align the interests of shareholders and directors and protects
directors who would be hurt by stock only payments. A vote in favor is cast.
05 Against For APPROVE THE 2006 STOCK INCENTIVE PLAN
Policies
06 For Against SHAREHOLDER PROPOSAL ON MAJORITY VOTE STANDARD FOR
THE ELECTION OF DIRECTORS IN CERTIFICATE OF INCORPORATION
Policies
07 For Against SHAREHOLDER PROPOSAL ON MAJORITY VOTE ON THE GREATEST
NUMBER OF GOVERNANCE ISSUES PRACTICABLE
Comments
This shareholder proposal requests that the Company adopt a simple majority shareholder
vote requirement and make it applicable to the greatest number of governance issues
practicable. This proposal is focused on adoption of the lowest practicable majority
vote requirements to the fullest extent practicable. Supermajority vote provisions
may deter potential takeover bids for the company and therefore potentially decrease
the value of the stock. Also, supermajority requirements detract from a simple majority's
power to enforce its will. If a majority of shares support a proposal, that level
of support should be sufficient. A vote is cast in favor.

Ark Asset 101 900 900 03/31/2006 05/16/2006 05/17/2006
SCHLUMBERGER LIMITED (SCHLUMBERGER N Ticker: SLB Annual Meeting Date: 04/12/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For ADOPTION AND APPROVAL OF FINANCIALS AND DIVIDENDS
Comments
03 Against For ADOPTION OF AMENDMENT TO THE ARTICLES OF INCORPORATION
Comments
The company seeks to increase the number of common shares authorized to effectuate
04 Against For APPROVAL OF AMENDMENT AND RESTATEMENT OF THE SCHLUMBERGER
2005 STOCK OPTION PLAN
Policies
to a company equity incentive compensation plan. A vote is cast against this proposal
upon which awards are based. This addition only makes a bad plan worse.
05 For For APPROVAL OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM
Policies

Ark Asset 108 500 500 03/14/2006 03/27/2006 03/28/2006
SEACOR HOLDINGS INC. Ticker: CKH Annual Meeting Date: 05/17/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld CHARLES FABRIKANT

Withheld ANDREW R. MORSE
Withheld MICHAEL E. GELLERT
For STEPHEN STAMAS
For R.M. FAIRBANKS, III
For PIERRE DE DEMANDOLX
For JOHN C. HADJIPATERAS
Withheld OIVIND LORENTZEN
Withheld JAMES A. F. COWDEROY
For STEVEN J. WISCH
For CHRISTOPHER REGAN
Withheld STEVEN WEBSTER
Policies
Policies

Ark Asset 101 338 338 04/19/2006 05/05/2006 05/06/2006
SEARS HOLDINGS CORPORATION Ticker: SHLD Annual Meeting Date: 04/12/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For APPROVE THE SEARS HOLDINGS CORPORATION 2006 ASSOCIATE
STOCK PURCHASE PLAN
Policies
03 Against For APPROVE THE SEARS HOLDINGS CORPORATION 2006 STOCK
PLAN
Policies
This proposal establishes a restricted stock plan for key executives. The plan
fails to specify performance standards upon which the stock will be granted, without
which a judgement cannot be made as to the plan's validity. A vote is cast against.
04 Against For APPROVE THE SEARS HOLDINGS CORPORATION UMBRELLA INCENTIVE
PROGRAM
Comments
A cash and stock bonus plan is established by this proposal. More specifically,
a collection of annual and long-term bonus plans are established under an "umbrella
incentive program" by this proposal. The program does not specify performance standards
upon which to base the granting of awards. That is not in the best interest of
shareholders. A vote is cast against.
05 For For RATIFY THE APPOINTMENT BY THE AUDIT COMMITTEE OF DELOITTE
& TOUCHE LLP AS THE COMPANY S INDEPENDENT PUBLIC ACCOUNTANTS
FOR FISCAL YEAR 2006
Policies

Ark Asset 106 94 94 03/18/2006 03/28/2006 03/28/2006
SEMPRA ENERGY Ticker: SRE Annual Meeting Date: 05/04/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For RATIFICATION OF INDEPENDENT AUDITORS
Policies
03 For For ARTICLES AMENDMENT FOR THE ANNUAL ELECTION OF ALL
DIRECTORS
Policies
04 For Against SHAREHOLDER PROPOSAL REGARDING PERFORMANCE-BASED STOCK
OPTIONS
Comments
This proposal requests that all future stock option grants to senior executives
shall be performance-based. Performance based is defined as indexed options, premium-priced
options or performance vesting options. This would be a good way to better align
the interests of shareholders and senior executives. A vote is cast in favor.

Ark Asset 109 200 200 03/21/2006 04/26/2006 04/27/2006
SIMON PROPERTY GROUP, INC. Ticker: SPG Annual Meeting Date: 05/11/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld BIRCH BAYH

For MELVYN E. BERGSTEIN
For LINDA WALKER BYNOE
For KAREN N. HORN
For REUBEN S. LEIBOWITZ
For J. ALBERT SMITH, JR.
For PIETER S. VAN DEN BERG
Policies
02 Against For APPROVAL OF PROPOSED AMENDMENT TO STOCK INCENTIVE
PLAN.
Comments
This proposal seeks to amend a stock incentive plan to make changes to the automatic
initial and annual restricted stock awards granted to outside directors. The plan
currently provides for an automatic award of 1,000 shares of restricted stock to
outside directors upon their initial election to the board, and 1,000 shares of
restricted stock annually thereafter. The proposed amendment to the plan would
provide for an automatic initial award of restricted stock valued at $82,500 and
an automatic annual award of restricted stock valued at $82,500. All restricted
stock grants would vest in full after one year. The proposed changes would significantly
increase director pay. The restricted stock awards in the past year were valued
at approximately $69,000. The Company does not explain the need for such an increase.
While the Company has been a strong performer, directors already receive competitive
cash compensation and high equity awards. The Company's least compensated director
in 2005 received a total pay of approximately $86,000. Also, the plan does not take
director attendance or performance into account, which is not in the best interest
of shareholders. A vote is therefore cast against.
03 For For RATIFICATION OF THE APPOINTMENT OF ERNST & YOUNG LLP
AS INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR
2006.
Policies
04 For Against TO CONSIDER AND VOTE ON A STOCKHOLDER PROPOSAL
Comments

Ark Asset 109 200 200 04/01/2006 05/02/2006 05/03/2006
SLM CORPORATION Ticker: SLM Annual Meeting Date: 05/18/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For ANN TORRE BATES

For CHARLES L. DALEY
For W.M. DIEFENDERFER III
For THOMAS J. FITZPATRICK
For DIANE SUITT GILLELAND
For EARL A. GOODE
For RONALD F. HUNT
For BENJAMIN J. LAMBERT III
For ALBERT L. LORD
For BARRY A. MUNITZ
For A. ALEXANDER PORTER, JR
For WOLFGANG SCHOELLKOPF
For STEVEN L. SHAPIRO
Withheld BARRY L. WILLIAMS
Policies
02 For For RATIFY THE APPOINTMENT OF PRICEWATERHOUSECOOPERS LLP
AS THE CORPORATION S INDEPENDENT ACCOUNTANTS.
Policies

Ark Asset 106 300 300 04/05/2006 05/09/2006 05/10/2006
SOUTHWEST GAS CORPORATION Ticker: SWX Annual Meeting Date: 05/04/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For TO APPROVE THE SELECTION OF PRICEWATERHOUSECOOPERS
LLP AS INDEPENDENT ACCOUNTANTS OF THE COMPANY.
Policies

Ark Asset 102 200 200 03/31/2006 04/26/2006 04/27/2006
SPRINT NEXTEL CORPORATION Ticker: S Annual Meeting Date: 04/18/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For TO RATIFY APPOINTMENT OF KPMG LLP AS INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM OF SPRINT NEXTEL FOR 2006.
Policies
03 For Against SHAREHOLDER PROPOSAL CONCERNING MAJORITY VOTING.
Comments
04 For Against SHAREHOLDER PROPOSAL CONCERNING CUMULATIVE VOTING.
Policies

Ark Asset 100 1,787 1,787 03/18/2006 03/31/2006 04/01/2006
ST. JUDE MEDICAL, INC. Ticker: STJ Annual Meeting Date: 05/10/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For TO APPROVE THE ST. JUDE MEDICAL, INC. 2006 STOCK PLAN.
Policies
FIRM FOR 2006.
Policies

Ark Asset 103 300 300 03/31/2006 05/01/2006 05/02/2006
STAPLES, INC. Ticker: SPLS Annual Meeting Date: 06/06/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For TO APPROVE AN AMENDMENT TO STAPLES BY-LAWS PROVIDING
FOR THE ANNUAL ELECTION OF DIRECTORS.
Policies
03 Against For TO RATIFY THE SELECTION BY THE AUDIT COMMITTEE OF
ERNST & YOUNG LLP AS STAPLES INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM FOR THE CURRENT FISCAL YEAR.
Policies
04 For Against TO ACT ON A SHAREHOLDER PROPOSAL ON DIRECTOR ELECTION
MAJORITY VOTE STANDARD.
Policies

Ark Asset 102 450 450 04/29/2006 05/22/2006 05/23/2006
STARBUCKS CORPORATION Ticker: SBUX Annual Meeting Date: 02/08/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For COMPANY PROPOSAL TO RATIFY THE SELECTION OF DELOITTE
& TOUCHE LLP AS THE COMPANY S INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING
OCTOBER 1, 2006.
Policies
03 For For COMPANY PROPOSAL TO AMEND THE COMPANY S AMENDED AND
RESTATED ARTICLES OF INCORPORATION TO DECLASSIFY THE
BOARD OF DIRECTORS AND ESTABLISH ANNUAL ELECTIONS,
WHEREBY ALL DIRECTORS WOULD STAND FOR RE-ELECTION
ANNUALLY, RATHER THAN SERVE STAGGERED THREE-YEAR TERMS
AS IS THE CURRENT PRACTICE.
Policies

Ark Asset 109 600 600 01/03/2006 01/27/2006 01/28/2006
STARWOOD HOTELS & RESORTS WORLDWIDE, Ticker: HOT Annual Meeting Date: 05/02/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
Policies

Ark Asset 203 200 200 04/13/2006 04/24/2006 04/24/2006
STATE STREET CORPORATION Ticker: STT Annual Meeting Date: 04/19/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For T. ALBRIGHT
For K. BURNES
For N. DAREHSHORI
For A. GOLDSTEIN
For D. GRUBER
For L. HILL
For C. LAMANTIA
For R. LOGUE
For R. SERGEL
For R. SKATES
For G. SUMME
Withheld D. WALSH
For R. WEISSMAN
Policies
all other nominees.
Policies
03 Against For TO APPROVE THE 2006 EQUITY INCENTIVE PLAN.
Policies
04 Against For TO APPROVE THE MATERIAL TERMS OF THE 2006 RESTATED
SENIOR EXECUTIVE ANNUAL INCENTIVE PLAN.
Comments
05 For Against TO VOTE ON A SHAREHOLDER PROPOSAL TO REQUEST THE DIRECTORS
TO REDEEM THE OUTSTANDING RIGHTS UNDER THE COMPANY

S RIGHTS AGREEMENT, AND TO REQUIRE SHAREHOLDER RATIFICATION
OF ANY FUTURE RIGHTS AGREEMENT.
Policies
This proposal requests the company to redeem its poison pill plan unless it is approved
by shareholders, and to prohibit the adoption of a new pill without shareholder
approval. Since poison pills can be used to discourage takeovers that are beneficial
to shareholders, a vote is cast in favor of the proposal.

Ark Asset 103 400 400 03/15/2006 03/29/2006 03/31/2006
STATOIL ASA Ticker: STO Annual Meeting Date: 05/10/2006

SEDOL:

Proposal Vote
03 For For ELECTION OF A CHAIR OF THE MEETING.
Comments
Election of a meeting chair is a routine, pro-forma matter. A vote is cast in favor.
04 For For ELECTION OF A PERSON TO CO-SIGN THE MINUTES TOGETHER
WITH THE CHAIR OF THE MEETING.
Comments
The election of a co-chair to sign the minutes is a routine, pro forma matter.
05 For For APPROVAL OF THE NOTICE AND THE AGENDA.
Comments
Approval of the notice of meeting and the agenda is a routine, pro forma matter.
06 For For APPROVAL OF THE ANNUAL REPORT AND ACCOUNTS FOR STATOIL
ASA AND THE STATOIL GROUP FOR 2005 AND THE DISTRIBUTION
OF THE DIVIDEND.
Comments
Approval of the annual report is a routine, pro forma matter. A vote is cast in
favor.
07 For For DETERMINATION OF REMUNERATION FOR THE COMPANY S AUDITOR.
Comments
This gives non-binding approval to the Company's remuneration policy, thus it is
considered a routine, procedural vote. No objections have been made. Therefore,
08 For For ELECTION OF MEMBERS AND DEPUTY MEMBERS OF THE CORPORATE
ASSEMBLY.
Comments
This is a routine, pro forma matter. A vote is cast in favor.
09 Abstain For DETERMINATION OF REMUNERATION FOR THE MEMBERS OF THE
CORPORATE ASSEMBLY.
Comments
10 For For AMENDMENT TO THE ARTICLES OF ASSOCIATION SECTION 11
- ELECTION COMMITTEE.
Policies
This proposal amends the company's articles to comply with recent changes in corporate
11 For For ELECTION OF MEMBERS OF THE ELECTION COMMITTEE.
Comments
This is a routine, pro forma matter. A vote is cast in favor.
12 For For DETERMINATION OF REMUNERATION FOR MEMBERS OF THE ELECTION
COMMITTEE.
Comments
This gives non-binding approval to the Company's remuneration policy, thus it is
considered a routine, procedural vote. No objections have been made. Therefore,
13 For For REDUCTION OF CAPITAL THROUGH THE ANNULMENT OF OWN
SHARES.
Policies
This proposal authorizes the board to reduce its authorized capital if it thinks
it is necessary. The board is in the best position to determine the appropriate
size of authorized capital. Therefore, a vote is cast in favor.
14 For For AUTHORISATION TO ACQUIRE STATOIL SHARES IN THE MARKET
FOR SUBSEQUENT ANNULMENT.
Policies
This proposal authorizes the company to repurchase its own shares. Such repurchases
are in the best interests of shareholders because they show the company's confidence
in its future and its belief that its shares are undervalued. A vote is cast in
favor.
15 For For AUTHORISATION TO ACQUIRE STATOIL SHARES IN THE MARKET
IN ORDER TO CONTINUE IMPLEMENTATION OF THE SHARE SAVING
PLAN.
Policies
favor.

Ark Asset 102 500 500 04/25/2006 04/27/2006 04/27/2006
STRYKER CORPORATION Ticker: SYK Annual Meeting Date: 04/26/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld JOHN W. BROWN

For HOWARD E. COX, JR.
Withheld DONALD M. ENGELMAN
For JEROME H. GROSSMAN
Withheld STEPHEN P. MACMILLAN
For WILLIAM U. PARFET
For RONDA E. STRYKER
Policies
02 Against For TO CONSIDER AND ACT UPON APPROVAL OF THE 2006 LONG-TERM
INCENTIVE PLAN.
Policies
Policies

Ark Asset 101 300 300 03/16/2006 04/03/2006 04/03/2006
SUNTRUST BANKS, INC. Ticker: STI Annual Meeting Date: 04/18/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld J. HYATT BROWN*

For ALSTON D. CORRELL*
For DAVID H. HUGHES*
Withheld E. NEVILLE ISDELL*
For G. GILMER MINOR, III*
For THOMAS M. GARROTT**
Policies
A two-thirds majority of the board is represented by outsiders, so a vote is cast
in favor of all nominees except for the nominees with attendance problems. A vote
is withheld for such nominees.
LLP AS INDEPENDENT AUDITORS FOR 2006.
Policies
03 For Against SHAREHOLDER PROPOSAL THAT DIRECTORS BE ELECTED ANNUALLY.
Policies

Ark Asset 103 200 200 03/10/2006 03/29/2006 03/31/2006
SUPERIOR UNIFORM GROUP, INC. Ticker: SGC Annual Meeting Date: 05/05/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld GERALD M. BENSTOCK
Withheld MICHAEL BENSTOCK
Withheld ALAN D. SCHWARTZ
Withheld PETER BENSTOCK
For MANUEL GAETAN
For SIDNEY KIRSCHNER
For ROBIN HENSLEY
For PAUL MELLINI
For ARTHUR WIENER
Policies
02 For For TO RATIFY THE APPOINTMENT OF GRANT THORNTON LLP AS
INDEPENDENT AUDITORS FOR THE FISCAL YEAR ENDING DECEMBER
31, 2006.
Policies

Ark Asset 102 300 300 03/28/2006 04/27/2006 04/27/2006
TARGET CORPORATION Ticker: TGT Annual Meeting Date: 05/17/2006

Issuer: 87612E City: Holdings Reconciliation Date: 03/20/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For COMPANY PROPOSAL TO RATIFY THE APPOINTMENT OF ERNST
& YOUNG LLP AS INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM.
Policies
03 For Against SHAREHOLDER PROPOSAL REGARDING POLITICAL CONTRIBUTIONS.
Comments
for political contributions and expenditures. The report would also disclose funds
donated and the business rationale for each contribution and expenditure. The disclosure
of policies and business rationale are not items that are available in the various
public records the Company has to file. This would provide useful information to
shareholders and allow them to examine all contributions and expenditures at one
site instead of searching through many. A vote is cast in favor.

Ark Asset 106 600 600 04/08/2006 05/05/2006 05/06/2006
TEXAS INSTRUMENTS INCORPORATED Ticker: TXN Annual Meeting Date: 04/20/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For BOARD PROPOSAL TO RATIFY THE APPOINTMENT OF ERNST
& YOUNG LLP AS THE COMPANY S INDEPENDENT REGISTERED
Policies

Ark Asset 104 1,000 1,000 03/10/2006 03/29/2006 03/31/2006
TEXTRON INC. Ticker: TXT Annual Meeting Date: 04/26/2006

SEDOL:

Proposal Vote
Policies
Policies
03 Against Against SHAREHOLDER PROPOSAL RELATING TO A REPORT RELATED
TO USE OF DEPLETED URANIUM.
Comments
This shareholder proposal requests that the Company prepare a report including:
a brief history of Textrons involvement in management of nuclear weapons sites and
production of DU weapons components; human, workplace and environmental safety precautions,
e.g. safeguards for transportation, storage, impact on land and water and waste
disposal situating and monitoring; health and safety record at facilities; financial
arrangements; and policies and procedures for cooperating fully with persons, organizations
and government agencies planning and carrying out health/safety assessment studies.
In this case, the Company successfully argues that the proposal is unnecessary
in that it does not relate to the companys business. Textron is not involved in
the production of depleted uranium weapons and has no current plans to become involved
in their production. These statements were confirmed by the proponent of the resolution.
Therefore, in this case a vote is against this proposal.
04 For Against SHAREHOLDER PROPOSAL RELATING TO DIRECTOR ELECTION
MAJORITY VOTE.
Comments

Ark Asset 101 100 100 03/22/2006 04/21/2006 04/22/2006
THE AES CORPORATION Ticker: AES Annual Meeting Date: 05/11/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For RICHARD DARMAN

For PAUL HANRAHAN
For KRISTINA M. JOHNSON
For JOHN A. KOSKINEN
For PHILIP LADER
Withheld JOHN H. MCARTHUR
For SANDRA O. MOOSE
For PHILIP A. ODEEN
For CHARLES O. ROSSOTTI
For SVEN SANDSTROM
Policies
Policies
03 Against For ADOPTION OF THE AES CORPORATION PERFORMANCE INCENTIVE
PLAN.
Policies

Ark Asset 105 400 400 04/19/2006 04/28/2006 04/28/2006
THE ALLSTATE CORPORATION Ticker: ALL Annual Meeting Date: 05/16/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For APPOINTMENT OF DELOITTE & TOUCHE LLP AS INDEPENDENT
AUDITORS FOR 2006.
Policies
03 Against For APPROVAL OF THE AMENDED AND RESTATED 2001 EQUITY INCENTIVE
PLAN.
Policies
04 Against For APPROVAL OF THE 2006 EQUITY COMPENSATION PLAN FOR
NON-EMPLOYEE DIRECTORS.
Policies
05 For Against PROVIDE FOR DIRECTOR ELECTION MAJORITY VOTE STANDARD.
Policies
06 For Against PROVIDE FOR SIMPLE MAJORITY VOTE.
Policies

Ark Asset 101 400 400 03/28/2006 05/03/2006 05/04/2006
THE BANK OF NEW YORK COMPANY, INC. Ticker: BK Annual Meeting Date: 04/11/2006
SEDOL:

Proposal Vote
Comments
A vote is cast to withhold on all nominees due to poor performance in comparison
to its peer group (in terms of total cumulative return to shareholders). A $100.00
investment at fiscal year end 1995 has increased to $326.12 five years later. During
this same period of time, a $100.00 investment in the Company's peer group grew
to $606.74.
02 Against For RATIFICATION OF AUDITORS.
Policies
03 For Against SHAREHOLDER PROPOSAL WITH RESPECT TO CUMULATIVE VOTING.
Policies
04 For Against SHAREHOLDER PROPOSAL WITH RESPECT TO REIMBURSEMENT
OF EXPENSES OF OPPOSITION CANDIDATES FOR THE BOARD.
Policies

Ark Asset 102 500 500 03/18/2006 03/24/2006 03/24/2006
THE BEAR STEARNS COMPANIES INC. Ticker: BSC Annual Meeting Date: 04/11/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld JAMES E. CAYNE

Withheld HENRY S. BIENEN
For CARL D. GLICKMAN
Withheld ALAN C. GREENBERG
Withheld DONALD J. HARRINGTON
Withheld FRANK T. NICKELL
Withheld PAUL A. NOVELLY
For FREDERIC V. SALERNO
Withheld ALAN D. SCHWARTZ
Withheld WARREN J. SPECTOR
For VINCENT TESE
For WESLEY S. WILLIAMS JR.
Policies
02 Against For APPROVAL OF AMENDMENT TO THE CAPITAL ACCUMULATION
PLAN FOR SENIOR MANAGING DIRECTORS.
Policies
The plan has not been established by an independent compensation committee of the
Board, comprised solely of two or more outside directors.
This proposal amends an existing stock option plan to include new participants.
Providing for more participants only makes sense if the plan is a good one. This
one is flawed for the following reasons.
LLP AS INDEPENDENT AUDITORS FOR THE FISCAL YEAR ENDING
NOVEMBER 30, 2006.
Policies

Ark Asset 108 100 100 03/14/2006 03/28/2006 03/28/2006
THE BOEING COMPANY Ticker: BA Annual Meeting Date: 05/01/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For JOHN H. BIGGS

For JOHN E. BRYSON
For LINDA Z. COOK
For WILLIAM M. DALEY
Withheld KENNETH M. DUBERSTEIN
Withheld JOHN F. MCDONNELL
For W. JAMES MCNERNEY, JR.
For RICHARD D. NANULA
For ROZANNE L. RIDGWAY
For MIKE S. ZAFIROVSKI
Policies
02 Against For ADOPT MANAGEMENT PROPOSAL TO APPROVE THE BOEING COMPANY
ELECTED OFFICER ANNUAL INCENTIVE PLAN.
Policies
This proposal seeks to establish a bonus plan for key executives, awards for which
can be made in cash or stock. The plan does not specify performance standards on
which to base the bonus which makes it impossible to judge the validity of the plan.
A vote is cast against.
03 Against For ADOPT MANAGEMENT PROPOSAL TO APPROVE AMENDMENT OF
THE BOEING COMPANY 2003 INCENTIVE STOCK PLAN.
Policies
04 For For ADOPT MANAGEMENT PROPOSAL TO ELIMINATE CERTAIN SUPERMAJORITY
VOTE REQUIREMENTS.
Policies
05 For For ADVISE ON APPOINTMENT OF DELOITTE & TOUCHE LLP AS
INDEPENDENT AUDITORS.
Policies
06 For Against ADOPT HUMAN RIGHTS POLICIES.
Policies
07 For Against PREPARE A REPORT ON MILITARY CONTRACTS.
Comments
This shareholder proposal wants the Board to review and if necessary amend and amplify
the Company's code of conduct and statements of ethical criteria for military production
- related contract bids, awards, and contract execution and report the results.
The Board said it has an active program to promote ethical business practices. Therefore,
this report would help the Company to evaluate the success of that effort and provide
valuable information to shareholders. A vote is cast in favor.
08 Against Against PREPARE A REPORT ON CHARITABLE CONTRIBUTIONS.
Comments
09 For Against ADOPT MAJORITY VOTING FOR DIRECTOR ELECTIONS.
Policies
10 For Against REQUIRE AN INDEPENDENT BOARD CHAIRMAN.
Policies

Ark Asset 105 600 600 03/24/2006 04/21/2006 04/21/2006
THE CHARLES SCHWAB CORPORATION Ticker: SCHW Annual Meeting Date: 05/18/2006
SEDOL:

Proposal Vote
Policies
02 For For APPROVAL OF AMENDMENTS TO THE CERTIFICATE OF INCORPORATION
AND BYLAWS TO PROVIDE FOR THE ANNUAL ELECTION OF DIRECTORS
Policies
03 For Against STOCKHOLDER PROPOSAL REGARDING THE EFFECT OF A FLAT
TAX
Comments
This shareholder proposal asks the Board to report on the estimated impacts of a
federal flat tax on the Company. The proponent noted that the U.S. has the second
highest corporate tax rate among 69 countries and claims tax reform is crucial to
America's business competitiveness. A vote is cast for this proposal because a report
would help focus the Board's thinking on this issue and provide shareholders with
information as to how a significant shift in the federal tax laws would affect shareholder
value.
04 For Against STOCKHOLDER PROPOSAL REGARDING POLITICAL CONTRIBUTIONS
Policies
05 For Against STOCKHOLDER PROPOSAL REGARDING MAJORITY VOTING
Policies
06 For Against STOCKHOLDER PROPOSAL REGARDING SEVERANCE PAYMENTS
Policies
is cast.


Ark Asset 105 700 700 03/31/2006 05/09/2006 05/10/2006
THE COCA-COLA COMPANY Ticker: KO Consent Meeting Date: 01/13/2006

SEDOL:

Proposal Vote
01 For For I WOULD LIKE TO OPT OUT OF RECEIVING THE COCA-COLA
COMPANY S SUMMARY ANNUAL REPORT IN THE MAIL.
Comments
This enables the Company to not send hard copy annual reports by mail. We already
suppress the hard copy annual reports pursuant to the ADP Proxy Edge system. A

Ark Asset 100 1,400 1,400 11/17/2005 12/15/2005 12/15/2005
THE COCA-COLA COMPANY Ticker: KO Annual Meeting Date: 04/19/2006

SEDOL:

Proposal Vote
Policies
02 Against For RATIFICATION OF THE APPOINTMENT OF ERNST & YOUNG LLP
AS INDEPENDENT AUDITORS
Policies
03 Against For APPROVAL OF AN AMENDMENT TO THE 1989 RESTRICTED STOCK
AWARD PLAN OF THE COCA-COLA COMPANY
Policies
to a company equity incentive compensation plan. A vote is cast against this proposal
upon which awards are based. This addition only makes a bad plan worse.
04 Against Against SHAREOWNER PROPOSAL REGARDING CHARITABLE CONTRIBUTIONS
Comments
05 For Against SHAREOWNER PROPOSAL THAT COMPANY REPORT ON IMPLEMENTATION
OF BEVERAGE CONTAINER RECYCLING STRATEGY
Comments
This shareholder proposal requests the Board review the efficacy of its container
recycling program and prepare a report on its recycling strategy, which includes
a publicly stated quantitative goal for improved rates of beverage recovery in the
U.S. The proponent mentioned that recycling rates for beverage containers have declined
significantly in recent years and the Company has resisted adopting a quantitative
goal to increase beverage container recovery rates. A vote is cast for this proposal
because Company leadership in this area may protect its brands and improve its reputation.
06 For Against SHAREOWNER PROPOSAL REGARDING RESTRICTED STOCK
Comments
This shareholder proposal urges the Board to grant a significant percentage of future
restricted stock awards based on performance and that the awards can not be prematurely
released or substantially altered without shareholder approval. A vote is cast for
this proposal because the awarding of restricted stock to top executives in 2005
was out of line with the Company's performance. For example, the Company's Executive
Vice President and President for Marketing received 2.1 million shares in restricted
stock, on top of a $595,000 salary, a $1.2 million bonus, and options representing
145,000 shares, while the Company's cumulative total return to shareholders dropped
to $73.00 from $74.00 in 2004.
07 For Against SHAREOWNER PROPOSAL REGARDING ENVIRONMENTAL IMPACTS
OF OPERATIONS IN INDIA
Comments
This shareholder proposal requests the Board prepare a report on the potential environmental
and public health damage of each of its plants, affiliates and proposed ventures
which extract water from areas of water scarcity in India. The proponent mentioned
that the Company's Plachimada plant has been the subject of rulings unfavorable
to the Company's ongoing operations by local government and Indian courts. Also,
local people have been demanding the closure of the plant for exploiting the groundwater
and leading to a shortage of water for drinking and irrigation purposes. A vote
is cast for this proposal because it would allow shareholders to assess the risks
created by the Company's activity in areas where the water supply is limited and
the Company's strategy for coping with the problem.
08 For Against SHAREOWNER PROPOSAL REGARDING AN INDEPENDENT DELEGATION
OF INQUIRY TO COLOMBIA
Comments
This shareholder proposal asks the Board to establish a special committee of independent
directors, with authority to retain independent experts as needed, to: 1) oversee
the Company's sponsorship of an independent delegation of inquiry to Columbia to
examine the charges of collusion in anti-union violence that have been made against
officials of the Company's bottling plants in that country, and 2) prepare a report
of its findings. The proponent pointed out that since 1995, union employees have
been subjected to numerous attacks and physical threats from Columbian paramilitary
forces and there have been allegations of collusion between paramilitary forces
and officials of the Company's Colombian affiliate. A vote is cast for this proposal
because significant commercial advantages can accrue to the Company by rigorous
implementation of human rights policies guaranteeing freedom of association based
on the Universal Declaration of Human Rights.

Ark Asset 100 1,400 1,400 03/10/2006 03/26/2006 03/27/2006
THE DOW CHEMICAL COMPANY Ticker: DOW Annual Meeting Date: 05/11/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
For JACQUELINE K. BARTON

For JAMES A. BELL
Withheld BARBARA H. FRANKLIN
Withheld ANDREW N. LIVERIS
Withheld GEOFFERY E. MERSZEI
Withheld J. PEDRO REINHARD
For RUTH G. SHAW
For PAUL G. STERN
Policies
02 Against For RATIFICATION OF THE APPOINTMENT OF THE INDEPENDENT
Policies
03 For Against STOCKHOLDER PROPOSAL ON BHOPAL.
Comments
This shareholder proposal requests the Board to prepare a report describing new
initiatives to address the specific health, environmental and social concerns of
the survivors of the 1984 Bhopal disaster in India. The proponent said the Company,
through its wholly owned subsidiary Union Carbide, has become implicated in the
continued controversy over Bhopal. Asia accounts for $3.3 billion in Company revenues
and there could an adverse effect on the Company's operations there due to the Bhopal
controversy. The requested report would provide useful information to shareholders
on how the Company is responding to this situation. A vote is cast in favor.
04 For Against STOCKHOLDER PROPOSAL ON GENETICALLY ENGINEERED SEED.
Comments
This shareholder proposal requests the Board to provide a report on the Company's
internal controls related to potential adverse impacts associated with genetically
engineered organisms. The Company said it is committed to providing healthy products
and its product development processes are designed to ensure good stewardship.
Therefore, it should not have any objection to providing the report requested by
the proponent. A vote is cast in favor.
05 For Against STOCKHOLDER PROPOSAL ON CHEMICALS WITH LINKS TO RESPIRATORY
PROBLEMS.
Comments
This shareholder proposal requests the Board to provide a report which would analyze
the extent to which its products may cause or exacerbate asthma. The proponent said
two of the Company's pesticide ingredients (2,4-D and chlorpyrifos) are linked to
asthma. The Company responded by saying its products receive ongoing scrutiny after
registration and supports its pesticide program with a strong stewardship program.
A vote is cast for this proposal because it would provide information that shareholders
could use to determine if there is a correlation between exposure to the Company's
products and asthma. In addition, this report would enable the Company to check
on how well its own commitment to checking on the impact of its products is succeeding.
06 For Against STOCKHOLDER PROPOSAL ON SECURITY OF CHEMICAL FACILITIES.
Comments
This shareholder proposal asks the Board to prepare a report on the implications
of a policy for reducing potential harm and the number of people in danger from
potential catastrophic chemical releases. The Company said it is committed to community
awareness and emergency preparedness in all Company communities worldwide and has
implemented a program to accomplish this goal. A vote is cast in favor of this proposal
because it would provide information to shareholders to determine if the Company's
plan is adequate to protect communities in the event of a catastrophic chemical
release.

Ark Asset 103 600 600 03/28/2006 05/02/2006 05/03/2006
THE GOLDMAN SACHS GROUP, INC. Ticker: GS Annual Meeting Date: 03/31/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
For LLOYD C. BLANKFEIN

For LORD BROWNE OFMADINGLEY
For JOHN H. BRYAN
For CLAES DAHLBACK
Withheld STEPHEN FRIEDMAN
For WILLIAM W. GEORGE
Withheld JAMES A. JOHNSON
For LOIS D. JULIBER
For EDWARD M. LIDDY
For HENRY M. PAULSON, JR.
For RUTH J. SIMMONS
Policies
all other nominees.
02 Against For APPROVAL OF AN AMENDMENT TO THE GOLDMAN SACHS RESTRICTED
PARTNER COMPENSATION PLAN.
Comments
This proposal sets a new upper limit for the granting of individual cash bonuses
for key executives. It does not articulate performance standards for meriting a
bonus. Because of this a vote is cast against the proposal.
LLP AS OUR INDEPENDENT AUDITORS FOR OUR 2006 FISCAL
YEAR.
Policies

Ark Asset 104 400 400 02/25/2006 03/13/2006 03/13/2006
THE HARTFORD FINANCIAL SVCS GROUP, I Ticker: HIG Annual Meeting Date: 05/17/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
LLP AS INDEPENDENT AUDITORS OF THE COMPANY FOR THE
FISCAL YEAR ENDING DECEMBER 31, 2006
Policies

Ark Asset 104 200 200 04/06/2006 05/08/2006 05/09/2006
THE HERSHEY COMPANY Ticker: HSY Annual Meeting Date: 04/18/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For J.A. BOSCIA

For R.H. CAMPBELL
For R.F. CAVANAUGH
For G.P. COUGHLAN
For H. EDELMAN
Withheld B.G. HILL
For A.F. KELLY, JR.
For R.H. LENNY
For M.J. MCDONALD
For M.J. TOULANTIS
Policies
02 For For RATIFY APPOINTMENT OF KPMG LLP AS INDEPENDENT AUDITORS
FOR 2006
Policies
03 For Against STOCKHOLDER PROPOSAL REGARDING COCOA SUPPLY REPORT
Comments
This shareholder proposal seeks a report from the Company on its sources of cocoa
supply purchased for manufacture of all company products with particular reference
to potential financial and reputational risks incurred by the Company as a result
of its relationships with any of the companies named as a defendant in a pending
lawsuit in Federal court alleging use of forced labor on cocoa plantations. Such
a report would be a good way for the Company to monitor its cocoa suppliers and
to provide useful information to shareholders. A vote is cast in favor.

Ark Asset 108 200 200 03/10/2006 04/08/2006 04/10/2006
THE HOME DEPOT, INC. Ticker: HD Annual Meeting Date: 05/25/2006

SEDOL:

Proposal Vote
Policies
REGISTERED PUBLIC ACCOUNTING FIRM FOR FISCAL 2006.
Policies
03 For Against SHAREHOLDER PROPOSAL REGARDING COMMITTEE REPORT.
Comments
04 For Against SHAREHOLDER PROPOSAL REGARDING EMPLOYMENT DIVERSITY
REPORT DISCLOSURE.
Policies
This proposal seeks a report from the Company on its Equal Employment policies and
practices. The Company asserts it is in full compliance with all legal requirements.
This report would be a good way for it to check on that. A vote is cast in favor.
05 For Against SHAREHOLDER PROPOSAL REGARDING CHAIRMAN AND CEO.
Policies
06 For Against SHAREHOLDER PROPOSAL REGARDING METHOD OF VOTING FOR
DIRECTORS.
Policies
07 For Against SHAREHOLDER PROPOSAL REGARDING RETIREMENT BENEFITS.
Policies
Policies
09 For Against SHAREHOLDER PROPOSAL REGARDING GOVERNING DOCUMENTS.
Comments
This proposal seeks to amend the Company's bylaws to require disclosure of the estimated
money value of benefits to executive officers under any pension, retirement or deferred
compensation plan, including any supplemental executive retirement plan. This would
improve the comprehensiveness and transparency of the Company's compensation disclosures.
10 For Against SHAREHOLDER PROPOSAL REGARDING POLITICAL NONPARTISANSHIP.
Comments
This proposal asks the Company to reaffirm its political non-partisanship. That
is the Company's policy. A vote is cast in favor.

Ark Asset 102 1,300 1,300 04/14/2006 05/17/2006 05/18/2006
THE KROGER CO. Ticker: KR Annual Meeting Date: 06/22/2006

SEDOL:

Proposal Vote
Policies
02 For For ANNUAL ELECTION OF ALL DIRECTORS. (REQUIRES THE ADOPTION
OF PROPOSAL 3).
Policies
03 Against For ELIMINATION OF CUMULATIVE VOTING FOR DIRECTORS.
Policies
This proposal eliminates cumulative voting, where each shareholder has votes equal
to the number of shares multiplied by number of board nominees. A shareholder can
lump all votes for one nominee--an effective way to elect someone. A no vote is
cast.
Comments
The Company has made passage of proposal 2 to declassify its Board of Directors,
contingent upon the passage of this proposal to eliminate cumulative voting for
the election of directors. Cumulative voting allows shareholders to lump all of
their votes for certain candidates and is a very effective way to elect a limited
number of directors that represent their views. This proposal poses a Hobson's
choice for many shareholders who have policies supporting both declassification
and cumulative voting. Contingency arrangements like this are not in the best interests
of shareholders to begin with, but this situation is particularly disturbing because
the declassification proposal has a supermajority vote requirement while this proposal
to eliminate cumulative voting requires only a simple majority. Therefore it is
very possible that shareholders who normally support cumulative voting will vote
to eliminate it in order to achieve a declassified board, but the end result will
be the elimination of cumulative voting but not the declassification of the board.
The Company should have made passage of each proposal contingent on the other passing.
As structured by the Company, this situation now looks like an attempt to trick
shareholders into eliminating cumulative voting while retaining a classified board.
04 For For ELIMINATION OF SUPERMAJORITY REQUIREMENT FOR SOME TRANSACTIONS.
Comments
This proposal eliminates requirements for a supermajority vote on a variety of issues
(mergers, consolidations, dispositions of assets, issuance of securities, adoptions
of plans of liquidation or dissolution, reclassification of securities). A simple
majority vote requirement is in the best interests of shareholders. A vote is cast
in favor.
05 For For OPT OUT OF THE OHIO CONTROL SHARE ACQUISITION STATUTE.
Comments
This management proposal seeks shareholder approval of opting out of the Ohio Control
Share Acquisition Statute. The statute requires anyone seeking to acquire more
than 20% of the voting power of the Company to deliver a notice to the Company and
for the Company to call a special meeting of shareholders to vote on the proposed
acquisition. The Statute is designed to discourage hostile takeovers. That is
not in the best interests of shareholders because such takeovers can be beneficial
to them. Therefore, a vote is cast in favor of the proposal.
06 Against For RULES OF CONDUCT FOR SHAREHOLDER MEETINGS; MEETINGS
OUTSIDE OF CINCINNATI.
Comments
This management proposal seeks approval of rules for the conduct of shareholder
meetings. The proposal would require that shareholders give the Company notice
of any matters they wish to bring before the meeting not less than 120 calendar
days prior to the date on which the Companys proxy statement for the prior year's
annual meeting was mailed to shareholders. Such advance notice requirements are
not uncommon, although many are only for 90 calendar days. This proposal also authorizes
the Company to prepare rules of conduct governing the meeting. The actual rules
are not specified in the proposal, however. In fact, the Company does not have
to disclose them until the commencement of the meeting. It is not in the best interests
of shareholders to let the Company wait until the very last minute to disclose the
rules for a meeting. Therefore, a vote is cast against this proposal.
07 For For APPROVAL OF PRICEWATERHOUSECOOPERS LLP, AS AUDITORS.
Policies
08 For Against APPROVE SHAREHOLDER PROPOSAL, IF PROPERLY PRESENTED,
TO RECOMMEND PROGRESS REPORTS ON SUPPLIERS CONTROLLED-ATMOS
KILLING OF CHICKENS.
Comments
This shareholder proposal requests that the board issue periodic reports to shareholders
during 2006 on its progress towards using controlled-atmosphere killing (CAK) in
its poultry slaughterhouses. CAK is a new slaughter technology in which chickens
are placed into a controlled environment where the oxygen they are breathing is
replaced with an inert gas, such as argon or nitrogen, putting the birds to sleep.
CAK is a USDA-approved method of slaughtering chickens and has been described by
animal welfare experts as "the most stress-free, humane method of killing poultry
ever developed." The company states that certain of its suppliers are evaluating
CAK, in consideration of animal welfare, food safety and product quality, among
other factors. The Company currently believes that further research should be conducted
to evaluate CAK and its effects on food safety and product quality issues. The company's
response reveals that it is committed to evaluating this technique and to being
an advocate of good animal handling practices. The report would shed light on the
company's efforts and would provide shareholders with useful information on CAK
and the company's evaluations. A vote is cast in favor.
09 For Against APPROVE SHAREHOLDER PROPOSAL, IF PROPERLY PRESENTED,
TO RECOMMEND THE PREPARATION OF SUSTAINABILITY REPORT.
Comments
cast in favor.

Ark Asset 101 600 600 05/12/2006 06/09/2006 06/10/2006
THE MCGRAW-HILL COMPANIES, INC. Ticker: MHP Annual Meeting Date: 04/26/2006
SEDOL:

Proposal Vote
Policies
02 Against For RATIFICATION OF THE APPOINTMENT OF INDEPENDENT REGISTERED
Policies
03 For Against SHAREHOLDER PROPOSAL REQUESTING ANNUAL ELECTION OF
EACH DIRECTOR. THE BOARD RECOMMENDS YOU VOTE AGAINST
PROPOSAL 3
Policies

Ark Asset 109 400 400 03/21/2006 04/19/2006 04/20/2006
THE PNC FINANCIAL SERVICES GROUP, IN Ticker: PNC Annual Meeting Date: 04/25/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For APPROVAL OF THE PNC FINANCIAL SERVICES GROUP, INC.
2006 INCENTIVE AWARD PLAN.
Policies
03 For For RATIFICATION OF THE AUDIT COMMITTEE S SELECTION OF
DELOITTE & TOUCHE LLP AS INDEPENDENT AUDITORS FOR 2006.
Policies

Ark Asset 105 200 200 03/25/2006 04/03/2006 04/03/2006
THE PROGRESSIVE CORPORATION Ticker: PGR Annual Meeting Date: 04/21/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld STEPHEN R. HARDIS

For PHILIP A. LASKAWY
For NORMAN S. MATTHEWS
For BRADLEY T. SHEARES, PHD
Policies
02 Against For PROPOSAL TO APPROVE AN AMENDMENT TO THE COMPANY S
AMENDED ARTICLES OF INCORPORATION TO INCREASE THE
NUMBER OF AUTHORIZED COMMON SHARES FROM 600,000,000
TO 900,000,000.
Policies
Policies

Ark Asset 103 200 200 03/10/2006 03/31/2006 04/01/2006
THE RYLAND GROUP, INC. Ticker: RYL Annual Meeting Date: 04/26/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For APPROVAL OF THE RYLAND GROUP, INC. 2006 NON-EMPLOYEE
DIRECTOR STOCK PLAN.
Policies
03 For Against CONSIDERATION OF A PROPOSAL FROM THE INTERNATIONAL
BROTHERHOOD OF ELECTRICAL WORKERS PENSION BENEFIT
FUND (A STOCKHOLDER) REQUESTING STOCKHOLDER APPROVAL
OF FUTURE SEVERANCE AGREEMENTS FOR SENIOR EXECUTIVES
THAT PROVIDE BENEFITS EXCEEDING 2.99 TIMES THE SUM
OF THE EXECUTIVES BASE SALARY PLUS BONUS.
Policies
is cast.
04 For Against CONSIDERATION OF A PROPOSAL FROM THE INDIANA STATE
DISTRICT COUNCIL OF LABORERS AND HOD CARRIERS PENSION
FUND (A STOCKHOLDER) REQUESTING STOCKHOLDER APPROVAL
OF ANY FUTURE EXTRAORDINARY RETIREMENT BENEFITS FOR
SENIOR EXECUTIVES.
Comments
This proposal seeks to require the Company to seek shareholder approval before granting
any extraordinary pension benefits for senior executives under the Company's supplemental
in favor.
AS RYLAND S INDEPENDENT AUDITORS FOR THE FISCAL YEAR
Policies

Ark Asset 103 200 200 03/17/2006 04/17/2006 04/17/2006
THE SOUTHERN COMPANY Ticker: SO Annual Meeting Date: 05/24/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For J.P. BARANCO

For D.J. BERN
Withheld F.S. BLAKE
For T.F. CHAPMAN
Withheld D.M. JAMES
For Z.T. PATE
For J.N. PURCELL
For D.M. RATCLIFFE
For W.G. SMITH, JR.
For G.J. ST. PE
Policies
all other nominees.
ACCOUNTING FIRM FOR 2006
Policies
03 Against For APPROVAL OF THE SOUTHERN COMPANY OMNIBUS INCENTIVE
COMPENSATION PLAN
Policies

Ark Asset 107 500 500 04/14/2006 05/12/2006 05/13/2006
THE ST. PAUL TRAVELERS COMPANIES, IN Ticker: STA Annual Meeting Date: 05/03/2006
SEDOL:

Proposal Vote
Policies
This company has significantly underperformed its peer group for the past four
years. Given that performance, a vote is cast to withhold authority for all nominees
to the board.
02 For For PROPOSAL TO RATIFY THE SELECTION OF KPMG LLP AS ST.
PAUL TRAVELERS INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM FOR 2006.
Policies
03 For Against SHAREHOLDER PROPOSAL RELATING TO THE VOTE REQUIRED
TO ELECT DIRECTORS.
Comments
04 For Against SHAREHOLDER PROPOSAL RELATING TO POLITICAL CONTRIBUTIONS.
Comments

Ark Asset 108 445 445 03/23/2006 04/25/2006 04/25/2006
THE STANLEY WORKS Ticker: SWK Annual Meeting Date: 04/26/2006

SEDOL:

Proposal Vote
Policies
02 Against For TO APPROVE ERNST & YOUNG LLP AS INDEPENDENT AUDITORS
FOR THE YEAR 2006.
Policies
03 Against For TO APPROVE THE STANLEY WORKS 2006 MANAGEMENT INCENTIVE
COMPENSATION PLAN.
Comments
04 Against For TO APPROVE AMENDMENTS TO THE STANLEY WORKS 2001 LONG-TERM
INCENTIVE PLAN AND THE STANLEY WORKS 1997 LONG-TERM
INCENTIVE PLAN.
Comments
This proposal seeks approval to amend two stock compensation plans to allow for
performance-based awards. This would be a good amendment if the plan had specific
performance standards. However, this amendment would add a long list of possible
performance criteria to the plan, without setting any specific performance standards.
The amendment would give substantial discretion to the compensation committee in
granting awards. That is not in the best interest of shareholders. A vote is cast
against.
05 For Against TO VOTE ON A SHAREHOLDER PROPOSAL URGING THE BOARD
OF DIRECTORS TO TAKE THE NECESSARY STEPS TO REQUIRE
THAT ALL MEMBERS OF THE BOARD OF DIRECTORS BE ELECTED
ANNUALLY.
Policies

Ark Asset 109 200 200 04/04/2006 04/12/2006 04/13/2006
THE TJX COMPANIES, INC. Ticker: TJX Annual Meeting Date: 06/06/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For RATIFICATION OF APPOINTMENT OF PRICEWATERHOUSECOOPERS
LLP.
Policies
03 For Against SHAREHOLDER PROPOSAL REGARDING ELECTION OF DIRECTORS
BY MAJORITY VOTE.
Policies

Ark Asset 109 300 300 04/29/2006 05/22/2006 05/23/2006
THE WALT DISNEY COMPANY Ticker: DIS Annual Meeting Date: 03/10/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld JOHN E. BRYSON

For JOHN S. CHEN
For JUDITH L. ESTRIN
Withheld ROBERT A. IGER
For FRED H. LANGHAMMER
For AYLWIN B. LEWIS
For MONICA C. LOZANO
For ROBERT W. MATSCHULLAT
Withheld GEORGE J. MITCHELL
For LEO J. O'DONOVAN, S.J.
For JOHN E. PEPPER, JR.
Withheld ORIN C. SMITH
Withheld GARY L. WILSON
Policies
LLP AS THE COMPANY S REGISTERED PUBLIC ACCOUNTANTS
FOR 2006.
Policies
03 For Against TO APPROVE THE SHAREHOLDER PROPOSAL RELATING TO GREENMAIL.
Comments
This shareholder proposal requests the board to prohibit the company from paying
greenmail. (Share repurchases from shareholders owning fewer than 10,000 shares
would not be subject to this antigreenmail provision.) Antigreenmail provisions
protect shareholders from a variety of potentially harmful effects. The above-market
premiums are drawn from funds that could be reinvested in the company, and greenmail
discriminates against shareholders who are not given the greenmailer's price. The
company argues that this proposed provision is unnecessary since Disney has amended
its bylaws to include antigreenmail measures. The company's policy provides it
may not buy shares at a premium from an owner of over 2% of the outstanding shares
unless (1) all shareholders are eligible to sell back their shares at the premium
price, or (2) shareholders approve the transaction. However, the company's policy
still provides a significant amount of leeway for greenmail payments. Disney currently
has approximately 1.9 billion shares outstanding. That means that the company's
policy would require ownership of around 38 million shares to trigger the antigreenmail
provision. Considering the number of shares outstanding, it is in the best interest
of shareholders that the antigreenmail trigger be far lower than the company's 2
percent mark. A vote is therefore cast in favor.
04 For Against TO APPROVE THE SHAREHOLDER PROPOSAL RELATING TO CHINA
LABOR STANDARDS.
Comments
This shareholder proposal requests the Company to prepare a report on the adherence
of Disneys suppliers in China to Disneys corporate code of conduct, to the provisions
of the Chinese governments Labor Law, and to the core conventions of the International
Labor Organization (ILO). The Company replies that it has adopted a multi-step
approach for ensuring that its vendors and subcontractors adhere to ethical labor
standards, provide safe working conditions and do not violate human rights in the
workplace. Its guidelines, the Company says are derived from ILO standards which
is commendable. Given all that the Company has done in this regard, preparing
a report outlining such efforts would be a good way to communicate this to the shareholders.

Ark Asset 106 1,200 1,200 01/26/2006 02/24/2006 02/24/2006
THE WILLIAMS COMPANIES, INC. Ticker: WMB Annual Meeting Date: 05/18/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For RATIFICATION OF ERNST & YOUNG LLP AS AUDITORS FOR
2006.
Policies
03 For Against STOCKHOLDER PROPOSAL ON MAJORITY VOTING ON DIRECTOR
NOMINEES.
Comments

Ark Asset 100 400 400 04/13/2006 05/08/2006 05/09/2006
TIDEWATER INC. Ticker: TDW Annual Meeting Date: 07/20/2006

SEDOL:

Proposal Vote
Policies
02 For For RATIFICATION OF THE SELECTION OF DELOITTE & TOUCHE
LLP AS INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.
Policies
03 For For PROPOSAL TO DECLASSIFY THE BOARD OF DIRECTORS.
Policies
04 For For PROPOSAL TO APPROVE THE 2006 STOCK INCENTIVE PLAN.
Comments
This proposal seeks approval to adopt a stock incentive plan for employees and directors.
The dilution represented by the new plan shares is less than 5% of the companys
outstanding common stock, and the companys overall dilution is less than the peer
group median dilution. The plan prohibits option repricing and discount options
and does not include a change-in-control trigger for accelerating option vesting.
Given these factors, a vote is cast in favor of the proposal.

Ark Asset 102 100 100 06/17/2006 07/05/2006 07/06/2006
TIME WARNER INC. Ticker: TWX Annual Meeting Date: 05/19/2006

SEDOL:

Proposal Vote
Policies
02 For For RATIFICATION OF AUDITORS.
Policies
03 Against For APPROVAL OF TIME WARNER INC. 2006 STOCK INCENTIVE
PLAN.
Policies
04 For Against STOCKHOLDER PROPOSAL REGARDING SIMPLE MAJORITY VOTE.
Comments
This shareholder proposal requests that the board of directors take each step necessary
for a simple majority vote to apply on each issue that can be subject to shareholder
vote to the greatest extent possible. This proposal is focused on precluding voting
requirements higher than approximately 51% wherever practicable. Supermajority requirements
detract from a simple majority's power to enforce its will. If a majority of shares
vote in favor of a proposal, the proposal should pass. A vote is cast in favor.
05 For Against STOCKHOLDER PROPOSAL REGARDING SEPARATION OF ROLES
Comments
06 For Against STOCKHOLDER PROPOSAL REGARDING CODE OF VENDOR CONDUCT.
Comments
This proposal requests that the Company: develop a code vendor of conduct , establish
a code implementation plan for auditing supply chain facilities; and release periodic
reports on adherence to the code. Reports of human rights abuses in the overseas
subsidiaries and suppliers of some U.S. based companies has led to an increased
of this proposal.
04 For Against STOCKHOLDER PROPOSAL REGARDING SEPARATION OF ROLES
Comments

Ark Asset 105 2,800 2,800 04/11/2006 05/09/2006 05/10/2006
TOYOTA MOTOR CORPORATION Ticker: TM Annual Meeting Date: 06/23/2006

SEDOL:

Proposal Vote
01 For None APPROVAL OF PROPOSED APPROPRIATION OF RETAINED EARNINGS
FOR THE FY2006 TERM
Comments
02 For None PARTIAL AMENDMENT OF THE ARTICLES OF INCORPORATION
Comments
This proposal seeks shareholder approval of various amendments to the Company's
articles of association. The amendments are essentially housekeeping in nature
and not against the best interest of shareholders. A vote is cast in favor of the
proposal.
03 Against None ELECTION OF 26 DIRECTORS
Comments
of independents on the board to supervise management. Here all board members are
insiders. A vote is cast against all nominees.
04 Against None ELECTION OF 3 CORPORATE AUDITORS
Comments
applies to statutory auditors. Here, there is not a two-thirds majority of independent
outsiders and the ballot requires a vote for or against all nominees. A vote is
cast against.
05 Against None ISSUE OF STOCK ACQUISITION RIGHTS WITHOUT CONSIDERATION
TO DIRECTORS, MANAGING OFFICERS AND EMPLOYEES, ETC.,
OF TOYOTA MOTOR CORPORATION AND ITS AFFILIATES
Policies
A stock option plan is established by this proposal. In order to reward past superior
performance and to encourage that performance in the future, such plans must specify
performance standards for the granting of options.
06 For None ACQUISITION OF OWN SHARES
Comments
favor.
07 Against None AWARD OF BONUS PAYMENTS TO RETIRING CORPORATE AUDITORS,
AND PAYMENT OF THE FINAL RETIREMENT BONUS TO DIRECTORS
DUE TO THE ABOLISHMENT OF THE RETIREMENT BONUS SYSTEM

FOR DIRECTORS
Comments
08 Against None REVISION OF THE AMOUNT OF REMUNERATION FOR DIRECTORS
Comments
This proposal seeks to increase the directors' fees but fails to provide any specific
reasons that justify the need for the increase. Therefore, a vote is cast against
the proposal.

Ark Asset 307 100 100 06/08/2006 06/13/2006 06/13/2006
TRANSOCEAN INC. Ticker: RIG Annual Meeting Date: 05/11/2006

Issuer: G90078 City: Holdings Reconciliation Date: 03/20/2006
SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For APPROVAL OF THE APPOINTMENT OF ERNST & YOUNG LLP TO
SERVE AS OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING
FIRM FOR 2006.
Policies

Ark Asset 109 200 200 04/11/2006 05/04/2006 05/05/2006
TRIBUNE COMPANY Ticker: TRB Annual Meeting Date: 05/02/2006

SEDOL:

Proposal Vote
Policies
02 For For RATIFICATION OF INDEPENDENT ACCOUNTANTS.
Policies
03 For Against SHAREHOLDER PROPOSAL CONCERNING TRIBUNE S CLASSIFIED
BOARD OF DIRECTORS.
Policies

Ark Asset 107 200 200 03/28/2006 04/25/2006 04/25/2006
TXU CORP. Ticker: TXU Annual Meeting Date: 05/19/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For APPROVAL OF AUDITOR - DELOITTE & TOUCHE LLP.
Policies
03 For For APPROVAL OF AMENDMENT TO THE COMPANY S RESTATED BYLAWS.
Comments
This proposl seeks to amend the company's by-laws to set board size limits at a
minimum of eight seats and a maximum of twelve seats. The board is currently composed
of ten directors. This proposal would not affect the board's independence level,
and the suggested board size range is appropriate for the company. A vote is cast
in favor.
04 Against For APPROVAL OF THE COMPANY S RESTATED CERTIFICATE OF
FORMATION.
Policies
This proposal would enable the Board to appoint additional directors without shareholder
approval. This is not in the best interests of shareholders. A vote is cast against
this proposal.
This proposal would require a shareholder vote that is greater than a simple majority
for the passage of certain issues. If a majority of shareholders are in agreement,
that should suffice. A vote is cast against the proposal
Comments
This proposal also seeks to increase the indemnification protection for employees.
This would normally be supported. However, the company has paired this issue with
requests to add a supermajority voting requirement and to give the board authority
to appoint directors without shareholder approval. A vote is therefore cast against.
05 For Against SHAREHOLDER PROPOSAL TO ELECT DIRECTORS BY MAJORITY

VOTE.
Policies

Ark Asset 108 400 400 04/08/2006 05/09/2006 05/10/2006
TYCO INTERNATIONAL LTD. Ticker: TYC Annual Meeting Date: 03/09/2006

SEDOL:

Proposal Vote
1A For For SET THE MAXIMUM NUMBER OF DIRECTORS AT 12
Comments
This sets the size of the board of directors at 12. The board does have a two-thirds
majority of independent outsiders on it and this size does not affect that majority
and is appropriate for a company of this scope. A vote is cast in favor.
1B Withheld For DIRECTOR
Policies
1C For For AUTHORIZATION FOR THE BOARD OF DIRECTORS TO APPOINT
AN ADDITIONAL DIRECTOR TO FILL THE VACANCY PROPOSED
TO BE CREATED ON THE BOARD
Comments
This proposal seeks shareholder approval for the authority to appoint a director
to fill the vacancy of the Board. The Company states that it is not ready, at the
time of the meeting, to nominate a new member for election. The nominating and
governance committee is seeking an appropriate candidate, and thus the Company is
seeking shareholder approval for the authority to appoint a director once one has
been selected. The Board does have a two-thirds majority of independent outsiders
on it and the new director will not affect that majority. A vote is cast in favor.
02 For For RE-APPOINTMENT OF DELOITTE & TOUCHE LLP AS TYCO S
INDEPENDENT AUDITORS AND AUTHORIZATION FOR THE AUDIT
COMMITTEE OF THE BOARD OF DIRECTORS TO SET THE AUDITORS
REMUNERATION
Policies

Ark Asset 106 1,200 1,200 01/27/2006 03/03/2006 03/04/2006
U.S. BANCORP Ticker: USB Annual Meeting Date: 04/18/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
insiders serve on some of those committees, but they are not nominees this year
due to the Company's classified board structure. Since there is a two-thirds majority
of independent outsiders on the entire board, a vote is cast in favor of all the
nominees.
02 Against For RATIFY SELECTION OF ERNST & YOUNG LLP AS INDEPENDENT
AUDITOR FOR THE 2006 FISCAL YEAR.
Policies
03 Against For APPROVAL OF THE U.S. BANCORP 2006 EXECUTIVE INCENTIVE
PLAN.
Comments
04 For Against SHAREHOLDER PROPOSAL: DECLASSIFICATION OF THE BOARD
OF DIRECTORS.
Policies
05 For Against SHAREHOLDER PROPOSAL: ANNUAL APPROVAL OF THE COMPENSATION
COMMITTEE REPORT.
Comments


Ark Asset 304 1,100 1,100 03/14/2006 03/31/2006 04/01/2006
UNIFIRST CORPORATION Ticker: UNF Annual Meeting Date: 01/10/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
For ALBERT COHEN

Withheld ANTHONY F. DIFILLIPPO
For ROBERT F. COLLINGS
Policies

Ark Asset 104 200 200 12/08/2005 12/13/2005 12/13/2005
UNION PACIFIC CORPORATION Ticker: UNP Annual Meeting Date: 05/04/2006

SEDOL:

Proposal Vote
Policies
This company has significantly underperformed its peer group for the past four
years. Given that performance, a vote is cast to withhold authority for all nominees
to the board.
02 For For APPOINTMENT OF DELOITTE & TOUCHE AS THE INDEPENDENT
Policies
Comments
Comments
05 For Against SHAREHOLDER PROPOSAL REGARDING AN INDEPENDENT CHAIRMAN.
Comments

Ark Asset 108 300 300 03/31/2006 04/26/2006 04/26/2006
UNITED PARCEL SERVICE, INC. Ticker: UPS Annual Meeting Date: 05/04/2006
SEDOL:

Proposal Vote
01 For DIRECTOR
For JOHN J. BEYSTEHNER

For MICHAEL J. BURNS
For D. SCOTT DAVIS
For STUART E. EIZENSTAT
For MICHAEL L. ESKEW
Withheld JAMES P. KELLY
For ANN M. LIVERMORE
For GARY E. MACDOUGAL
For VICTOR A. PELSON
For JOHN W. THOMPSON
For CAROL B. TOME
For BEN VERWAAYEN
Policies
all other nominees.
LLP AS UPS S INDEPENDENT REGISTERED PUBLIC ACCOUNTANTS
FOR THE YEAR ENDING DECEMBER 31, 2006.
Policies

Ark Asset 106 700 700 03/24/2006 04/26/2006 04/27/2006
UNITED TECHNOLOGIES CORPORATION Ticker: UTX Annual Meeting Date: 04/12/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For APPOINTMENT OF INDEPENDENT AUDITORS
Policies
03 Against For APPROVAL OF AMENDMENT TO UTC S RESTATED CERTIFICATE
OF INCORPORATION
Policies
04 Against Against SHAREOWNER PROPOSAL: DIRECTOR TERM LIMITS
Policies
05 For Against SHAREOWNER PROPOSAL: FOREIGN MILITARY SALES
Comments
This shareholder proposal requests that the Board of Directors provide a comprehensive
report to shareholders on the Company's foreign sales of weapons-related products
and services. The proponent specifically requests that the report include certain
information such as: the criteria used to determine and promote foreign sales;
the criteria for choosing countries with which to do business; and the procedures
used to negotiate foreign arms sales. The requested report would provide shareholders
with useful information on an important topic. A vote is cast in favor.

Ark Asset 109 600 600 03/16/2006 03/28/2006 03/28/2006
UNITEDHEALTH GROUP INCORPORATED Ticker: UNH Annual Meeting Date: 05/02/2006

SEDOL:

Proposal Vote
Comments
Votes are withheld from the director nominees in protest of the Company's exorbitant
pay practices. The Company has granted its five named executives around $2.38 billion
in stock options, with CEO McGuire receiving over $1.6 billion in options. The Company's
outside directors have also received $159.2 million in stock options. These option
grants raise serious questions as to whether the board has provided proper oversight.
Questions have also been raised as to whether the company permitted option prices
to be backdated so that the price was set when the Company's stock was in a dip.
The Wall Street Journal reports on April 18, 2006 that the probability of the options
being pre-set at the lowest price was approx. 200 million to one. A shareholders
lawsuit has been brought against the Company alleging that option prices were established
in violation of company policy. The Attorney General of Minnesota states that "the
size of the past option grants indicates a culture of complacency and a lack of
sense of proportionality regarding executive earnings by the board." A large amount
of negative press has been generated over the excessive pay. The Journal reports
that "[CEO] McGuire's story shows how an elite group of companies is getting-rich
from the nation's fraying health-care system." The Company's pay practices are under
SEC examination. Directors must be held responsible for these pay practices, which
have damaged the company's reputation and threaten shareholder value.
02 For For RATIFICATION OF DELOITTE & TOUCHE LLP AS INDEPENDENT
Policies
03 For Against SHAREHOLDER PROPOSAL CONCERNING DIRECTOR ELECTION
MAJORITY VOTE STANDARD.
Comments

Ark Asset 102 800 800 04/08/2006 04/27/2006 04/28/2006
UNIVISION COMMUNICATIONS INC. Ticker: UVN Annual Meeting Date: 05/10/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld A. JERROLD PERENCHIO

Withheld ANTHONY CASSARA
For HAROLD GABA
For ALAN F. HORN
For MICHAEL O. JOHNSON
Withheld JOHN G. PERENCHIO
Withheld RAY RODRIGUEZ
Withheld MCHENRY T. TICHENOR JR.
Policies
02 For For PROPOSAL TO RATIFY THE APPOINTMENT OF ERNST & YOUNG
LLP AS INDEPENDENT AUDITORS FOR FISCAL 2006.
Policies

Ark Asset 102 200 200 03/25/2006 05/01/2006 05/02/2006
VALERO ENERGY CORPORATION Ticker: VLO Annual Meeting Date: 04/27/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For RATIFICATION OF KPMG LLP AS AUDITORS FOR 2006.
Policies

Ark Asset 100 400 400 03/28/2006 04/17/2006 04/18/2006
VERIZON COMMUNICATIONS INC. Ticker: VZ Annual Meeting Date: 05/04/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
ACCOUNTING FIRM
Policies
Policies
04 For Against MAJORITY VOTE REQUIRED FOR ELECTION OF DIRECTORS
Comments
05 For Against COMPOSITION OF BOARD OF DIRECTORS
Comments
This shareholder proposal asks the Board to adopt a policy of nominating independent
directors who, if elected, would constitute two-thirds of the Board. The proponent
is asking that the definition of "independent" be no less strict than the one adopted
by the Council of Institutional Investors (CII). The recent wave of corporate scandals
at companies like Enron, WorldCom and Tyco has led to intensified scrutiny of boards
and both the New York Stock Exchange and NASDAQ have adopted new listing requirements
that require boards to have a majority of independent directors. However, that
minimum requirement is not sufficient to protect shareholder interests since Enron,
WorldCom and Tyco all had boards with a majority of independent directors on them.
Therefore, corporate governance reformers are now urging companies to voluntarily
increase the independence of their boards to the two-thirds level, and adopt stricter
definitions of independence. That would be in the best interests of shareholders.

06 For Against DIRECTORS ON COMMON BOARDS
Comments
This shareholder proposal requests that the board adopt a policy that it will not
nominate two or more persons for election to the board who sit together as members
of the board of another public company. The proponent says that Verizon has long
had interlocking directorships, and argues that these relationships have compromised
the company's integrity and board independence. Verizon has been criticized in the
press regarding its interlocking directorships with Wyeth. An article in USA Today
cites Verizon's 2002 departure from Business for Affordable Medicine (BAM) as an
example of the potential for conflicts when interlocking directors serve on the
board. The article states that Wyeth sent "several letters to Verizon expressing
its disagreement with BAM." The author viewed Verizons departure from BAM as "surprising,"
because Verizon had "co-founded the group and helped to recruit its corporate members."
Interlocking directorships and mutual board service can create conflicts of interest.
Given several news articles cited by the proponent, Verizon is known for having
interlocking directors on board, and that situation is creating threats to the Company's
integrity and reputation. Verizon argues that this proposal would arbitrarily restrict
the board. However, given the negative press cited by the proponent and the potential
conflicts of interest, the proposal is a safeguard to ensure board independence,
which is in best the interest of shareholders. A yes vote is cast.
07 For Against SEPARATE CHAIRMAN AND CEO
Comments
08 For Against PERFORMANCE-BASED EQUITY COMPENSATION
Comments
This proposal requests that 75% of future long-term incentive compensation to senior
executives shall be performance-based. Performance based is defined as indexed
options, premium-priced options or performance vesting options or restricted shares.
This would be a good way to better align the interests of shareholders and senior
executives. A vote is cast in favor.
09 For Against DISCLOSURE OF POLITICAL CONTRIBUTIONS
Comments

Ark Asset 104 1,700 1,700 03/22/2006 04/27/2006 04/28/2006
WACHOVIA CORPORATION Ticker: WB Annual Meeting Date: 04/18/2006

SEDOL:

Proposal Vote
01 For DIRECTOR
Withheld WILLIAM H. GOODWIN, JR*

Withheld ROBERT A. INGRAM*
For MACKEY J. MCDONALD*
For LANTY L. SMITH*
For RUTH G. SHAW*
Withheld ERNEST S. RADY**
Policies
02 For For A WACHOVIA PROPOSAL TO RATIFY THE APPOINTMENT OF KPMG
LLP AS AUDITORS FOR THE YEAR 2006.
Policies
03 For Against A STOCKHOLDER PROPOSAL REGARDING FUTURE SEVERANCE
ARRANGEMENTS.
Policies
is cast.
04 For Against A STOCKHOLDER PROPOSAL REGARDING REPORTING OF POLITICAL
CONTRIBUTIONS.
Comments
This shareholder proposal seeks a report from the Company disclosing its political
contributions and its policies for political contributions, which accounts for funds
donated and the business rationale for each contribution. The disclosure of policies
and business rationale are not items that are available in the various public records
the Company has to file. Also, though some information regarding political contributions
is available in various public records, this information is scattered throughout
different states, it is not readily and easily available in total to shareholders.
Therefore, the disclosure sought in this proposal would be in the best interests
of shareholders because it will provide useful information to shareholders regarding
the Company's political contributions. A vote is cast in favor.
05 For Against A STOCKHOLDER PROPOSAL REGARDING SEPARATING THE OFFICES
OF CHAIRMAN AND CHIEF EXECUTIVE OFFICER.
Comments
06 For Against A STOCKHOLDER PROPOSAL REGARDING MAJORITY VOTING IN
DIRECTOR ELECTIONS.
Comments

Ark Asset 102 1,067 1,067 03/16/2006 03/31/2006 04/01/2006
WAL-MART STORES, INC. Ticker: WMT Annual Meeting Date: 06/02/2006

SEDOL:

Proposal Vote
Policies
02 Against For RATIFICATION OF INDEPENDENT ACCOUNTANTS.
Policies
03 For Against A SHAREHOLDER PROPOSAL REGARDING HUMANE POULTRY SLAUGHTER
Comments
This shareholder proposal requests that the board report to shareholders detailing
the progress made toward accelerating the implementation of controlled-atmosphere
killing (CAK) for birds killed for its stores. CAK is a new slaughter technology
in which chickens are placed into a controlled environment where the oxygen they
are breathing is replaced with an inert gas, such as argon or nitrogen, putting
the birds to sleep. CAK is a USDA-approved method of slaughtering chickens and has
been described by animal welfare experts as "the most stress-free, humane method
of killing poultry ever developed." The company states that certain of its suppliers
are evaluating CAK, in consideration of animal welfare, food safety and product
quality, among other factors. The Company currently believes that further research
should be conducted to evaluate CAK and its effects on food safety and product quality
issues. The company's response reveals that it is committed to evaluating this technique
and to being an advocate of good animal handling practices. The report would shed
light on the company's efforts and would provide shareholders with useful information
on CAK and the company's evaluations. A vote is cast in favor.
04 For Against A SHAREHOLDER PROPOSAL REGARDING A POLITICAL CONTRIBUTIONS
REPORT
Comments
05 For Against A SHAREHOLDER PROPOSAL REGARDING A DIRECTOR ELECTION
MAJORITY VOTE STANDARD
Policies
06 For Against A SHAREHOLDER PROPOSAL REGARDING A SUSTAINABILITY

REPORT
Comments
cast in favor.
07 For Against A SHAREHOLDER PROPOSAL REGARDING COMPENSATION DISPARITY
Comments
This shareholder proposal requests that the compensation committee review Wal-Mart's
senior executive compensation policies and make a report of that review, including:
(1) A comparison of the salary, health and pension benefits, bonuses and profit
sharing, stock options and all other forms of compensation of top executives and
of the company's lowest paid workers in the US in July 1995 and July 2005; (2) An
analysis of any changes in the relative size of the gap between the two groups and
the rationale justifying this trend; and (3) An evaluation of whether the total
compensation packages of the company's top executives are "excessive" and whether
greater oversight is needed over the compensation packages. The proponent argues
that the yawning pay gap weakens the connection between corporate performance and
executive pay. The proponent further implies that negative shareholder returns for
Wal-Mart in recent years do not justify the CEO's compensation package, which is
relatively large and has increased over time. The company argues that it already
provides thorough disclosure of its pay practices. In such case, this proposal would
boost the company's disclosure efforts and the report would not be burdensome. The
requested report would provide shareholders with useful information. Given the continued
reputational problems facing Wal-Mart, it would be in the best interests of shareholders
and the company to have this increased disclosure and analysis. A vote is cast in
favor.
08 For Against A SHAREHOLDER PROPOSAL REGARDING AN EQUITY COMPENSATION
GLASS CEILING REPORT
Comments
This shareholder proposal requests that the company prepare and make available to
shareholders a report documenting the distribution of last year's stock options
and restricted stock awards by race and gender of the recipient. The report should
also discuss recent trends in equity compensation distribution to women and employees
of color. The requested report will provide important information that will allow
shareholders to evaluate whether there is an equity compensation "glass ceiling"
at Wal-Mart, which might lead to potential future liability. Wal-Mart has been subject
to several employee suits alleging race and gender discrimination in the workplace,
and such suits can be financially costly to companies and risk damage to their reputation.
Also, shareholders should be sure that all Wal-Mart's associates receive wealth-creating
opportunities that fairly reflect their role and contribution to the company. Since
Wal-Mart has made a public commitment to be a leader in corporate diversity initiatives,
disclosure of this additional information is consistent with the company's commitment.
A vote is therefore cast in favor.

Ark Asset 103 2,200 2,200 04/25/2006 05/22/2006 05/23/2006
WALGREEN CO. Ticker: WAG Annual Meeting Date: 01/11/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
LLP AS INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.
Policies
03 Against For APPROVAL OF THE AMENDED AND RESTATED WALGREEN CO.
EXECUTIVE STOCK OPTION PLAN.
Comments
This proposal seeks shareholder approval to extend the term of a stock option plan.
Extending the plan's terms would only make sense if the plan is a good one, and
this one is not. The plan does not contain any specific performance standards, and
the company's dilution is currently at 14%, which is high. A vote is therefore cast
against.

Ark Asset 109 600 600 11/23/2005 12/15/2005 12/15/2005
WASHINGTON MUTUAL, INC. Ticker: WM Annual Meeting Date: 04/18/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For COMPANY PROPOSAL TO RATIFY THE APPOINTMENT OF DELOITTE
& TOUCHE LLP AS THE COMPANY S INDEPENDENT AUDITORS
FOR 2006
Policies
03 Against For TO APPROVE THE WASHINGTON MUTUAL, INC. AMENDED AND
RESTATED 2003 EQUITY INCENTIVE PLAN, INCLUDING AN
INCREASE IN THE NUMBER OF SHARES THAT MAY BE SUBJECT
TO AWARDS MADE THEREUNDER
Policies
04 Against For TO APPROVE THE WASHINGTON MUTUAL, INC. EXECUTIVE INCENTIVE
COMPENSATION PLAN
Comments
05 For For TO APPROVE THE COMPANY PROPOSAL TO AMEND THE WASHINGTON
MUTUAL, INC. ARTICLES OF INCORPORATION (AS AMENDED)
TO DECLASSIFY THE BOARD OF DIRECTORS AND ESTABLISH
ANNUAL ELECTIONS FOR ALL COMPANY DIRECTORS COMMENCING
WITH THE 2007 ANNUAL MEETING, RATHER THAN THE CURRENT
STAGGERED THREE-YEAR TERMS
Policies
06 For Against SHAREHOLDER PROPOSAL RELATING TO DISCLOSURE OF THE
COMPANY S POLITICAL CONTRIBUTIONS
Comments
This shareholder proposal seeks a report from the Company disclosing its political
contributions and its policies for political contributions, which accounts for funds
donated and the business rationale for each contribution. The disclosure of policies
and business rationale are not items that are available in the various public records
the Company has to file. Also, though some information regarding the company's
political contributions is available in various public records, these records are
scattered throughout different states, and the information is not readily and easily
available in total to shareholders. Therefore, the disclosure sought in this proposal
would be in the best interests of shareholders because it will provide useful information
to shareholders regarding the Company's political contributions. A vote is cast
in favor.

Ark Asset 103 600 600 03/23/2006 03/31/2006 04/01/2006
WASTE MANAGEMENT, INC. Ticker: WMI Annual Meeting Date: 05/05/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 For For PROPOSAL TO RATIFY THE APPOINTMENT OF ERNST & YOUNG
FIRM FOR 2006.
Policies
03 For For PROPOSAL TO AMEND THE COMPANY S 1997 EMPLOYEE STOCK
PURCHASE PLAN TO INCREASE THE NUMBER OF SHARES AUTHORIZED
FOR ISSUANCE UNDER THE PLAN.
Policies
04 For Against PROPOSAL RELATING TO ELECTION OF DIRECTORS BY MAJORITY
VOTE, IF PROPERLY PRESENTED AT THE MEETING.
Comments

Ark Asset 109 400 400 03/31/2006 04/27/2006 04/27/2006
WELLPOINT, INC. Ticker: WLP Annual Meeting Date: 05/16/2006

SEDOL:

Proposal Vote
01 For For DIRECTOR
Policies
02 Against For TO APPROVE THE PROPOSED WELLPOINT 2006 INCENTIVE COMPENSATION
PLAN.
Policies
THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
FOR THE COMPANY FOR 2006.
Policies

Ark Asset 107 400 400 04/14/2006 05/03/2006 05/04/2006

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ProxyEdge - Vote Summary with Policy, Vote Comments, Ballot Detail, Ballot Comments

Meeting Date Range: 01/01/2006 to 07/31/2006 Report Date: 01/30/2007

3M COMPANY Ticker: MMM Annual Meeting Date: 05/09/2006

Vote Group: UNASSIGNED

Withheld LINDA G. ALVARADO

Custodian Internal Stock Voted Ballot Received Last Date

ABBOTT LABORATORIES Ticker: ABT Annual Meeting Date: 04/28/2006

Vote Group: UNASSIGNED

Custodian Internal Stock Voted Ballot Received Last Date

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Vote Group: UNASSIGNED

Custodian Internal Stock Voted Ballot Received Last Date

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Vote Group: UNASSIGNED

Custodian Internal Stock Voted Ballot Received Last Date

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Vote Group: UNASSIGNED

For EDWARD W. BARNHOLT

Custodian Internal Stock Voted Ballot Received Last Date

AFL-CIO Reserve Fund - 1000798.1 12909-0

AETNA INC. Ticker: AET Annual Meeting Date: 04/28/2006

Vote Group: UNASSIGNED

For BETSY Z. COHEN

Custodian Internal Stock Voted Ballot Received Last Date

AFLAC INCORPORATED Ticker: AFL Contested Annual Meeting Date: 05/01/2006

Vote Group: UNASSIGNED

Withheld DANIEL P. AMOS

Custodian Internal Stock Voted Ballot Received Last Date

AGILENT TECHNOLOGIES, INC. Ticker: A Annual Meeting Date: 03/01/2006

Vote Group: UNASSIGNED

For WILLIAM P. SULLIVAN

Custodian Internal Stock Voted Ballot Received Last Date

Vote Group: UNASSIGNED

Custodian Internal Stock Voted Ballot Received Last Date

ALBERTSON'S, INC. Ticker: ABS Special Meeting Date: 05/30/2006

Vote Group: UNASSIGNED

Custodian Internal Stock Voted Ballot Received Last Date

ALCOA INC. Ticker: AA Annual Meeting Date: 04/21/2006

Vote Group: UNASSIGNED

Custodian Internal Stock Voted Ballot Received Last Date

ALLTEL CORPORATION Ticker: AT Annual Meeting Date: 04/20/2006

Vote Group: UNASSIGNED

For WILLIAM H. CROWN

Custodian Internal Stock Voted Ballot Received Last Date

ALTERA CORPORATION Ticker: ALTR Annual Meeting Date: 05/09/2006

Vote Group: UNASSIGNED

Custodian Internal Stock Voted Ballot Received Last Date

ALTRIA GROUP, INC. Ticker: MO Annual Meeting Date: 04/27/2006

Vote Group: UNASSIGNED

Custodian Internal Stock Voted Ballot Received Last Date

Vote Group: UNASSIGNED

Custodian Internal Stock Voted Ballot Received Last Date

Vote Group: UNASSIGNED

Custodian Internal Stock Voted Ballot Received Last Date

AMERICAN EXPRESS COMPANY Ticker: AXP Annual Meeting Date: 04/24/2006

Vote Group: UNASSIGNED

For D.F. AKERSON

06 For Against A SHAREHOLDER PROPOSAL RELATING TO REIMBURSEMENT OF

Custodian Internal Stock Voted Ballot Received Last Date

Vote Group: UNASSIGNED

Custodian Internal Stock Voted Ballot Received Last Date

AMERIPRISE FINANCIAL, INC. Ticker: AMP Annual Meeting Date: 04/26/2006

Vote Group: UNASSIGNED