The 70 city and state financial officials who gathered last week at the Bayview Plaza Holiday Inn in Santa Monica, Calif., hardly looked like subversives. Nonetheless one participant, New York City Comptroller Harrison Goldin, declared the group's purpose to be "revolutionary." By the end of their two-day conclave, the 31-member Council of Institutional Investors, a group of pension-fund managers who control assets of nearly $200 billion, had endorsed a ringing "Shareholders Bill of Rights," intended as a challenge to every major U.S. corporate boardroom. Among other things, the group of hitherto largely passive investors drawn chiefly from the public sector demanded...
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