Found via Naked Capitalism.
As your investment manager our goal is to own shares in outstanding public companies that boast both excellent long-term performance records and ethical corporate governance standards. In the normal course of business we shouldn’t need to vote against management’s recommendations on proxy issues, because we trust management to act in our best interest.
Unfortunately, this year we are voting against James A. Johnson as he stands for re-election to the board of directors of Goldman Sachs, which we own for Sequoia Fund and separately-managed accounts. Mr. Johnson also serves on the board of Target Corp., which we own, and which should issue its proxy soon. If Mr. Johnson stands for re-election at Target, we intend to vote against him. If you vote your own shares in accounts we manage for you, we recommend you vote against James Johnson.