Caterpillar Faces Shareholder Call to Shake Up Audit Committee
CtW Investment Group is looking to shake up Caterpillar Inc.'s audit committee "amid mounting scrutiny of the machinery giant's offshore tax strategy," reports the Wall Street Journal (May 17, Tangel). On Wednesday, the investment group issued a public letter asking shareholders to vote against three Caterpillar board members that the group alleges kept an inadequate watch over the company's tax strategy and outside auditor PricewaterhouseCoopers LLP. Caterpillar has had to defend a strategy that shifted much of the profit from its lucrative replacement-parts business to a Swiss subsidiary. The strategy, which has lowered the company's U.S. tax bill, dates back to the late 1990s.
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