Morgan Stanley, 2005

In the fall of 2005, Miles Marsh, Morgan Stanley Lead Director, was looking at a series of requests from different groups of shareholders for proposals to be included in the agenda for the forthcoming Annual Shareholders meeting of Morgan Stanley. It had been a very eventful year at the company. During the spring of 2005, Zoe Cruz, a 24-year veteran of Morgan Stanley’s Institutional Securities Group and Stephen Crawford, the Firm's Chief Administrative and Risk Officer, and previous Morgan Stanley's Chief Financial Officer from 2001 to 2004, were named co-presidents and members of the board, replacing then President and member of the management committee Stephan Newhouse. At the time, Morgan Stanley´s Board of Directors had also approved important changes in the structure of the board and compensation agreements to some of its top executives.