A shareholder advocate in word, but not in practice

Steven Davidoff Solomon writes for The New York Times, May 26, 2015

This would all be just another story of an entrenched chief executive who treats the company as his own playground were Gamco not an asset manager, which is a fiduciary to the ordinary people who give Gamco money to invest. Not only is it an asset manager, it is an active one, pressing companies to improve their corporate governance. In other words, Gamco appears to be a shareholder advocate for everyone but itself.