Influential shareholder adviser ISS gave Morgan Stanley's John Mack a vote of confidence on Thursday when it recommended reelection of the bank chairman and the rest of his board at next month's annual meeting.
Several Morgan directors have been under fire in recent weeks from unions and other proxy advisers, who recommend shareholders withhold their votes to protest the bank's disappointing 2007 performance.
Mack, who is also CEO, was singled out by union group Change to Win, which argued he should be accountable for a lapse in risk management that led to $9.4 billion in fourth-quarter losses.
Institutional Shareholder Services also recommended that pensions and other big investors support a proposal to give shareholders an advisory vote on executive compensation.
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