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It’s peak proxy season, the time of year when America’s publicly traded companies make a slew of disclosures related to their annual meetings. Which means it’s a great time to witness a phenomenon that would be heart-warming were it not happening at shareholders’ expense: the generosity that top executives and directors show toward their relatives.

Transactions with related parties, which include both relatives of and entities controlled by company insiders, have a long and checkered history.

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