Reader's Digest shareholder seeks bigger say

A minority shareholder of Reader’s Digest Association is seeking greater voting power in the company, saying it is unhappy with the way the business is being run, according to a regulatory filing.

Highfields Capital Management, an investment firm based in Boston, Massachusetts, wants to exchange its 9.6% stake in Reader’s Digest’s non-voting shares for an equivalent amount of voting shares held by the company’s largest shareholder, Wallace-Reader’s Digest Funds. Highfields also owns 3.5% of the company’s voting shares.