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Shareholder Proposals Make Impact on CWA Employers
CWA continued its campaign for jobs and responsible governance this week, with rallies, speakers and resolutions at several employers' annual shareholder meetings.
In Richmond, Va., more than 300 CWAers from Districts 1, 2 and 13 and IBEW members turned out for a rally April 28 to safeguard good jobs and quality service, and to ask Verizon shareholders to support two key resolutions.
They garnered 37 percent of shares voted on a resolution to separate the jobs of CEO and chairman - both currently held by Ivan Seidenberg, who chaired the meeting - and 16 percent support on a resolution opposing stock options for Verizon executives in the event of asset spin-off.
"We feel the person running the company should be answerable to someone other than himself," said District 13 Vice President Vince Maisano, who addressed the related resolution. Myles Calvey, chair of IBEW's T-6 Council spoke on the other measure.
With Verizon proposing to sell 2.6 million phone lines in upstate New York, Maisano said, "we wanted to let them know that we are watching them. If they get away with it in New York, they will try to get away with it in other states, and the buyers won't be the telcos, they will be investors who won't maintain the networks."
District 2 Vice President Pete Catucci praised the work of Local 2201 and its president Roy Schumaker for organizing a strong turnout and supplying red T-shirts to all participants. Chris Shelton, assistant to District 1 Vice President Larry Mancino, also addressed the rally.
Pam Harrison, a Verizon retiree and chair of the CWA Local 1103 Retired Members' Council, reminded shareholders that some Verizon retirees have not received an increase in pension benefits for more than 11 years, although during that time, the cost of living has increased by 30 percent.
Nearly 100 union members and supporters turned out for a rally in Providence, R.I., April 27, organized by the Alliance@IBM/CWA Local 1701. About 35 of those got inside IBM's shareholder meeting to demonstrate their support for four resolutions proposed by the local or its allies. One demanded fair pensions and medical coverage for all employees; the other three challenged IBM's outsourcing and executive compensation policies.
"We got tremendous support from other unions in the Providence area and great media coverage," said Local 1701 President Linda Guyer. "I think the executives got our message, and it was important." Local 1701 members were joined at the shareholder meeting by members of the Programmers Guild, Jobs with Justice and other union supporters.
"IBM has admitted that thousands of jobs are being sent offshore to India, China, Brazil and other companies, with plans to increase this outsourcing," said Alliance National Coordinator Lee Conrad. "This raises serious concerns about the long term job prospects for workers in the United States, and also about the need to ensure that customers have the quality service they expect to receive from IBM."
Of the three resolutions on executive compensation, one attacking the company's use of pension plan income as a criteria for executive compensation, submitted by IBM retiree Don Parry, drew the largest favorable response, 37.5 percent of shares voted.
Another proposal by Janet Krueger, head of the IBM Employee Benefits Action Coalition, demanding full disclosure of executive compensation, got 15.7 percent of shares voted.
A proposal submitted by Local 1701 Secretary Jim Mangi, calling for a special review of IBM's executive compensation policies to determine whether they create an undue incentive to make short-sighted decisions - including an over-reliance on offshore employees - drew 11 percent of shares voted.
A resolution submitted by Jimmy Leas, a member of Local 1701's governing council, called upon the company to allow all employees to choose between a cash balance or a defined benefit pension plan and to choose retirement medical insurance offered by IBM prior to 1995. Cash balance plans, while good for some younger workers, pay lower benefits to older workers than they would receive under the defined benefit plans they were initially promised. The resolution also attacked the company for its failure to give retirees cost-of-living increases for many years though they have had to absorb health care premium increases of 67 percent in 2002 and 29 percent in 2003. Eleven percent of shares were voted in favor.
Also on April 27, IUE-CWA members and retirees rallied outside General Electric Co.'s shareholder meeting in Louisville, Ky. supporting a resolution submitted by the IUE-CWA Pension Fund that called for a study of the impact of the company's offshoring policies on the company's brand name in the United States. That proposal received 7.7 percent support.
All of the resolutions at the three companies received a sufficiently high threshold of support under Security and Exchange Commission rules to allow them to again be brought before the shareholders at next year's meetings.
In Richmond, Va., more than 300 CWAers from Districts 1, 2 and 13 and IBEW members turned out for a rally April 28 to safeguard good jobs and quality service, and to ask Verizon shareholders to support two key resolutions.
They garnered 37 percent of shares voted on a resolution to separate the jobs of CEO and chairman - both currently held by Ivan Seidenberg, who chaired the meeting - and 16 percent support on a resolution opposing stock options for Verizon executives in the event of asset spin-off.
"We feel the person running the company should be answerable to someone other than himself," said District 13 Vice President Vince Maisano, who addressed the related resolution. Myles Calvey, chair of IBEW's T-6 Council spoke on the other measure.
With Verizon proposing to sell 2.6 million phone lines in upstate New York, Maisano said, "we wanted to let them know that we are watching them. If they get away with it in New York, they will try to get away with it in other states, and the buyers won't be the telcos, they will be investors who won't maintain the networks."
District 2 Vice President Pete Catucci praised the work of Local 2201 and its president Roy Schumaker for organizing a strong turnout and supplying red T-shirts to all participants. Chris Shelton, assistant to District 1 Vice President Larry Mancino, also addressed the rally.
Pam Harrison, a Verizon retiree and chair of the CWA Local 1103 Retired Members' Council, reminded shareholders that some Verizon retirees have not received an increase in pension benefits for more than 11 years, although during that time, the cost of living has increased by 30 percent.
Nearly 100 union members and supporters turned out for a rally in Providence, R.I., April 27, organized by the Alliance@IBM/CWA Local 1701. About 35 of those got inside IBM's shareholder meeting to demonstrate their support for four resolutions proposed by the local or its allies. One demanded fair pensions and medical coverage for all employees; the other three challenged IBM's outsourcing and executive compensation policies.
"We got tremendous support from other unions in the Providence area and great media coverage," said Local 1701 President Linda Guyer. "I think the executives got our message, and it was important." Local 1701 members were joined at the shareholder meeting by members of the Programmers Guild, Jobs with Justice and other union supporters.
"IBM has admitted that thousands of jobs are being sent offshore to India, China, Brazil and other companies, with plans to increase this outsourcing," said Alliance National Coordinator Lee Conrad. "This raises serious concerns about the long term job prospects for workers in the United States, and also about the need to ensure that customers have the quality service they expect to receive from IBM."
Of the three resolutions on executive compensation, one attacking the company's use of pension plan income as a criteria for executive compensation, submitted by IBM retiree Don Parry, drew the largest favorable response, 37.5 percent of shares voted.
Another proposal by Janet Krueger, head of the IBM Employee Benefits Action Coalition, demanding full disclosure of executive compensation, got 15.7 percent of shares voted.
A proposal submitted by Local 1701 Secretary Jim Mangi, calling for a special review of IBM's executive compensation policies to determine whether they create an undue incentive to make short-sighted decisions - including an over-reliance on offshore employees - drew 11 percent of shares voted.
A resolution submitted by Jimmy Leas, a member of Local 1701's governing council, called upon the company to allow all employees to choose between a cash balance or a defined benefit pension plan and to choose retirement medical insurance offered by IBM prior to 1995. Cash balance plans, while good for some younger workers, pay lower benefits to older workers than they would receive under the defined benefit plans they were initially promised. The resolution also attacked the company for its failure to give retirees cost-of-living increases for many years though they have had to absorb health care premium increases of 67 percent in 2002 and 29 percent in 2003. Eleven percent of shares were voted in favor.
Also on April 27, IUE-CWA members and retirees rallied outside General Electric Co.'s shareholder meeting in Louisville, Ky. supporting a resolution submitted by the IUE-CWA Pension Fund that called for a study of the impact of the company's offshoring policies on the company's brand name in the United States. That proposal received 7.7 percent support.
All of the resolutions at the three companies received a sufficiently high threshold of support under Security and Exchange Commission rules to allow them to again be brought before the shareholders at next year's meetings.