The Strategic Organizing Center (formerly Change to Win) is a democratic coalition of four labor unions: Service Employees International Union (SEIU), International Brotherhood of Teamsters (IBT), Communications Workers of America (CWA) and United Farmworkers of America (UFW). Together, SOC-affiliated unions represent more than 4 million workers. In an interview with Slate, SOC’s research director, Richard Clayton,…
Tag: shareholder activism
Catholic Shareholder Activists Challenge Private Prison System | Sojourners
A shareholder proposal from a Catholic group has led to an agreement from the management and board of a corporation that operates private prisons. But the proponents are not sure how significant that agreement will be. These findings were detailed in “Proposal 4” on the proxy statement that GEO published ahead of the shareholders meeting….
Charles Elson’s 2018 Proxy Season Predictions
Forbes’ Christopher Skroupa interviewed Charles Elson of the University of Delaware’s John L. Weinberg Center for Corporate Governance about what we can expect in next year’s proxy season: I think you’re going to see a lot more direct involvement between shareholders and directors than before – whether it’s with a non-executive chair of the board,…
Cardinal Health Agrees to Shareholder Proposals
With Cardinal Health’s surprise announcement early Monday that it will separate the roles of chairman and CEO and fill the chairman position with an independent director, the Teamsters claimed victory in their push to get the company to do that. “Cardinal Health’s announcement of leadership changes ahead of Wednesday’s shareholder meeting demonstrates the strength of…
Opioid Controversy: McKesson CEO’s Bonus Draws Shareholder Ire | Fortune.com
The Teamsters pension fund has written to shareholders about excessive compensation at McKesson: “It is staggering that Hammergren received a $1.1 million boost to his bonus just months after the company announced it had reached a record $150 million settlement with the DEA in a year the company faces mounting litigation, negative press and Congressional…
Foreign investors to unite on Japanese corporate governance- Nikkei Asian Review
America’s biggest pension fund and three British asset management companies will work in lockstep on corporate governance reform in Japan by voting.They will coordinate to request increasing outside directors from the at least two now recommended by the Tokyo Stock Exchange to at least one-third of the board. Companies that do not will be punished…
Nell Minow on Daniel Loeb and Activism
VEA Vice Chair Nell Minow commented on Daniel Loeb’s new position at Nestle on NPR’s “Marketplace.” Activist investor Daniel Loeb announced over the weekend that his hedge fund, Third Point, has taken a $3.5 billion stake in the Swiss food conglomerate Nestle, and he wants some changes at the company. That may sound like a…
Value of Shareholder Proposals, Even When They’re Wrong
[S]hareholder activists can help improve long-term value, even when following the activists’ proposals would not. That is just as true today and these proposals may well prime the pump for future board or shareholder actions. That is, GM has conceded that its stock is undervalued and that change is needed. GM argues those changes are…
Pension Funds Vote “No” on Mylan Directors
Frank Glassner’s Compensation in Context newsletter reports: Four large pension funds have asked shareholders of the drug company Mylan NV to vote against six directors, including the company’s chairman, who have been nominated for re-election at the company’s annual meeting June 22. “We believe the time has come to hold Mylan’s board accountable for its…
First Climate Change Shareholder Proposal to Achieve Majority Support: BlackRock helps pass climate resolution at Occidental
Asset manager BlackRock Inc on Friday said it voted in favor of a shareholder proposal calling on Occidental Petroleum to report on the impact climate change could have on the energy company’s business, helping it to pass.The comments by BlackRock, the world’s largest asset manager, also marked a more detailed level of explanation than it…
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