Union Leaders and Community Supporters Plan Protest of Verizon's Lack of Respect for Workers

[Omaha Steve]

http://unionreview.com/union-leaders-and-community-supporters-plan-protest-verizon%2526%2523039%3Bs-lack-respect-workers

Union members to support shareholder proposals for cumulative voting, an independent chairman and an end to "Golden Coffin" awards at Verizon's Annual Meeting

Union leaders and community supporters will protest company's lack of respect for workers' rights

Louisville, KY -- CWA and IBEW are supporting three shareholder proposals at Verizon's annual meeting on Thursday, May 7 in Louisville, KY to improve corporate governance.

"Shareholders should have the right to pool their votes for the election of one or more directors rather than apply their votes to the election of all directors," said IBEW corporate governance advisor Greg Kinczewski. "Known as 'cumulative voting,' it would increase the possibility of electing directors with independent views from management. Better shareholder representation on the board at Verizon is long overdue."

A second shareholder proposal from the Association of BellTel Retirees would separate the role of Chairman and CEO.

"How can the CEO be his own boss?" asked C. William Jones, president of the Association. "When the CEO is Chairman of the Board, we believe that lines of accountability get blurred, compensation is less tightly aligned with shareholder returns, and the decision to replace a poorly-performing CEO can be skirted or delayed. We believe that an independent Board Chair is particularly overdue at Verizon. For too many years the compensation of Verizon's senior executives has been disconnected from returns to shareholders."

The two unions are also supporting shareholder approval of any future "Golden Coffin" agreements that would obligate the company to make overly generous posthumous payouts following the death of a senior executive.

"These Golden Coffin agreements provide payment without performance. While management claims that these agreements are designed to retain executives, it's obvious that after an executive is dead you're not retaining them," said Joey McCarty, President of CWA Local 3372 in Lexington, KY.

9:00 AM, Thursday, May 7
Short press briefing immediately before Verizon's meeting in the Undercroft at Cathedral of the Assumption (433 South 5th St, Louisville)

FULL story at link.