Posts Tagged “Labor Department”

This Article talks about how the unions are using our Pension funds for influence over companies .

The New Labor Activism LINK

In 2006, union funds accounted for more shareholder proposals than any other group of investors. Unions have been articulate voices in recent debates over executive compensation, “shareholder access” to the company proxy in director elections, and other governance issues. In the words of AFL-CIO Secretary-Treasurer Richard Trumka, unions have learned to “organize our money essentially the way we organize workers.”


Seems to me they are getting close to Illegal activity with our funds.

The Labor Department letter comes at an important time. A recent University of Chicago study showed that union-affiliated funds do indeed systematically exercise their proxies to support labor objectives rather than simply to increase shareholder value. This was already evident in unions’ statements about their shareholder power, in corporate campaigns such as the attempted ouster of Safeway’s leadership during its 2004 labor dispute, and the refusal of some union health and welfare plans to do business with Wal-Mart, despite its low prescription drug prices.

 


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