AFSCME Plan Files Shareholder Proposals

January 17, 2012 (PLANSPONSOR.com) - The American Federation of State, County and Municipal Employees, AFL-CIO (AFSCME) Employees Pension Plan has filed 21 shareholder proposals.

The plan proposals are designed to protect and enhance the economic value of its long-term investments. They would require greater director accountability, independent corporate board leadership and greater transparency in the companies in which the plan invests.  

The AFSCME Plan—with more than $850 million in assets—submitted the 21 shareholder proxy proposals for consideration at annual company meetings this spring. The proposals are designed to increase corporate management’s accountability and transparency and better align the interests of management with those of shareowners. The changes sought through these proposals would reduce risks to the companies’ future performance and protect and improve the value of these companies’ shares.   

The AFSCME Plan has filed proposals seeking independent board chairs, annual director elections and reports on the risks to shareholders of corporate lobbying expenditures and aggressive corporate tax strategies.

“These 21 proposals will bring greater transparency and accountability when boards of directors fail to properly represent shareholders’ best interests. Additionally, as shareowners, we will review Say on Pay at all companies and voice disapproval for unwarranted CEO pay,” said AFSCME President Gerals W. McEntee.  

 Proposals have been filed at: Abbott Laboratories; Amazon; American Express; Anadarko Petroleum; AT&T; Bank of America; Boeing; Chevron; Coca-Cola; Dean Foods; Emerson Electric; Goldman Sachs; Janus Capital; Johnson & Johnson; JPMorgan Chase; Kraft Foods; Lockheed Martin; Northern Trust; Pfizer; Union Pacific and Verizon.

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