Magazine

Table: Shareholders Unite


Unions have used their $3 trillion-plus pension-fund holdings to push for corporate-governance reforms. Some examples of labor activism:

AUDITOR INDEPENDENCE

Construction-union shareholder resolutions at 34 companies call for limits on consulting contracts to auditors. So far, 13 have agreed.

EXECUTIVE PAY

A Teamsters shareholder resolution to let Bank of America shareholders vote on executive severance deals passed by 50.7%.

DIRECTOR ACCOUNTABILITY

An AFL-CIO campaign has prompted 5 of 10 Enron directors to resign board seats at other companies.

THE BERMUDA TAX DODGE

The machinists union helped to force Stanley Works to revote a proxy resolution on management's plan to reincorporate in Bermuda.

Data: BusinessWeek


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