AFL-CIO Targets 'Excessive' CEO Pay

[papau]

http://www.latimes.com/business/la-fi-pay12apr12.story

AFL-CIO Targets 'Excessive' CEO Pay
The labor group cites six companies, including Amgen and Sempra, on compensation plans.
By Kathy M. Kristof
Times Staff Writer

April 12, 2005

The AFL-CIO turned up the heat on executive compensation Monday, naming six companies — including Thousand Oaks-based Amgen Inc. and San Diego-based Sempra Energy — as "case studies of excessive chief executive pay."

The labor organization, which in recent years has become increasingly vocal about what it believes are outsized executive pay levels, said it was using the six firms to highlight some of the major compensation issues facing shareholders at corporate annual meetings this spring.

Pay has become a hot-button issue for shareholder activists. Union pension fund-sponsored shareholder resolutions aimed at reforming executive compensation plans have been filed at 140 companies this year, said Brandon Rees, senior research associate in the AFL-CIO's Office of Investment in Washington.

The resolutions, although usually nonbinding, include calls to rein in "golden parachute" payments to fired executives; seek shareholder approval for certain executive pensions; and demand that companies clearly disclose the costs of granting stock options.<snip>

<snip>
Other companies whose compensation programs were singled out by the AFL-CIO on Monday were Coca-Cola Co., Dynegy Inc., Sprint Corp. and Wal-Mart Stores Inc.

[oddmanout]

1. Wal Mart!!!!

Not Wal Mart !?! Say it isn't so..............




:dem:

[LiberalEsto]

2. Fannie Mae

Upper level managers at Fannie Mae in Washington, DC, routinely get six-figure bonuses for setting unrealistic deadlines and then forcing their staffs to work 70-hour weeks to meet those crazy deadlines. Naturally, the staff workers get absolutely nothing, except stress-related illness, marital problems, estranged children, and so forth. They don't have any alternative except to quit, and there aren't many other jobs available.

Good old Fannie also brings in dozens of workers from India on special 5-year visas, and works them even harder, knowing that these workers have absolutely no alternative except to be sent back to India.

This kind of treatment breeds deep resentment and rage. This so-called "productivity" method of doing business is nothing but unchecked exploitation. Fannie Mae is an evil company, and destroys families.

[Robert Oak]

3. how do they expect to get a cap?

We know the "executive" has become a major Robber Baron
against their own employees ...

but what does the AFL-CIO have in mind to stop it in terms of a strategic plan?

I put the CEO pay in terms of jobs @ 60k a year and the increases
in pay usually mean at least 100 jobs and often 1000.

(I'm ignoring "shareholders" for seemingly they also don't give
a rats ass about this, but it affects their profit margins also).

http://commerce.senate.gov/hearings/testimony.cfm?id=767&wit_id=2102

Ralph Nader had a series of reforms on the entity called "corporation"
that was exceptional, really great ideas..but I cannot find it.

(What drives me nuts about Ralph Nader is he has so often
put a nail to the head, in detail on plans to solve what's going
on and that stupid run for President has killed his credibility..
don't let his stubborn personality flaw get in the way of his
really good insights and research!).

[54anickel]

4. Here's a link to the PayWatch site if you're interested

http://www.aflcio.org/corporateamerica/paywatch/