Thursday, 17 July 2014

Workers's capital in action

A very quick round-up of union shareholder activism just from this week.

Yesterday, Bruce Hamilton from the Amalgamated Transit Union attended the First Group AGM to highlight the conditions of workers in Greyhound bus terminals. The ATU wants Greyhound to negotiate a national contract covering terminal workers. The AGM was hit by a big vote against the rem report due to increased awards for the chief exec, something the ATU picked up on.

There's an interesting initiative at McKesson, where the Teamsters have filed a shareholder proposal targeting accelerated vesting of equity awards. This is also a company where union-led shareholder activism last year contributed to a say-on-pay defeat. 

The ITF has written to the SEC calling on the regulator to scrutinise the claims that Chevron has made about the development of its LNG project Gorgon off the North West coast of Australia. This follows an earlier union briefing to investors on cost over-runs.  

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