October 2014 Newsletter
The Power of Solidarity
“Now, more than ever, we need to pool our collective strength so that our money is working for us rather than against us. We are always stronger when we work together.”
That is what the AFL-CIO Equity Index Fund is all about, and I am thrilled to see the labor movement really taking the theme of “investing in ourselves” to heart and putting union pension dollars in funds that work for us, rather than against us.
That is what the AFL-CIO Equity Index Fund is all about!
AFL-CIO Investment Trust Corporation (ITC)
Heather Slavkin Corzo is Director of the AFL-CIO Office of Investment
It’s time for public companies to disclose the ratio of CEO-to-worker pay.
The SEC has had more than four years to finalize this rule. In contrast, India adopted pay ratio disclosure as part of its 2013 Companies Act. The regulations implementing the statute went into effect April 1, 2014, just seven months after pay ratio disclosure became law.
It is time for the SEC to finalize this rule! Sign the AFL-CIO petition supporting the SEC’s proposal and tell them investors want this information!
Shepard Burr is President of the ASB Investment Management division of ASB Capital Management, LLC. ASB Capital Management, a registered investment manager, is the manager of the AFL-CIO Equity Index Fund.
The third quarter saw continued strong growth for the AFL-CIO Equity Index Fund, as assets topped $5 billion for the first time. In fact, more than $1 billion in participant investment was added during the quarter, with ten pension plans making initial investments in the Fund, and ten plans adding to their existing investments.
That is real momentum, and shows that pension plan trustees and consultants see the value in the AFL-CIO Equity Index Fund’s excellent performance, low fees, and sensible proxy voting and shareholder actions.
Union Spotlight: Teamsters Local 805
Teamsters Local 805, headquartered in Long Island City, New York, is a local union with more than 1,000 members working in a diverse number of sectors including service, retail, education, transportation, higher education, and manufacturing.
“It is critical that unions use their pension dollars to advance workers’ interests. The AFL-CIO Equity Index Fund helps ensure that our dollars are being voted with our values in corporate boardrooms across the United States,” said Sandy Pope, President of Teamsters Local 805 (pictured at left).
What AFL-CIO State Federation Presidents are Saying About the AFL-CIO Equity Index Fund:
“Companies like Fidelity, BlackRock, Northern Trust, Vanguard, and others vote with the labor movement less than 50 percent of the time (as measured by the AFL-CIO 2013 Key Votes Survey). The AFL-CIO Equity Index Fund ensures that proxy voting is 100 percent in line with the AFL-CIO Proxy Voting Guidelines.”*
– Danny Thompson
Nevada State AFL-CIO
“Putting union pension dollars into the AFL-CIO Equity Index Fund is a way that our financial investments can further support increased corporate accountability. Not doing so may work to the detriment of our members, since many of the largest companies offering S&P 500 index funds vote less than 50 percent of the time with the AFL-CIO Proxy Voting Guidelines.”*
– Charles Wowkanech
New Jersey State AFL-CIO
“The AFL-CIO Equity Index Fund is voted 100 percent in accordance with the AFL-CIO Proxy Voting Guidelines. This means that the pension plan assets managed by the Fund are being voted the right way—every vote, every time.”*
– Richard Bloomingdale
– Jose Rodriguez Baez
Puerto Rico Federation of Labor, AFL-CIO
*Testimonials may not be representative of the experience of other customers. Testimonials are no guarantee of future performance or success.