Supported by the Labor Movement

February 2015

Mike StotzThe labor movement is uniting behind the AFL-CIO Equity Index Fund.

Click HERE to read what more than 50 international union presidents have to say about the Index Fund, or HERE to hear from all 51 AFL-CIO State Federation presidents.

Now, 215 Central Labor Councils (see list below) have endorsed the AFL-CIO Equity Index Fund.

We want every qualified pension fund to be part of growing this union economy.

So, please look at the list below of union investors in the Fund. If your pension fund isn’t already investing in the AFL-CIO Equity Index Fund, please reach out to me by responding to this email so that we can set up a meeting with you and your management consultant.

As the Fund grows, so does our opportunity to engage in meaningful shareholder activism that helps put workers’ concerns inside corporate boardrooms.

In solidarity,

mike sig

 

 

Mike Stotz
President
AFL-CIO Investment Trust Corporation

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Heather’s Corner

Heather Slavkin Corzo is Director of the AFL-CIO Office of Investment. 

Wall Street firms seek to hide government service golden parachutes.

heather slavin resizedAs investors in Big Banks, how is it in our interests to provide huge payouts to senior executives to take jobs in government? This is the question that AFL-CIO President Richard Trumka posed to some of the nation’s largest financial institutions in a November letter.

We are still waiting for their answers.

The AFL-CIO followed up with shareholder proposals at four too-big-to-fail banks asking for more information about government service golden parachutes. The proposal simply asks that the banks disclose to shareholders which senior executives may be eligible for these golden parachutes and what they are worth.

But, Citigroup, Goldman Sachs and Morgan Stanley are fighting to prevent shareholders from voting on the proposal. They have each asked the Securities and Exchange Commission for permission to exclude them from being voted upon at their upcoming annual meetings.

JP Morgan Chase has not sought SEC permission to exclude the shareholder proposal from its ballot.

Numerous recipients of government service golden parachutes from Wall Street firms currently hold influential positions in government. They include Treasury Secretary Jack Lew, U.S. Trade Representative Michael Froman, and Undersecretary for International Trade at the Department of Commerce Stefan Selig.

Government service golden parachutes raise important questions. Why is it in shareholders’ interests to pay talented employees to accept jobs outside of the firm? Do the Big Banks expect favorable government treatment from their former executives?

As we wait for the SEC’s decision as to whether the Big Banks will be forced to allow shareholders to vote on these proposals, you can take action. Click here to add your name to a petition demanding that Citigroup, Goldman Sachs and Morgan Stanley drop their opposition and voluntary allow shareholder to vote on these proposals.

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Union Spotlight

Jacksonville Plumbers & Pipefitters (UA Local 234)

hiteThe more than 1,200 members of Plumbers and Pipefitters Local 234 are working to maintain and service plumbing systems across Northern Florida.

The local started in 1901 and quickly grew to a membership of 50 because of a big fire that destroyed most of downtown Jacksonville in May of that year. Three other UA Local Unions merged into Local 234—Local 770, Jacksonville, representing refrigeration and air conditioning, merged with 234 in February 1960; Local 724, Gainesville, in December 1975; and Local 592, Tallahassee, in January 2010.

Local 234 prides itself on their highly skilled workforce, which has been vital to the growth and safety of Northern Florida.

“The AFL-CIO Equity Index Fund is an exciting new way unions can ensure workers’ concerns and voices are being heard inside of corporate boardrooms.”* —Ronny Andrews, Business Manager, UA Local 234

“The AFL-CIO Equity Index Fund’s biggest competitors often vote against the AFL-CIO Proxy Voting Guidelines. That’s why it is critical that unions support funds that share our values.”* —William P. Hite, General President, United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry (UA)

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What the Labor Movement is Saying About the AFL-CIO Equity Index Fund:

cecil roberts“The AFL-CIO Equity Index Fund offers responsible proxy voting and shareholder activism, geared to improving corporate governance, which is 100 percent in line with the AFL-CIO Proxy Voting Guidelines.”*

— Cecil E. Roberts
President
United Mine Workers of America

 

 

michael langford“It is more important than ever before that unions find more ways to invest in themselves and support investment funds that work for us, not against us. The AFL-CIO Equity Index Fund shares our values and, through proxy voting and shareholder resolutions, we can rest assured that our investments are being used in ways that will benefit all workers’ pension plans.”*

— D. Michael Langford
National President
Utility Workers Union of America (UWUA

 

rinaldi1“We know that we have to invest in ourselves in order to make a difference. The AFL-CIO Equity Index Fund gives us that opportunity—to invest our pension dollars for the good of all.”*

— Paul M. Rinaldi
President
National Air Traffic Controllers Association (NATCA)

 

 

*Testimonials may not be representative of the experience of other customers. Testimonials are no guarantee of future performance or success.