Thursday, December 08, 2005

Pension Plans Fight for Good Corporate Governance

AFSCME Employees Pension Plan has submitted shareholder proposals to 26 companies to improve corporate governance. Read the entire press release at their site at The proposals are designed to curb excessive executive pay, election of directors who are not fully supported by shareholders and other issues. Corporate executives beware. The shareholders are starting to think for themselves. The companies are 3M (NYSE:MMM), American Express (NYSE:AXP), American International Group (NYSE:AIG), Amgen (NASDAQ:AMGN), Bank of America (NYSE:BAC), Bank of New York (NYSE:BK), Bristol-Myers Squibb (NYSE:BMY), Citigroup (NYSE:C), Countrywide Financial (NYSE:CFC), Emerson Electric (NYSE:EMR), FMC Technologies (NYSE:FTI), Home Depot (NYSE:HD), Honeywell (NYSE:HON), JP Morgan Chase (NYSE:JPM), Mellon Financial (NYSE:MEL), Merrill Lynch (NYSE:MER), Morgan Stanley (NYSE:MWD), Qwest (NYSE:Q), Raytheon (NYSE:RTN), SunTrust Banks (NYSE:STI), Time Warner (NYSE:TWX), United Technologies (NYSE:UTX), US Bancorp (NYSE:USB), Wachovia (NYSE:WB), Washington Mutual (NYSE:WM), and Wells Fargo (NYSE:WFC).