The American Federation of
State, County and Municipal Employees said it has submitted proxy proposals
on issues such as bank bonuses, splitting chairman and chief executive
roles, requiring executives to keep company stock after they retire and
giving shareholders a "say on pay" for executives.
These proposals would help
make corporate directors more accountable to shareholders, more closely tie
executives' and companies' financial interests and focus companies on
long-term success rather than potential short-term share price gains, AFSCME
President Gerald McEntee said.
"Wall Street executives have
destroyed trillions of dollars in shareholder value while lining their own
pockets," he said.
AFSCME's targets include Aetna
American Express Co (AXP.N),
Bank of America Corp (BAC.N),
CVS Caremark Corp (CVS.N),
Dow Chemical Co (DOW.N),
JPMorgan Chase & Co (JPM.N),
Raytheon Co (RTN.N),
Wells Fargo & Co (WFC.N)
and XTO Energy Inc (XTO.N).
Most shareholder proposals
fail, but dozens have succeeded at major companies in recent years. Bank of
America shareholders last year narrowly approved a proposal for the largest
U.S. bank to appoint an independent chairman, despite the bank's urging that
the proposal be rejected.
(Reporting by Jonathan Stempel.
Editing by Robert MacMillan)