Outten & Golden: Empowering Employees in the Workplace

Posts Tagged ‘board’

Bernie Sanders will present proposal on behalf of Walmart workers at annual shareholders meeting

Wednesday, May 22nd, 2019

Every year, Walmart stages a massive, multi-day meeting in Arkansas for the company’s shareholders, not far from the corporate headquarters of the world’s largest retail store. The company’s top executives deliver speeches, its board of directors hears various proposals regarding corporate behavior and governance, and special guests make surprise appearances to keep the masses entertained.

The shareholders’ meeting is also when the company’s 1.5 million U.S. workers — many of whom work for poverty-level wages with few benefits and employment safeguards — are given a chance to directly confront the billionaires whose fortunes they helped build.

This year, they’re bringing a megaphone with them to amplify their message: Democratic presidential candidate and Vermont Sen. Bernie Sanders (I).

For years, workers have appeared at the shareholders’ meeting to propose new corporate policies designed to help lift the retailer’s army of hourly workers out of poverty and provide them with greater protections on the job. Every single proposal they have put forward has been voted down and ignored by the Walton family, which controls the majority of votes on the board.

Sanders will appear on the workers’ behalf this year to present their latest proposal: give hourly workers one seat on the company’s board.

For years, Sanders has fought on behalf of the country’s 80 million hourly workers, pushing for increases to the minimum wage, strengthening unions, and capping executive salaries which have skyrocketed in the last 25 years. Walmart, by virtue of employing more of these hourly workers than any other company in the country by a wide margin, has been a specific target for Sanders.

Last year, he introduced the subtly-named “Stop Walmart Act” designed to pressure the company to raise its minimum wage to $15 an hour. The bill would prohibit large corporations from buying back their own stock — a popular mechanism for boosting share prices — unless they introduce a series of benefits for hourly workers first, in addition to the wage hike.

For their part, Walmart executives appear less than thrilled that Sanders will be in attendance to directly criticize their corporate practices on the biggest day of the year.

“If Senator Sanders attends, we hope he will approach his visit not as a campaign stop, but as a constructive opportunity to learn about the many ways we’re working to provide increased economic opportunity, mobility and benefits to our associates — as well as our widely recognized leadership on environmental sustainability,” the company said in a statement.

The proposal Sanders will be introducing isn’t the only one shareholders are expected to vote on next month. Another one calls for the company to strengthen protections against workplace sexual harassment.

The company is advising shareholders to vote no.

This blog was originally published at ThinkProgress on May 21, 2019. Reprinted with permission.

About the Author: Adam Peck is a deputy editor at ThinkProgress who works with politics reporters.

Women Haven’t Gained A Larger Share Of Corporate Board Seats In Seven Years

Wednesday, December 12th, 2012

In addition to grappling with a persistent pay gap, working women also have to deal with extreme difficulty ascending to powerful corporate positions, according to a report by the research organization Catalyst. As Bryce Covert explained at The Nation:

Women held just over 14 percent of executive officer positions at Fortune 500 companies this year and 16.6 percent of board seats at the same. Adding insult to injury, an even smaller percent of those female executive officers are counted among the highest earners—less than 8 percent of the top earner positions were held by women. Meanwhile, a full quarter of these companies simply had no women executive officers at all and one-tenth had no women directors on their boards. […]

Did this year represent a step forward? Not even close. Women’s share of these positions went up by a mere half of a percentage point or less last year. Even worse, 2012 was the seventh consecutive year in which we haven’t seen any growth in board seats and the third year of stagnation in the C-suite.

Overall, more than one-third of companies have no women on their board of directors. But economic evidence shows that keeping women out of the board room is a mistake. According to work by the Credit Suisse Research Institute, “companies with at least one woman on the board would have outperformed in terms of share price performance, those with no women on the board over the course of the past six years.”

This post was originally posted on Think Progress on December 11, 2012. Reprinted with Permission.

About the Author:  Pat Garofalo is the Economic Policy Editor for ThinkProgress.org at the Center for American Progress Action Fund. Pat’s work has also appeared in The Nation, U.S. News & World Report, The Guardian, the Washington Examiner, and In These Times. He has been a guest on MSNBC and Al-Jazeera television, as well as many radio shows. Pat graduated from Brandeis University, where he was the editor-in-chief of The Brandeis Hoot, Brandeis’ community newspaper, and worked for the International Center for Ethics, Justice, and Public Life.

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