Table: Shareholders Unite
Unions have used their $3 trillion-plus pension-fund holdings to push for corporate-governance reforms. Some examples of labor activism:
Construction-union shareholder resolutions at 34 companies call for limits on consulting contracts to auditors. So far, 13 have agreed.
A Teamsters shareholder resolution to let Bank of America shareholders vote on executive severance deals passed by 50.7%.
An AFL-CIO campaign has prompted 5 of 10 Enron directors to resign board seats at other companies.
THE BERMUDA TAX DODGE
The machinists union helped to force Stanley Works to revote a proxy resolution on management's plan to reincorporate in Bermuda.