September 11, 2009
Say-on-Pay: Carpenters Union Withdraws Its “Triennial” Voting Alternative
– by Jim McRitchie, CorpGov.net
Recently, Ed Durkin of the United Brotherhood of Carpenters reported that it has withdrawn its proposals for an alternative “triennial” say-on-pay process (the concept is explained in this blog), with the following explanation:
We made a decision that the best course of action to take was to withdraw the triennial pay vote proposal from the companies to which it was submitted. On balance, we felt that it would not be constructive to call the vote on the issue at this subset of companies in light of the status of the legislative process. We had good discussions about the pay vote issue and executive compensation generally with most of the companies, and a number of them offered to lend their voice to the effort to legislatively establish a triennial vote as outlined in the proposal. The Union is continuing to advocate for a triennial vote in Congress, with the recent TARP company say-on-pay votes providing solid evidence of the shortcomings of the say-on-pay vote formulation in HR 3269 (annual vote, vote on overall plan only, applied to all publicly-traded companies).