The AFL-CIO on Thursday will launch a cybercampaign against exorbitant executive compensation and corporate governance abuse at three companies by providing e-mail tools for shareholders, including those who own stock through their pension funds, to directly contact each member of the boards of directors, state treasurers and regulators.
The campaign is targeting Bank of America for lack of board independence; Sprint for accelerating terms of an options package without shareholder approval; and Conseco over the generous terms of loans to executives and directors to buy its stock.
The website, www.paywatch.org, lists mutual funds that own shares in the companies being targeted and provides form letters for corporate pension fund participants to send by mail to the plan sponsors and mutual funds. It also lets investors e-mail their concerns to the SEC and the IRS.
