AFL-CIO is lobbying Congress for legislation to create a shareholder bill of rights, Daniel F. Pedrotty, director of the AFL-CIO Office of Investment, said today at a teleconference unveiling the labor organizations 2008 version of its CEO paywatch.org website, detailing compensation of CEOs.
The rights would include allowing shareholders access to corporate proxy materials to nominate directors and eliminate uninstructed broker voting in elections of directors, Mr. Pedrotty said. With increased (Democratic) majorities in the fall (elections) and support of a new president, we think could set up the bill for passage next year, Mr. Pedrotty said in an interview.
AFL-CIO officials are seeking the support of legislators on financial-services related committees as well as pension fund organizations, Mr. Pedrotty said. He would not say which congressional leaders or groups were targeted.
The AFL-CIO is also calling on the Senate to pass the say-on-pay bill calling for an annual non-binding shareholder vote on executive compensation, which already passed the House, he said.