Laborers' International Union of North Americas district and regional pension funds expects to submit a total of more than 30 shareholder proposals for 2009 an all-time high from about 25 in 2008, according to Jacob Hay, spokesman for the Washington-based organization.
Bank of America Corp., JPMorgan Chase & Co., KeyCorp and Comerica Inc. are targeted with proposals on executive compensation to improve pay-for-performance features; the companies have taken advantage of the financial bailout under the Treasury Departments $700 billion Troubled Asset Relief Program, a LIUNA statement said.
LIUNA funds could file more proposals on these subjects depending on the outcome of discussions with companies, Mr. Hay said. LIUNA have engaged more than 75 companies in the process.
LIUNA funds also filed proposals calling for independent board chairs at Walgreen Co., Boston Properties Inc. and Lowes Cos., among other corporations.
Among other proposals, they filed shareholder resolutions calling for a majority vote in director elections at NRG Energy Inc., among other companies, and proposals seeking adoption and disclosure of management succession planning at Citigroup Inc., Black & Decker Corp., and Iron Mountain Inc. among other companies.
LIUNA funds have a combined $32 billion in pension assets, said Mr. Hay, who didnt have a breakout of the individual LIUNA funds filing the proposals.