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Communications Workers Applauds SEC Action Allowing Comcast Shareholders to Address Reform Over Disp
Communications Workers of America President Morton Bahr issued the following statement today.
We're pleased that the Securities and Exchange Commission will allow Comcast shareholders to address the issue of disproportionate voting power and to call for reforms, as outlined in the shareholder proposal submitted by the CWA Members' Relief Fund.
Comcast's capital structure defies the most fundamental aspect of shareholder democracy – the principal of one vote per share. It gives CEO Brian Roberts and his family a 33-1/3 percent undilutable voting control even though they own less than one percent of the market value of the company.
This archaic structure, in which the family's Class B stock holdings are given undue weight over Class A holdings, is more commonly seen at small companies – not Fortune 100 giants like Comcast. It gives CEO Roberts an effective veto power over shareholder initiatives and stifles accountability.
This issue is especially important in light of Comcast's ongoing effort to take over the Walt Disney Co. Under terms of Comcast's proposal to Disney, Roberts would continue to control one-third of the voting power of what would be one of the world's most powerful media conglomerates.
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We're pleased that the Securities and Exchange Commission will allow Comcast shareholders to address the issue of disproportionate voting power and to call for reforms, as outlined in the shareholder proposal submitted by the CWA Members' Relief Fund.
Comcast's capital structure defies the most fundamental aspect of shareholder democracy – the principal of one vote per share. It gives CEO Brian Roberts and his family a 33-1/3 percent undilutable voting control even though they own less than one percent of the market value of the company.
This archaic structure, in which the family's Class B stock holdings are given undue weight over Class A holdings, is more commonly seen at small companies – not Fortune 100 giants like Comcast. It gives CEO Roberts an effective veto power over shareholder initiatives and stifles accountability.
This issue is especially important in light of Comcast's ongoing effort to take over the Walt Disney Co. Under terms of Comcast's proposal to Disney, Roberts would continue to control one-third of the voting power of what would be one of the world's most powerful media conglomerates.
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