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CWA Members Take Message to AT&T Executives, Shareholders
Savannah, Ga. -- More than 100 workers and retirees, members of the Communications Workers of America, will leaflet outside the AT&T annual meeting in Savannah on June 11, to remind shareholders and executives that quality service and quality jobs are the key to maintaining a competitive company.
Union members also will urge support for a CWA-sponsored proposal to establish a cap on the total compensation that could be paid to the CEO – including salary, bonuses and stock options – equal to 50 times the average worker's salary.
This proposal is needed to bring balance to the huge differential between senior executive and employee pay, said CWA Vice President Ralph Maly, Communications and Technologies, who will address shareholders on the proposal. "The top compensation of chief executive officers of U.S. public companies has soared in recent years, and AT&T's former and current CEO have more than kept pace, receiving $9.6 million and $7.7 million respectively in total compensation in 2001, excluding stock options. This disparity in compensation, especially when workers' jobs are being cut and retirement earnings wiped out cannot be justified," he said.
Maly noted that AT&T recently sweetened its "golden parachutes" for top executives, who now will receive three years of salary and bonuses instead of two if they lose their jobs as a result of a merger or acquisition.
"If AT&T is to emerge from the downturn in telecommunications, it needs to focus on providing quality service to customers, and that means investment in a quality workforce and needed plant and equipment, not more benefits for top executives," he said.
CWA also is supporting a proposal to limit the terms of outside board of directors members to six years and supports the proposal to restore choice for non-union represented employees about their pension coverage.
Leafleting will get underway at 8:30 am, outside the Savannah International Trade and Convention Center. The annual meeting starts at 9:30 am.
Union members also will urge support for a CWA-sponsored proposal to establish a cap on the total compensation that could be paid to the CEO – including salary, bonuses and stock options – equal to 50 times the average worker's salary.
This proposal is needed to bring balance to the huge differential between senior executive and employee pay, said CWA Vice President Ralph Maly, Communications and Technologies, who will address shareholders on the proposal. "The top compensation of chief executive officers of U.S. public companies has soared in recent years, and AT&T's former and current CEO have more than kept pace, receiving $9.6 million and $7.7 million respectively in total compensation in 2001, excluding stock options. This disparity in compensation, especially when workers' jobs are being cut and retirement earnings wiped out cannot be justified," he said.
Maly noted that AT&T recently sweetened its "golden parachutes" for top executives, who now will receive three years of salary and bonuses instead of two if they lose their jobs as a result of a merger or acquisition.
"If AT&T is to emerge from the downturn in telecommunications, it needs to focus on providing quality service to customers, and that means investment in a quality workforce and needed plant and equipment, not more benefits for top executives," he said.
CWA also is supporting a proposal to limit the terms of outside board of directors members to six years and supports the proposal to restore choice for non-union represented employees about their pension coverage.
Leafleting will get underway at 8:30 am, outside the Savannah International Trade and Convention Center. The annual meeting starts at 9:30 am.