AFSCME - AFSCME Lauds House Committee Passage of “Say-On-Pay” Legislation

Washington, D.C. — The U.S. House of Representatives’ Housing and Financial Services Committee today passed H.R. 3269, the Corporate and Financial Institution Compensation Act. AFSCME President Gerald W. McEntee issued the following statement praising the committee’s action:

“Boards cheat shareholders and workers when they arrange pay programs that encourage excessive risk taking or approve exorbitant executive compensation that doesn’t reflect performance. That’s why AFSCME supports Chairman Barney Frank’s (D-MA) bill to give shareholders “say on pay” power. This bill will promote responsible executive pay for all companies by establishing an advisory vote on compensation packages and tough independence standards for compensation committees. We need to hold corporate leaders responsible and accountable to their owners – company stock holders—for unjustifiable CEO pay.”

AFSCME’s 1.6 million members provide the vital services that make America happen. With members in hundreds of different occupations – from nurses to corrections officers, child care providers to sanitation workers – AFSCME advocates for fairness in the workplace, excellence in public services and prosperity and opportunity for all working families.

###

American Federation of State, County
and Municipal Employees, AFL-CIO
1625 L Street, N.W. Washington, D.C. 20036-5687
Telephone (202) 429-1145
Fax (202) 429-1120