A Quarter of Investors Also Rebel Over CEO Pay, Following Teamster Lead
(WASHINGTON) – In a major rebuke to the board, more than 62 percent of FedEx Corp. (NYSE:FDX) shares voted in favor of a shareholder resolution filed by the Teamsters and As You Sow, a shareholder advocacy group, demanding greater transparency of FedEx’s lobbying activities.
The resolution saw its support more than doubled from last year, reflecting growing investor concern for the surreptitious ways companies like FedEx are influencing public policy. Meanwhile, Teamster led concerns over the board’s decision to allow executives to ‘double-dip’ on bonuses amid the pandemic prompted nearly a quarter of shares to oppose FedEx’s executive pay plan.
“FedEx needs to be honest with its shareholders over how it is using their money to lobby for controversial and divisive policies – it is that simple,” said Teamsters General Secretary-Treasurer Ken Hall. “Given the vote, anything short of full disclosure puts the credibility of the board at risk and only begs the question: What is FedEx trying to hide?”
FedEx spent over $142 million on federal lobbying over the past decade. However, this figure does not include state-level lobbying or the lobbying FedEx indirectly funds through its membership in trade associations, such as the U.S. Chamber of Commerce.
Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico. Visit www.teamster.org for more information. Follow us on Twitter @Teamsters and “like” us on Facebook at www.facebook.com/teamsters.