WHEREAS:

AFSCME members rely on over 150 large public pension systems which hold combined assets of over $1.5 trillion for their retirement and future economic security; and

WHEREAS:

Corporate scandals and the loss of investor confidence in Wall Street that began with Enron and Worldcom and continue to this day have caused a $300 billion loss in public employee pension assets, putting severe pressure on state and local budgets to pay for retirement benefits; and

WHEREAS:

Skyrocketing CEO pay, which is now over 400 times that of an average worker, is often undeserved, has no relationship to company performance, and transfers money out of the pockets of workers and shareholders; and

WHEREAS:

Good corporate governance is recognized as essential for the optimal functioning of public companies, and to create shareholder and worker wealth; and

WHEREAS:

Many corporate boards are still dominated by entrenched CEOs and boards of directors that fail to act in the shareholders' and workers' long term economic interests; and

WHEREAS:

AFSCME has played a leading role fighting for more democratic elections on corporate boards and the AFSCME Employees Pension Plan was named 2003 shareholder of the year by Pensions and Investments magazine for our dominance in the corporate reform movement.

THEREFORE BE IT RESOLVED:

That the retirement assets of AFSCME members invested through public and private pension systems be organized to take a more active role in challenging corporate abuses through the expansion of AFSCME members' power as shareholders; and

BE IT FINALLY RESOLVED:

That AFSCME shall expand its role as a leading voice for institutional shareholders in the corporate boardroom and at annual shareholder meetings.

SUBMITTED BY:

James Tucciarelli, President and Delegate
AFSCME Local 1320, Council 37
New York