International Brotherhood of DuPont Workers
Jim Flickinger - President Donny Irvin - Vice President/Communications Tony Davis - Vice President/ Organizing Dave Gibson - Secretary/Treasurer Kenneth Henley - General Counsel "Workers Representing DuPont, Bemis and INVISTA Workers" |
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2009 BEMIS MEETING IBDW PROPOSAL VOTED ON BY BEMIS STOCKHOLDERS ON MAY 7, 2009
Tony Davis, President of the IBDW Local representing Bemis employees in Clinton, Iowa presented the following IBDW Stockholder Proposal to the Bemis Stockholders on May 7, 2009. A similar proposal was also on the Bemis Proxy in 2008
Proposal The International Brotherhood of DuPont Workers, P.O. Box 10, Waynesboro, VA 22980, and its member local, the Transparent Film Workers, Inc., representing the workers at the Clinton, Iowa Bemis factory, owner of 130 shares of Bemis Common Stock, has given notice that it will introduce the following resolution and statement in support thereof: Resolved: That the stockholders of Bemis, Inc., assembled in annual meeting in person and by proxy, hereby request that the Board of Directors give consideration to preparing a report, to be made available to shareholders four months after the 2009 Annual meeting, that shall review the compensation packages provided to senior executives of the Company and address the following. 1. Comparison of compensation packages for senior executives with that provided to the lowest paid Company employees. 2. Whether there should be a ceiling on compensation provided to senior executives so as to prevent the possibility of excessive compensation. 3. Whether compensation of senior executives should be adjusted in the event of the layoff of a substantial number of employees.
Stockholders’ Statement A review of Bemis’ 2008 proxy statement reveals that in 2007, then CEO Jeffrey Curler received total compensation of $11.38 million. This represented an approximate 20% increase over his 2006 total compensation which was, in turn, a 27% increase over his 2005 total compensation. And his 2005 total compensation was a 44% increase over his 2004 total compensation. Mr. Curler also has accumulated a pension benefit that is presently valued at $13.1 million, an increase of over 23% from the pension benefit he had accumulated just the year before. Additionally, if there is a change in control of the Company, Mr. Curler receives $6.8 million, and that amount is grossed up for taxes at the Company’s expense. This practice of providing extraordinary increases in compensation and benefit packages to Mr. Curler has been continued with the current CEO Henry Thiesen. Contrast the treatment of Mr. Curler and Mr. Thiesen with that of Bemis employees in the U.S. who work in the factories and actually produce the products. Over the past three years, their yearly wage increase has averaged about 3% while their health care costs have skyrocketed, effectively wiping out their meager wage increase. The situation is even worse once they retire. Bemis provides no contribution at all toward retiree health care costs. As for a pension/retirement benefit, all Bemis provides is a minimal guaranteed contribution to their 401K, about $2000 per year for the typical wage roll employee. This same proposal was voted on in 2008 and 6,868,416 shares, amounting to 10% of the shares that were actually cast, were voted in favor of it. This is evidence of the extraordinary support for this proposal, provided in the face of the vehement opposition of the Board of Directors. It is time to reevaluate the criteria used for compensating those who work for Bemis. This proposal does precisely that. If you AGREE with this proposal, please mark your proxy FOR this resolution.
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