International Brotherhood of DuPont Workers
Jim Flickinger - President Tony Davis - Vice President Donny Irvin- Secretary/Treasurer Kenneth Henley - General Counsel "Workers Representing DuPont, Bemis and INVISTA Workers" |
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IBDW TO PRESENT PROPOSAL AT BEMIS' ANNUAL MEETING
Representatives of the International Brotherhood of DuPont Workers will present the following IBDW Proposal during Bemis's annual Stockholders Meeting which will be held on May 6, 2010.
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 2010 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 a situation where there is a stated need for employees to be laid off from work.
Stockholders’ Statement
Pay for executives of Bemis is determined by a Board of Directors. Each member of the Board received annual compensation of between $116,000 - $143,000 for their service on the Board in 2008. Yet it does not appear that these members of the Board are required to attend any meetings or even participate in conference calls. Nor is it clear what work, if any, is performed by any individual member of the Board.Given this extraordinarily generous compensation provided to the members of the Board, is it any surprise that these same members have approved extraordinarily generous compensation for executives of Bemis, with the offered justification, generic as it is, that such pay is necessary to retain and motivate these same executives?Yet virtually nothing is said in the March 2009 report to shareholders about how the employees of Bemis who are not executives are compensated, though it is a fact that these employees have had virtually no wage increases, are provided no retiree health care benefit, and receive the most minimal contribution to their 401K, about $2000 per year for the typical employee. Of course, it is obvious to all that these non-executive employees don’t have any real influence on how much pay a director receives for their “services”.This proposal seeks to have the Board address these issues of compensation, issues involving not just the compensation of executives, but the compensation of executives in relation to how the non-executive employees of this company are compensated. Essentially this same proposal was introduced in 2009 and received over 10% of the shares cast despite the vehement opposition of the Board. Accordingly, it is apparent that many shareholders quite correctly see the benefit of this proposal. If you AGREE with this proposal, please mark your proxy FOR this resolution.
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