AFL-CIO targets Wal-Mart in campaign to rein in executive pay

[Omaha Steve]

http://www.sltrib.com/business/ci_5321835

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AFL-CIO targets Wal-Mart in campaign to rein in executive pay
The Salt Lake Tribune wire services
Article Last Updated: 02/28/2007 07:58:30 AM MST

Posted: 8:00 AM- By Kim Chipman Bloomberg News

The AFL-CIO is ramping up its campaign to give shareholders more say over the pay of top executives. Its biggest target: Wal-Mart Stores Inc.
The largest U.S. labor federation is asking the New York Stock Exchange to investigate whether Wal-Mart violated its own corporate-governance rules by giving management, rather than a compensation committee, a role in "selecting and retaining" a consultant charged with determining the pay of the company's leadership. The AFL-CIO says the next step may be a formal complaint to the Securities and Exchange Commission.
The letter to the stock exchange is the latest salvo in the AFL-CIO's fight to rein in executive pay by leveraging the power of the $400 billion its union members have invested in pension funds. Over the past year, such pressure has forced companies such as General Electric Co. and Home Depot Inc. to provide shareholders with more information about how executive pay is set.
The AFL-CIO's campaign, which has strong support in the Democratic-controlled Congress, dovetails with a growing public clamor over executive pay that even prompted a rebuke of corporate America this month from President George W. Bush, said Nell Minow, editor of the Corporate Library, a corporate- governance research firm in Portland, Maine.

FULL story at link.

[tanyev]

1. So "Always Low Prices" does not apply to their executives, I guess.

[Swede]

2. Check out this list of the rwealthiest 10 Americans.

Top 10 wealthiest people in United States 2006 according to the Forbes business magazine.
(All figures in American Dollars)

1. Bill Gates, $53 billion, Microsoft
2. Warren Buffett, $46 billion, Berkshire Hathaway
3. Sheldon Adelson, $20.5 billion, Casinos
4. Larry Ellison, $19.5 billion, Oracle
5. Paul Allen, $16 billion, Microsoft
6. Jim Walton, $15.7 billion, Wal-Mart
7. Christy Walton, $15.6 billion, Wal-Mart
8. S. Robson Walton, $15.6 billion, Wal-Mart
9. Michael Dell, $15.5 billion, Dell
10. Alice Walton, $15.5 billion, Wal-Mart