Teamsters Win Support for Increased Board Accountability at Allied Waste
May 21 2007 - 5:12PM
PR Newswire (US)
WASHINGTON, May 21 /PRNewswire-USNewswire/ -- A proposal by the
International Brotherhood of Teamsters General Fund, which calls
for a change in the way shareholders elect their board of Directors
at Allied Waste Industries, Inc. [NYSE: AW], won 56 percent support
from voting shareholders at Allied's annual meeting of shareholders
yesterday. The proposal calls on the company to adopt a majority
vote standard for Board elections rather than the current plurality
system so as to improve Board accountability to investors. "Allied
Waste shareholders have sent a strong message to the Board of
Directors that they want a real voice in director elections," said
C. Thomas Keegel, General Secretary-Treasurer of the International
Brotherhood of Teamsters. At the 2006 annual meeting, 28 percent of
Allied shareholders supported the majority voting proposal. "The
large increase in votes is indicative of a growing movement to make
director elections more democratic," added Keegel. "With a growing
number of companies adopting a majority vote standard, including
Allied Waste's chief competitor Waste Management, it is time for
Allied's Board to heed this call from shareholders and adopt the
proposal as policy." The International Brotherhood of Teamsters
represents 1.4 million hardworking men and women throughout the
United States and Canada. DATASOURCE: International Brotherhood of
Teamsters CONTACT: Galen Munroe of the International Brotherhood of
Teamsters, +1-202-624-6904, Web site: http://www.teamster.org/
Copyright