The decision last month by the National Labor Relations Board (NLRB) to side with a union trying to block Boeing Co. from operating in South Carolina has entered a new stage: the U.S. Senate. And the implications extend far beyond South Carolina. Last week, on May 12, Senators Jim DeMint, R-S.C., Lindsey Graham, R-S.C., and Lamar Alexander, R-Tenn., introduced a bill, the Job Protection Act (S. 964), to bar the board from overriding an employer's decision to site a facility in a particular state. The measure, which has at least 34 co-sponsors, is a rebuke to NLRB Acting General Counsel Lafe Solomon's complaint against Boeing on April 20 that the company had acted unfairly against the International Association of Machinists and Aerospace Workers (IAM) in opening a facility near Charleston, S.C. to build its planned "787 Dreamliner" jet.
As someone who has sponsored "Say on Pay" shareholder proposals with companies like Boeing and Procter & Gamble, I wonder whether SEC-mandated votes on executive compensation will do any good. In fact, I worry that it may lead to a false sense of shareholder empowerment.
Yesterday, the Securities and Exchange Commission voted 3-2 to adopt a rule requiring public companies to hold an advisory vote on executive pay at least once every three years.
On Monday, Northrop Grumman Corporation announced that it would drop out of the competition with Boeing to build midair refueling tankers for the Air Force. Boeing had the original contract until NLPC exposed a scandal that sent two Boeing executives to prison.
The tankers are flying gas stations that refuel fighters and bombers on long-range missions. By exposing the scandal, NLPC saved taxpayers billions of dollars. The original plan was for the Air Force to lease, rather than buy, a hundred 767s to be used as tankers from Boeing. The new contract will be for the outright purchase of the planes.
Embattled House Ways and Means Committee Chairman Charles Rangel, facing a multi-pronged investigation by the House ethics committee, shelled out nearly $280,000 to four different law firms over the last quarter, according to his newest campaign disclosure report.
Overall, Rangel has paid $928,000 to his attorneys during the last year as his personal finances have come under scrutiny on a variety of fronts.
Much of the money was spent fending off allegations by NLPC.
Submitted by NLPC Staff on Fri, 04/24/2009 - 01:56
NLPC is sponsoring a Boeing shareholder proposal to allow a shareholder vote on any “golden parachute,” or excessive executive severance agreement. The same proposal received an impressive 38% of the vote last year, despite being opposed by Boeing’s management. The Boeing annual meeting is in Chicago on Monday, April 27.