For Immediate Release
Thursday, March 06, 2003
AFSCME Applauds Success of Shareholder Proposals at Tyco Annual Meeting in Bermuda
"Today's vote sends a strong message to Tyco board members that they reincorporate back to the United States," American Federation of State, County and Municipal Employees (AFSCME) President Gerald W. McEntee said.
"Tyco must stand up for America, come back home to the United States, restore shareholder confidence, and pay taxes like the rest of us. The proposal before the Tyco board is just the beginning of our efforts — and is a signal to all companies that shareholders' voices will be heard this proxy season," McEntee added. "Today's vote gives us clear momentum as the AFSCME Employees Pension Plan moves forward with other shareholders' rights proposals at Ingersoll-Rand Co. and McDermott."
McEntee applauded new Tyco board member H, Carl McCall for his leadership and commitment to ensuring that a committee will be established to review the shareholders demands, and that shareholders are involved every step of the process.
Earlier this week AFSCME challenged Tyco's board members to take three specific actions to prove that they are serious about restoring shareholders' rights: appoint a committee of the board to review the issue of reincorporation; undertake an independent analysis of the costs of moving back to the U.S. and report findings to shareholders by September 2003 - shareholder input and oversight must be part of this analysis; and issue a statement acknowledging that shareholder rights would be improved under U.S. law.
The more than 1.3 million members of the American Federation of State, County and Municipal Employees have more than $1 trillion invested in public funds.
