AFSCME Report: Support Grows for Shareholder Proposals on CEO Pay

The study , by AFSCME, The Corporate Library and the Shareholder Education Group, found the 29 mutual fund companies supported, on average, 75.8 percent of the proposals sponsored by management at annual meetings held during the year ended June 2006. That’s about the same as in the previous year. At the same time, the mutual funds also supported 46.5 percent of shareholder resolutions on executive compensation last year, a huge jump from the 27.6 percent support for these proposals in 2005.

AFSCME is the largest union in the AFL-CIO, representing 1.4 million workers. The Corporate Library is a Portland, Maine-based corporate governance research firm.