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Institutional Activism

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Institutional Activism

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  1. Institutional Activism Daniel F. Pedrotty AFL-CIO Office of Investment 202-637-5379 WF – Bus Org October 26, 2010

  2. Director, AFL-CIO Office of Investment (2006-present); Counsel (2004-2006) • corporate governance strategies for affiliate unions and pension fund trustees • liaison to lawmakers, agencies (Treasury, SEC, CFTC) and media covering capital markets and corporate governance. • Bio • Dickinson College (B.A. Political Science 1999) • Wake Forest University School of Law (J.D. 2002) • Associate, Philadelphia and Washington law firms (2002-2003) • Gephardt for President campaign (2003-04)

  3. Worker funds are long-term investors ($6 trillion in retirement savings) Union Sponsored($450 billion) Public Employees($2.6 Trillion) CorporateSponsored($2 Trillion) Corporate SponsoredCollectively Bargained($1 Trillion)

  4. Equal access to proxy(shareholder nomination of directors)

  5. 3 2 5 4 1 6 11 8 10 7 9

  6. Wall Street Reform Initiatives AFL-CIO Agenda

  7. AFL-CIO Reform Priorities • Consumer Financial Protection Bureau • Re-regulate the Shadow Banking System (derivatives, hedge funds & private equity) • Limit reckless risk taking by big banks (Volcker Rule) • Reform corporate governance & CEO pay • Proxy access • Say on pay • Majority voting March on Wall Street,April 29, 2010

  8. AFL-CIO Corporate Governance • PayWatch: www.paywatch.org gives workers and trustees information on CEO pay, and includes materials for challenging “pay for pulse.” • Key Votes Survey: Annual report which rates the voting practices of investment managers by surveying how they voted on a range of governance proposals. • Proxy Voting Guidelines: Serves as a guide for pension trustees in voting their funds’ shareholder proxies. Source: AFL-CIO analysis of pay data from 292 companies provided by salary.com.

  9. Contact Information Dan Pedrotty AFL-CIO 815 Sixteenth Street, N.W. Washington, DC 20006 202-637-5379 Dpedrott@aflcio.org Office of Investment Website:http://investment.aflcio.org

  10. The end