The American Federation of Labor and Congress of Industrial Organizations of Washington, D.C., an umbrella organization of American labor unions, last week launched a new electronic letter writing campaign on its Executive PayWatch website urging investors to protest the escalation of CEO compensation by sending electronic messages to mutual fund and pension fund managers, according to a company statement.
Through the site, union members and other investors can determine if mutual funds, in which they hold a stake, own shares of three targeted companies, which the AFL-CIO has labeled as the worst offenders. The companies specifically targeted are Conseco of Carmel, Ind., Bank of America of Charlotte, N.C., and Sprint of Westwood, Kan.
The site provides form letters online, which can be sent by email, and also provides members and other investors with tools to start similar campaigns against other companies not specifically targeted.
The average CEO of a major corporation received $20 million in compensation in 2000, including nearly 50 percent more stock options and 22 percent more in salary and bonus, according to the site. During that same period, stock prices have been down and investors have been losing money.