Saturday, August 30, 2014
Wednesday, August 27, 2014
Saturday, August 23, 2014
FedEx’s proxy statement, filed Monday, showed Smith’s pay package at the highest level since before the Great Recession. He received $17 million in total compensation in fiscal 2007.
Smith’s base salary for the recent year held steady at $1,266,960, but increases in long-term incentive pay helped lift his total from $12.6 million a year earlier.
The compensation disclosures coincided with FedEx’s release of an annual report highlighting a 50 percent increase in share prices in the fiscal year. That’s compared to a 19 percent gain in the S&P 500 and 31 percent gain in the Dow Jones Transportation Average, FedEx said.
Other highlights included an increase in the operating margin from 5.8 percent to 7.6 percent, and a 37 percent increase in earnings per share, to $6.75. The numbers show progress in a multiyear push to boost earnings and profits announced in October 2012.
But the report cautions that the global economy and consumer demand, particularly for the fastest services, will determine whether FedEx Express hits a target of $1.6 billion a year in increased profit by May 31, 2016.
“In FY14 we acted decisively to boost shareowner value, and we are proud of our accomplishments during the year,” Smith said in a letter accompanying the annual report, which can be viewed at news.van.fedex.com.
Referring to a stock buyback program and aggressive cost management, Smith added, “These initiatives are designed to ensure the near- and long-term success of FedEx, including superior financial returns for shareowners. As a result, we believe FedEx is well positioned for stronger growth in earnings and cash flow despite a sluggish global economy and dramatic changes in supply chains.”
FedEx, which had $45.6 billion in revenue in fiscal 2014, is Greater Memphis’s largest private employer with about 30,000 workers.
FedEx shares closed Tuesday at $150, down 42 cents a share.
Smith, 70, outpaced other principal officers of the Memphis-based package delivery giant, according to the proxy statement’s summary compensation table.
Executive vice president and chief financial officer Alan B. Graf Jr.’s total compensation declined 10 percent, to $4.8 million.
Robert B. Carter, executive vice president and chief information officer, posted a 3.8 percent increase, to $4.9 million; executive vice president, market development and corporate communications T. Michael Glenn’s compensation increased 3.1 percent, to $5.2 million; and FedEx Express president and CEO David Bronczek was up 1.3 percent, to $6.5 million.
The proxy statement sets the agenda for FedEx’s annual shareholder meeting in Memphis Sept. 29.
FedEx blocked inclusion in the proxy of a shareholder proposal that would have required examination of company ties with the Washington Redskins and FedEx Field in Landover, Maryland. The team owner is under fire from critics of the team name. FedEx has naming rights for the stadium, and Smith is a 10 percent owner of the team.
A handful of shareholder proposals opposed by FedEx’s board will be voted on at the annual meeting. These include a proposal to allow shareholders to bypass a board committee in nominating board members and a proposal to require the company to disclose all political spending.
Missing from the proxy is a perennial shareholder proposal from the Teamsters calling for an independent board chairman. Smith is also the company’s chairman and chief executive officer.Copyright 2014 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Thursday, August 21, 2014
Saturday, August 16, 2014
Friday, August 15, 2014
Race Game Posted:
14 Aug 2014 07:32 AM PDT
Laredo, TX employees recently signed cards to petition the NLRB for union representation. The LSX terminal in San Antonio held a meeting with their employees to tell them that the employees at Laredo who signed cards didn't know what they were signing because they don't know how to speak, write, or read english. They're trying to play the race card to persuade their own employees not to do the same thing. Conway is scum and we must remember that when they spew their lies. This is not an issue to do with race, this is an economic issue. This is about us fighting back against Conway's corporate greed. Let's keep this in mind when we vote at Laredo on September 12th.
Wednesday, August 13, 2014
UPS, FedEx owned by most of the same monopoly banks Highlights the need for industry-wide organizing, unionizing FedEx workers By Dave Schneider and Dustin Ponder | April 19, 2014 Read more articles in Labor Jacksonville, FL
– Despite ‘competing’ as the world's two largest parcel delivery and shipping companies, UPS and FedEx are owned by many of the same banks. According to NASDAQ's ownership summary of both companies, 12 of the top 20 owners of UPS and FedEx are the same banks, investment groups and financial institutions.
Both multi-billion dollar corporations are under 'institutional ownership', which means that a majority of their shares are owned by financial institutions, banks and other large monopoly corporations. According to NASDAQ's ownership summary of UPS on April 11, nearly 71% of UPS shares are owned by institutions. FedEx, a smaller company than UPS, actually had greater institutional ownership, with 83.94% of the company's shares owned by institutions, according to NASDAQ.
However, most of the largest institutional owners of both UPS and FedEx have substantial interests in both companies. For instance, Vanguard Group Inc., a Pennsylvania-based investment bank that manages nearly $2 trillion in assets, is the single-largest owner of UPS and the third largest owner of FedEx. Vanguard Group is a massive financial institution that boasts the largest ownership in many other large, well-known corporations including Apple, Exxon Mobil and Microsoft.
Primecap Management Company, based in Pasadena, California, is the largest owner of FedEx, holding nearly 19 million shares of the shipping company, according to NASDAQ. However, Primecap is also the 16th largest owner of UPS stock, holding more than 6.3 million shares, also according to NASDAQ.
In all, 60% of the top 20 owners of both UPS and FedEx are the same banks, investment groups and financial institutions.
Institutional ownership is incredibly common among the largest 500 publicly traded companies.
Despite this fact, companies like UPS stress to workers the need to “compete” against rival workers in their industry, like those at FedEx. UPS's collective bargaining agreement includes an entire article on competition that states: “The Union recognizes that the Employer is in direct competition with…other firms engaging in the distribution of express letter, parcel express, parcel delivery, and freight, both air and surface.”
The company leverages this poison pill of competition to justify subcontracting union work and undermining union standards. It creates an adversarial relationship between workers of UPS and FedEx, when in reality the owners at the top are united in extracting the most profit possible from workers at both companies. When the owners of UPS and FedEx are one in the same, ‘competition’ means which management team can exploit their workers the most and extract the most profit for the banks that own the whole industry.
A prominent argument used by UPS claims that workers must accept concessionary contracts to remain ‘competitive.’ They argue that employing tried-and-true militant tactics, like striking as the Teamsters did successfully in 1997, will result in FedEx stealing UPS’s customers. Historically, the union movement addressed this by organizing entire industries, instead of single worksites or employers. This meant one industry, one union, and at times -one contract. At its best, this method of organizing and bargaining takes wages out of competition and sets industry-wide standards to prevent subcontracting and a race to the bottom through ‘competition.’ Tactically, if the 1% owners of both brands are united, then to combat them and win, workers across the entire industry must also unite.
The attempts of the International Brotherhood of Teamsters to organize FedEx have been foiled by U.S. labor law, which misclassifies workers and stifles their ability to unionize. FedEx Ground drivers are misclassified as independent contractors and are legally barred from union representation, even though in practice, they are effectively workers directly employed by the company. FedEx Express drivers are also misclassified under the Railway Labor Act (RLA), as opposed to the National Labor Relations Act. The company claims their employees are ‘airline’ workers, and thus would need to unionize nationally all at once. The RLA also places many more restrictions on workers’ rights, including the ability to strike. It also forces the workers into binding arbitration, which often serve the interest of the boss instead of the workers.
The banks and financial institutions that own both UPS and FedEx are united in their push for lower wages, part-time poverty jobs, fewer benefits and weaker contracts. To effectively fight their race to the bottom, union workers at UPS must organize FedEx workers, regardless of the legal fictions created by politicians in Washington.
Dave Schneider and Dustin Ponder are both rank-and-file Teamsters and members of Part-Time Power at UPS, which is a national group for UPS part-timers.
Wednesday, August 6, 2014
Saturday, August 2, 2014
CIN has filed a to the NLRB after collecting an overwhelming amount of signed cards.
A letter of protection has been issued to Fed Ex Freight the committee members in charge of organizing the center.
More centers to follow suit.