WASHINGTON, Sept. 18, 2014 /PRNewswire-USNewswire/ -- ISS,
the country's leading proxy voting advisor, has recommended that
shareholders vote for a Teamsters-sponsored shareholder proposal at
FedEx [NYSE: FDX] that calls on the board of directors to
eliminate the practice of paying the personal taxes owed on
restricted stock awards on behalf of CEO Fred Smith and other named executive
officers.
"Shareholders are fed up with FedEx paying personal taxes for
the company's well compensated executives," said Ken Hall, General Secretary-Treasurer of the
International Brotherhood of Teamsters. "FedEx has cut pensions and
raised the costs of medical coverage for workers while continuing
to lavish executives with this outdated perk."
According to the company's 2014 proxy statement, FedEx paid out
more than $1.8 million in tax gross
ups for the named executive officers last year. Over the past four
years FedEx has paid more than $6.4
million just in tax payments for top executives' restricted
stock awards. The FedEx shareholder meeting will be Sept. 29.
A review of ISS research indicates that only fewer than 40
companies in the S&P 500 continue to pay tax gross-ups with no
commitment to eliminate the practice.
Founded in 1903, the International Brotherhood of Teamsters
represents 1.4 million hardworking men and women throughout
the United States, Canada and Puerto
Rico. Visit www.teamster.org for more information. Follow us
on Twitter @Teamsters and "like" us on Facebook at
www.facebook.com/teamsters.
Logo - http://photos.prnewswire.com/prnh/20100127/IBTLOGO
SOURCE International Brotherhood of Teamsters