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Real Teamster said:
I too am in favor of meritocracy, Ex. What I'm dead set against is executives who claim their "retention" payments under the guise of meritocracy when their receipt and acceptance of those payments isn't meritocracy in the slightest; it's more like grand larceny.
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Weren't there a couple teamster execs on that BOD that had to approve those bonuses? <<<----- I'm not sure, is why I am asking. I thought the IBT made some agreement at concession time to put a couple folks on the BOD. Maybe that was temporary???

In any event I am all for large bonuses and small salaries as long as those bonuses are for objectively verifiable performance metrics AND after payment of bonuses the company must still be profitable.
 
EX396 said:
Weren't there a couple teamster execs on that BOD that had to approve those bonuses? <<<----- I'm not sure, is why I am asking. I thought the IBT made some agreement at concession time to put a couple folks on the BOD. Maybe that was temporary???

In any event I am all for large bonuses and small salaries as long as those bonuses are for objectively verifiable performance metrics AND after payment of bonuses the company must still be profitable.
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No, the two board members were indeed appointed by Hoffa Jr., but they were not Teamster execs. Not sure what their background is, to be quite frank. Whether those two voted in favor of or against those "retention" payments is unknow, and so far as I know that vote is not public domain.
 
Puff Driver said:
Funding pensions that were robbed and mismanaged is Corporate Welfare

The teamsters union failed to react as their membership in LTL Pensions declined. This is the teamsters fault not the taxpayers fault.
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The government mandated who could oversee the pensions and their charges were way higher than other co. Managing pension plans
 
Real Teamster said:
Whether those two voted in favor of or against those "retention" payments is unknow, and so far as I know that vote is not public domain.
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Now you're going to make me hunt. I'm "thinking" the Articles of Incorporation for publicly traded companies require written minutes to be kept of all BoD meetings and votes. Those minutes are to be filed with the SEC. I've never done a deep-dive into that sort of thing, going to have to satisfy my curiosity and see if I can find such a thing...don't hold your breath.
 
I found a proxy statement DEF14A filed 4/27/23 (It's the most recent one filed). It discusses 2022 officer compensation including bonus structure, etc. Nothing more recent is available yet.

In a nutshell, there is a 6 member Compensation Committee, 4 voting members (names are listed on the DEF14A) and 2 non-voting members (Hawkins and Doheny). There is consulting firm that advises, using data from compensation packages of Officers of other companies in the industry, as well as shareholder voting feedback. The consulting firm does not have a vote.

It's 60ish pages long. A whole lot of info there.

In short, 4 person committee decides and they don't state who voted how, only the outcome of the vote. Strange that it's an even number on the committee, guess they must discuss/debate until they have a majority.
 
seabreeze said:
WOW, I should

WOW, I should know one should never discuss their salaries with others.
Years ago, I had a friend whose boss called him in and told him what a fine employee he was, you're doing a great job, people like you make our company.
We are going to reward you with a .10 per hour raise.
As you know, we never discuss our pay with others.
My friend said, "Oh hell no, I'm just ashamed of it as you are"
They called him in the next morning and fired him.
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I actually have been there. Its funny now looking back but at the time i was upset and thought what an insult.
 
It is. 10 cents an hour raises haven't been something since minimum wage broke $3/hr. Give larger raises less frequently. People will fill more valued/rewarded if you gave them a $5/hr. bump every other year rather than giving them $1 every 6 months.
 
EX396 said:
Now you're going to make me hunt. I'm "thinking" the Articles of Incorporation for publicly traded companies require written minutes to be kept of all BoD meetings and votes. Those minutes are to be filed with the SEC. I've never done a deep-dive into that sort of thing, going to have to satisfy my curiosity and see if I can find such a thing...don't hold your breath.
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Sorry if you have to do a lot of research here. That wasn't my intent.
 
EX396 said:
It is. 10 cents an hour raises haven't been something since minimum wage broke $3/hr. Give larger raises less frequently. People will fill more valued/rewarded if you gave them a $5/hr. bump every other year rather than giving them $1 every 6 months.
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Why isn't there an edit option for this post?
 
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