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Claim Your Free Copy of Overtime Primer: Highlights from the New Regulations

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This report includes a summary of key changes, including the salary level test and salary basis test.

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April 16, 2004
AFL-CIO Targeting Comp Directors
The AFL-CIO has begun targeting directors who sit on compensation committees, holding them responsible for approving pay packages it considers particularly questionable, according to the Dow Jones Newswires.

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The union's actions include naming directors on a specially created website (linked below) and, more important, urging stockholders to withhold votes from them.

"We are urging shareholders to take a proactive approach in stopping runaway CEO pay dead in its tracks," AFL-CIO Secretary-Treasurer Richard Trumka said. "Irresponsible directors must be removed to rein in excessive CEO pay that ultimately robs working families of their retirement security."

Dow Jones notes that the union's campaign is part of a growing effort by activist investors to drive home their concerns over corporate governance. For instance, the $165 billion California Public Employees' Retirement System announced on its Web site Thursday that it plans to withhold votes from directors at Lockheed Martin Corp. and Apple Computer Inc. over a variety of corporate governance issues.

The companies on the AFL-CIO's watch list include: Citigroup Inc., Safeway Inc., Comcast Corp., AMR Corp. (the parent of American Airlines), Cendant Corp., Cisco Systems Inc., Apple Computer Inc., Clear Channel Communications Inc., Dominion Resources Inc., and United Rentals Inc.

Directors targeted by the AFL-CIO include top executives, including Time Warner Inc. Chief Executive Richard D. Parsons, who is chairman of Citigroup's compensation committee, and Carol Bartz, Autodesk Inc.'s CEO, who serves as chairwoman of the compensation panel at Cisco.

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