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AFSCME Issues Resolution on ULLICO
http://www.afscme.org/press/pr030403.htm
Executive Board Urges Directors To Return Profits
WASHINGTON - The International Executive Board of the American
Federation of State, County and Municipal Employees, (AFSCME),
AFL-CIO, issued a resolution calling for new leadership at ULLICO and
urged the ULLICO board of directors to immediately return profits
made from trading ULLICO stock.
The resolution condemns business practices by any corporation that
undermines the security of America's workers and urges the ULLICO
board of directors to return the profits they earned from the buying
and selling of stock to the ULLICO treasury.
"As a labor union we fight day in and day out for the rights of our
members," said AFSCME President Gerald W. McEntee. "We cannot stand
by and allow their futures to be jeopardized."
AFSCME's executive board also called upon the ULLICO board to
immediately release the Thompson Report to shareholders and appoint a
new President and management team charged with returning the company
to the purposes for which it was founded.
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RESOLUTION
WHEREAS, the AFSCME International Executive Board is aware of the
ongoing controversy concerning the operation and management of
ULLICO, including the controversy over whether members of the
ULLICO's Board of Directors should retain profits they made from
trading in ULLICO stock and the controversy over whether the report
on this matter prepared by former Governor Thompson ("Thompson
Report") should be released to ULLICO's shareholders;
WHEREAS, ULLICO is an insurance company that was founded by labor
unions for the purpose of providing life, health and other insurance
programs to unions and union members at reasonable cost;
WHEREAS, ULLICO's majority shareholders are unions and their health
and welfare and pension funds;
WHEREAS, the majority of the members of ULLICO's Board of Directors
also serve as officials of the unions and benefit funds that are
majority shareholders of ULLICO;
WHEREAS, AFSCME International Executive Board condemns unscrupulous
business practices by any corporation that undermine the security of
America's workers;
THEREFORE, BE IT RESOLVED:
That the AFSCME International Executive Board urges the members of
ULLICO's Board of Directors to immediately return any and all profits
they may have made from the buying and selling of ULLICO stock to the
ULLICO treasury so that such profits can be used for the purposes for
which the company was established; and
AND BE IT FURTHER RESOLVED:
That the AFSCME International Executive Board urges ULLICO's Board of
Directors to immediately release the Thompson Report to ULLICO's
shareholders;
AND BE IT FURTHER RESOLVED:
That the AFSCME International Executive Board urges Robert Georgine
to immediately resign as President and Chief Executive Officer of
ULLICO;
AND BE IT FURTHER RESOLVED:
That the AFSCME International Executive Board urges that a new
President and management team be appointed at ULLICO and given the
mission of returning the company to the purposes for which it was
founded -- making insurance programs available to labor unions and
union members at reasonable cost.
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American Federation of State, County
and Municipal Employees, AFL-CIO
1625 L Street, N.W., Washington, D.C. 20036-5687
Telephone (202) 429-1145
Fax (202) 429-1120
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