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LOCAL 201 RETIREES COLUMN
BY KEVIN D. MAHAR
PRESIDENT LOCAL 201 RETIREES COUNCIL
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GE ANNUAL SHAREOWNERS MEETING APRIL 28, 2010 As I often have done in the past I am quoting from the verbatim transcript from the GE annual meeting. I do this so you may feel as if you were there, I wonder how many of you remember that old TV program? YOU ARE THERE The first of many speakers who were advocating for GE retirees was Bill Freeda who is the NABET/CWA National Retiree Coordinator. “Good morning, Mr. Chairman. MY Name is Bill Freeda. I’m here this morning to tell you that I voted against all the members of the Compensation Committee. I will continue to do so until the time that I believe that this committee is acting tin the best interest of the shareowners and not the senior executives of the General Electric Company. In addition, I abstained when it came to you Jeff. However, I would like to congratulate you –for the very first time you have managed to find a way to disqualify my shareowner proposal. Unfortunately for all of us here, your strategy was to drive the share of the price of our company stock so low that I did not possess the required dollar amount to submit a proposal. In the past when I have spoken out at the shareowners meeting, it has been on behalf of GE retirees. Today I will leave that task to my colleagues. This morning I want to speak of something of a more personal nature.” At this point Bill gave Jeff Immelt and all the shareowners hell about the fact he thought GE did the wrong thing by NBC which made NBC the butt of comedian jokes. At the end of his remarks Jeff Immelt thanked him and went on to the next speaker. Many speakers including me asked about and discussed the cuts in our dividends here is what Jeff Immelt said “So, you know sir, I think cutting the dividend is the toughest decision that I’ve ever had to make. We did it during the financial crisis to make sure we kept the company safe and secure. I know how important the dividend is. Earnings growth is reappearing for GE. Your dividend is going to go up again soon.” “ Darrel Martin: How soon? Darrell Martin: Hey is it going to be 11 or 12? Jeff: It’ll be at least 11. Yes sir.” Again this is taken from the GE verbatim transcript. “Jeff: Share owners Proposal #3 relating to an independent boar chairman was submitted by Ms Helen Wuirini of Schenectadady NY. I know Helen is here today to present the proposal. Helen Quirini: Good afternoon. Jeff: Hi Helen. Helen: I am a proud shareowner but I’m equally proud to be co –chairman of a group called Justice for the Retirees. And Kevin is my co-chairman. Our purpose in life is to make life better for the retirees. I am here again about this proposal and I will continue to bring it up as long as there is breath in my body because I think this is the eighth or sixth time that I have brought it up and each time I get a bit more votes. So I’ve got a lot more explaining to do to the people.” Helen then went on to read the proposal. Helen further said and I quote, “Now this leads me to inquire about Jack Welch’s monthly pension of $8000,000. You hear me ? Monthly pension of $8000,000. While a lot of the retirees are living in poverty. Are the shareowners fully aware of this? The first time I heard this I couldn’t believe it and I said to people, “you must have the figures wrong” They’re not wrong. This is fact.” WHAT YOU CAN DO TO HELP Wish 90 year young Helen Quirini a HAPPY BIRTHDAY BY JOINING HER IN THE GE RETIREE JUSTICE FUND. DUES ARE $12. PER YEAR MORE IF YOU CAN AFFORD IT LESS IF YOU CANNOT. AGAIN THIS YEAR I SEND A $100. DONATION AND CHALLENGE MY FRIENDS TO MATCH ME. SEND ANY DONATION TO GE RETIREES JUSTICE FUND 2917 HAMBURG ST. SCHENECTADY NY 12303 www.geretirees.com |
