This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Teamsters' Call To Reform Sotheby's Executive Pay Supported By ISS And Glass Lewis

Leading Proxy Voting Advisors Recommend Shareholders Vote FOR Teamster Shareholder Proposal; ISS Also Urges Sotheby's Investors Vote FOR CEO Succession Planning Proposal

WASHINGTON, May 3, 2012 /PRNewswire-USNewswire/ -- ISS and Glass Lewis, the nation's leading proxy voting advisory services,  are  supporting the Teamsters Affiliates Pension Plan's shareholder proposal on reforming executive pay in their voting recommendations for Sotheby's (NYSE: BID).

(Logo -

The Teamsters proposal seeks to curb a compensation practice that does not enhance shareholder value – the automatic accelerated vesting of equity awards in the event of a change-of-control. It states that any vesting in a change-of-control must be on a pro-rata basis and if there were performance goals tied to the equity award those goals must be met. ISS, in its analysis of the current policy, reports that Sotheby's CEO William Ruprecht would potentially receive more than $12 million in a change-of-control event. 

"There is no rationale for the company's current policy that protects the interests of investors," said Ken Hall, International Brotherhood of Teamsters General Secretary-Treasurer. "It is just another scheme to put more money in the pockets of executives." 

ISS also advises Sotheby's shareholders to support a proposal from the Central Laborers' Pension Fund calling for the Sotheby's Board to adopt and disclose annually a CEO succession planning policy. 

Founded in 1903, the Teamsters Union represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico. Visit for more information. Follow us on Twitter @TeamsterPower.

SOURCE International Brotherhood of Teamsters
Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 1.64%
FB $117.43 -0.96%
GOOG $692.36 -0.84%
TSLA $232.32 -3.92%
YHOO $36.01 -1.42%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs