Unions Press Comcast Shareholders4/26/2005 8:08 AM Eastern
The Communications Workers of America and the International Brotherhood of Electrical Workers believe Comcast Corp. needs to revise its corporate-governance and management-accountability procedures.
The unions urged the MSO’s shareholders to use its annual meeting June 1 in Philadelphia to push for one vote per share for all company stock, the elimination of the company’s poison-pill provision and the addition of an independent, non-executive-board chair.
The CWA and IBEW added that Comcast CEO Brian Roberts currently has “a nondilutable one-third of the voting power of all shares of Comcast Corp., even though Mr. Roberts owns less than 3% of the total outstanding equity of the company," giving him 72 times the votes per share of class-A common shareholders.
“Comcast's market capitalization, exceeding $65 billion, may make it the largest public company with a dual-class voting structure, magnifying the potential danger to shareholders and the investing public at large,” the two unions said in a prepared statement.