WASHINGTON, May 18, 2021 / PRNewswire / – The following version has been updated. The full corrected version is as follows:
Teamsters urge investors to vote against Republic Services, Inc. (NYSE: RSG) (“Say-on-Pay”) executive compensation program at the company’s shareholders’ meeting on May 21.
The controversial board decision to waive the 12-month notice requirement for CEO Slager’s retirement, allowing him to retire next month with full vesting of all of his stock awards in circulation, is in question. This includes more than an estimate $ 9 million in shares granted just one month before announcing, in March, his intention to retire. Without the 12-month notice, CEO Slager would only be eligible to vest partially, or on a pro rata basis, his outstanding and unvested stock awards. The difference is in the tens of millions of dollars. In addition, CEO Slager is expected to receive a lucrative consulting contract, which pays him his full base salary of $ 1.2 million for the rest of the year, just to give advice âfrom time to timeâ to the company.
“Having achieved more than one $ 110 million compensation over the past four years, CEO Donald slager was well taken care of by the Republic, even before the softened gain, which cannot be said for the thousands of employees of the Republic working on the front lines in the midst of the pandemic, âsaid the Secretary-Treasurer General of the Teamsters. Ken hall. âRepublic talks about a good game when it comes to human capital and sustainability, but the brutal truth is that the miserable $ 500 the pandemic bonus paid to its 28,000 employees is less than half of what it paid to appointed executives in 2020, and only 2% of the more than $ 621 million it has lavished on shareholders this year.
The Teamsters sponsored a proposal calling for greater accountability in executive compensation practices for corporate sustainability performance.
The Teamsters solid waste and recycling division represents more than 7,000 Republic Services employees across the country.
An earlier version of this press release referred to Institutional Shareholder Services also advising against Say-on-Pay. Following a reassessment, ISS reissued its report recommending in favor of the company’s proposal.
Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million working men and women across United States, Canada and Porto Rico. Visit www.teamster.org for more information. Follow us on Twitter @Teamsters and “like us” on Facebook at www.facebook.com/teamsters.
Kara deniz, (202) 497-6610
SOURCE International Brotherhood of Teamsters