A Strong Vote For Worker Protection

Since the collapse of the Enron Corporation, and the devastating consequences for thousands of its employees, the AFL-CIO, the Counsel of Institutional Investors and institutional investors across the country have been urging reforms in corporate governance to insure worker protection from such corporate collapses in the future.

As a part of these efforts, the AFL-CIO has led a campaign urging the shareholders of the Lockheed Martin Corporation to vote "no" on the election of Mr. Frank Savage to continue to be a Director of Lockheed Martin because of the role he played as a Director of Enron. A report by a Special Investigative Committee of the Enron Board of Directors was very critical of the role played by the Enron Board members prior to the company's collapse and concluded "the Board of Directors failed, in our judgment, in its oversight duties. This had serious consequences for Enron, its employees, and its shareholders."

One of CPF's long-time investment managers, Barclays Global Investors, has now announced that, in agreement with the AFL-CIO's position, it intends to vote "no" on Mr. Savage to continue as a Director of Lockheed Martin. This is a very important decision because Barclays is one of the largest Lockheed Martin shareholders.

The Central Pension Fund is proud of Barclays' decision to make this strong statement on behalf of worker protection.

April 10, 2002