Chicago, IL
The AFL-CIO Capital Stewardship program seeks to ensure that funds invested on behalf of working families are invested and managed in working families’ long-term best interest. The AFL-CIO and its affiliates, working with our trustees, are committed to organizing our funds to be active, responsible stewards of worker capital.
Worker assets take many forms, including Taft-Hartley plans and public pension plans. But the largest pool of worker assets is made up of employer-sponsored plans, where the beneficiaries often do not have a voice in the management of their funds. The Pension Committee recognizes that collective bargaining provides opportunities for AFL-CIO affiliates to negotiate new contractual provisions and other, less formal structures for worker participation in fund management in both Taft-Hartley and employer-sponsored plans.
Possible initiatives include:
Participant Advisory Boards
Adoption of AFL-CIO Proxy Voting Guidelines
Adoption of Responsible Contractor Guidelines
Enhanced Disclosure to Participants, e.g.: disclosure of fund’s asset allocation policies and investment guidelines; disclosure of how proxies are voted on behalf of the fund; disclosure regarding service provider selection and track record; disclosure of political expenditures by corporations in which the fund invests
Participant/Union Representation on Fund Board of Trustees.
The AFL-CIO encourages its affiliates to bargain for those provisions appropriate to their situation.