AFL-CIO, Proxy Advisory Firm ISS Urge Investors to Vote Against Grupo Board
Both the AFL-CIO and Institutional Shareholder Services (ISS), a highly influential investor advisory firm, are urging shareholders to vote “AGAINST” Item #7 on management’s proxy card at the April 30, 2021, annual meeting of Grupo México S.A.B. de C.V. (“Grupo México”).
In its letter to shareholders, the AFL-CIO explains that item # 7 authorizes the appointment and/or ratification of the members of Grupo México’s Board of Directors and recommends that they vote “AGAINST” Item #7 to hold the Board of Directors accountable for the company's environmental, social and governance problems.
The letter points out Grupo's environmental issues both in Mexico and in the U.S., and traces the company's history of labor issues on both sides of the border as well. The letter includes last week's decision by Region 28 of the National Labor Relations Board issuing a fourth consolidated complaint against Grupo México’s subsidiary ASARCO, outlining the company's illegal behavior before, during and since our strike.
In its analysis of Item #7 on the proxy card, ISS points out that Grupo is seeking shareholder approval to elect the board of directors and key committee members, but no further information regarding the director candidates was disclosed.
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