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Machinists at Lockheed Rally Shareholders to Vote No on Enron Board Member |
| Contact: Bob Wood, IAMAW 770-428-3385 (office) 214-755-4207 (cell) Frank Larkin, IAMAW 301-967-4520 (office) 202-285-3831 (cell) FOR IMMEDIATE RELEASE Machinists at Lockheed Rally Shareholders to Vote No on Enron Board Member Washington, D.C., April 8, 2002 – The International Association of Machinists and Aerospace Workers (IAM) is calling on individual and institutional shareholders at Lockheed Martin Corp. to withhold their votes from the reelection of Enron board member Frank Savage to Lockheed’s board of directors. As a board member since 1999 at the now-bankrupt Enron Corp., the IAM believes Savage failed in his oversight duties as company executives inflated earnings and concealed debt while the pension and retirement accounts of thousands of Enron employees were depleted. Despite this, Savage was recently re-nominated to the Lockheed Martin board by CEO Vance Coffman. “The IAM believes that the Enron board and its committees failed to protect the company, its employees and investors,” said Machinists Union International President Tom Buffenbarger. “The IAM, the AFL-CIO and other institutional investors are asking all Lockheed Martin shareholders to withhold their vote from Mr. Savage.” Voting is underway and will culminate at the Lockheed Martin’s annual shareholders meeting on April 25, 2002, in San Diego, California. “We’ll be there,” declared Buffenbarger. “As the representatives of more than 15,000 active and retired Lockheed employees, we know that Enron-type management practices could be financially lethal to our members’ careers and pensions.” Since Enron’s bankruptcy, director nominations are under increased scrutiny as a way to protect employees and shareholders by highlighting board choices that previously would have gone unnoticed. Enron board members are under particularly intense pressure. Four Enron board members recently announced they would give up public positions or directorships at other companies. “Board members at public corporations should be held to the highest levels of accountability,” said Steve Sleigh, IAM Director of Strategic Resources. “Their compensation alone demands it. The fact that many corporations are sustained by considerable investment from their employees gives those investors every right to demand better.” -30- |
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