10 Sep TEAMSTERS SCORE VICTORY FOR INVESTOR RIGHTS AT SYSCO
Board Agrees to Adopt Union Shareholder Proposal Establishing
Shareholders’ Right to Call Special Meeting
(WASHINGTON) – The Teamsters Union scored a major victory for Sysco [NYSE: SYY] shareholders when the board of directors agreed this week to adopt the union’s proposal to amend company by-laws and provide shareholders with the right to call a special meeting. In 2015, a quorum of Sysco investors owning 25 percent of the company’s outstanding shares will be empowered to call a special meeting of shareholders.
“The right to call a special meeting is fundamental for investors,” said Ken Hall, General Secretary-Treasurer of the International Brotherhood of Teamsters. The union is a long-term investor of Sysco. “It is especially important at Sysco, where the company has cut investors out of the decision-making process of its acquisition of US Foods which faces increased antitrust scrutiny from the Federal Trade Commission and numerous state attorneys general.”
Founded in 1903, the International Brotherhood of Teamsters represents more than 1.4 million hardworking men and women throughout the United States, Canada and Puerto including 11,500 workers employed at 70 Sysco and US Foods facilities across the United States. Follow us on Twitter @Teamsters and “Like” us on Facebook at www.facebook.com/teamsters.