Teamsters Kick Off National Trustees Program

December 12, 2002

Nearly 100 trustees of Teamster pension and health and welfare plans heard the gospel of coordination and shareholder activism as they met in Washington December 9-10 for the kickoff of the National Teamsters Trustees Education program.

“Teamsters hold $100 billion in the capital markets,” said Jim Hoffa, Teamsters General President, “Together we can influence corporate behavior by making companies more accountable to Teamster shareholders and members. By increasing coordination of our funds, we will restore integrity to the U.S. capital markets.”

Teamster trustees were joined by California State Treasurer Phil Angelides, trustee of the first- and third-largest pension funds, California Public Employees Retirement System and California State Teachers Retirement System.

“No reform effort will be complete unless the owners of American corporations, institutional and individual shareholders alike, commit themselves to exercising the power of the purse to bring about a new era of corporate responsibility,” Angelides said.

“We must hold our money managers and service providers accountable for representing the interests of our members and plan participants,” said C. Thomas Keegel, Teamsters General Secretary Treasurer. “These companies work for us, and we must get the best service available.”

Trustees heard from experts on topics including corporate governance, legislative reforms, proxy voting, legal strategies, the rules, rights and responsibilities of trustees, developments in pension and health and welfare plans, and the creation of a Teamster companies portfolio in which funds can invest.

“Our National Teamsters Trustees Education Program is off to a terrific start. The Education Department looks forward to working with all Teamster trustees in the coming months,” said Mary Hardiman, Director of the Teamsters Education Department, which together with the Benefits and Corporate Affairs departments developed and implemented the program.