Teamsters Win Vote at Sysco Shareholders Meeting

Teamsters Win Vote at Sysco Shareholders Meeting

Proposal Would Require Annual Election of Board Members

November 9, 2001

(Houston, TX) – The International Brotherhood of Teamsters General Fund, an institutional investor in the Sysco Corporation (NYSE: SYY), today won a crucial vote at the company’s annual shareholders’ meeting. A majority of the shares voting supported the Teamsters’ proposal to eliminate staggered terms for members of the company’s board and to instead have all members of the board stand for election at the same time. In the jargon of corporate governance, the Teamsters propose to “declassify” the board.

“When corporate boards have staggered terms, they are less responsive to their shareholders,” said Louis Malizia, Assistant Director of the Teamsters Corporate Affairs Department. “Annual elections further democracy at the corporate level. It allows shareholders to better react to changes in the marketplace.”

Teamsters expect the Sysco board of directors to take action on its election victory in the coming days. Institutional investors are growing impatient with corporate boards that refuse to follow the will of shareholder majorities.

“We look forward to meeting with Sysco to implement annual elections and make a change for the better in the company’s corporate governance,” said Malizia. “It’s in their best interest to act promptly.”

Founded in 1903, the International Brotherhood of Teamsters represents 1.4 hard-working men and women throughout the United States and Canada.