AFL-CIO Media Center

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Statement by AFL-CIO President John Sweeney On ULLICO Shareholder Meeting and Leadership

 

May 08, 2003

 

Today the ULLICO shareholders recognized the problems facing the company and moved aggressively to restore financial viability and confidence by insisting on the highest levels of accountability. The steps the ULLICO shareholders have taken are what should happen at every American company that has faced similar problems. I commend the ULLICO shareholders for making decisions that will position ULLICO to best fill its mission as a unique financial institution devoted to the needs of America’s working people.

 

The AFL-CIO has said all along that there can be only one standard for responsible corporate governance and that unions must be just as willing to expose and remedy conflicts at ULLICO as we have been at other companies in corporate America. When the labor movement is fighting as never before to protect workers’ retirement savings, ULLICO needed to live up to the standards we ask others to meet, and the company’s shareholders did not disappoint us.

 

I’m very pleased that Terence O’Sullivan, President of the Laborers, will bring his vision and commitment to his position as Chairman of the Board and acting CEO of ULLICO. And I’d like to commend Ed Hill, President of IBEW, for his tireless efforts on behalf of the future of ULLICO.

 

With O’Sullivan’s leadership and with outstanding directors – both those who are from the public and private sector and those who bring their expertise from within the labor movement -- ULLICO will be able to meet its highest potential as a strong and noble working families’ financial institution.

 

As he steps down, we also thank Bob Georgine for his years of service to ULLICO and his commitment to a smooth transition for the best long-term interests of the company.

 

Contact: Lane Windham (202) 637-5018