Julia Carson on Corporations Former Democratic Representative (IN-7, 1997-2007)

Voted YES on allowing stockholder voting on executive compensation.

Proponents support voting YES because:

We should not deprive the public, the stockholders, from being able to do anything meaningful once they find out about scandalous levels of executive compensation or board compensation. Everyone talks about the corporate board as the remedy. But the board is often a part of the problem, being paid huge amounts of money for showing up once or twice a year at meetings.

Give the stockholders a meaningful remedy. Once you get the mandatory disclosure put in place by previous legislation, we are saying the stockholders should be allowed to have a referendum on that and not have a runaround by the board.

Opponents support voting NO because:

This vote is based on mischaracterization--it is an unnecessary amendment. The opportunity for these kinds of votes already exists within the structure of corporate governance right now. A good company from Georgia, AFLAC, went ahead and already has these nonbinding shareholder votes. But there is a difference between having individuals in the private sector, shareholders and individuals outside of the mandating of government to have it occur and have government come in with its heavy hand and say, this is exactly what you need to do because we know best. Our constituents know better how to act and how to relate to corporations than Washington.

Voted NO on replacing illegal export tax breaks with $140B in new breaks.

Voted NO on Bankruptcy Overhaul requiring partial debt repayment.

Require Code of Conduct for US corporations abroad.

OFFICIAL CONGRESSIONAL SUMMARY: Requires any national of the United States that employs more than 20 persons in a foreign country, either directly or through subsidiaries or licensees, to take the necessary steps to implement a Corporate Code of Conduct with respect to the employment of those persons.

EXCERPTS OF CONGRESSIONAL FINDINGS:

The Congress finds the following:
1. On 1/31/1999, UN Secretary General Kofi Annan challenged world business leaders to 'embrace and enact' the Global Compact, an agreement that asks corporations to protect human rights, labor rights, and the environment.
2. In a recent poll, 88% of the respondents agreed that 'American companies that operate in other countries should be expected to abide by US environmental standards.'.
3. The European Parliament has passed a European Code of Conduct calling for European businesses to abide by European Union laws in operations outside of Europe.
4. The protests in 2000 against the WTO in Seattle, and the World Bank and IMF in Washington, D.C., demonstrate a growing constituency against the unregulated expansion of globalization.
5. Unfortunately, too many US businesses with operations abroad are notorious for their blatant disregard for the well being of the citizens of their host nations who are employees of the businesses.

CORPORATE CODE OF CONDUCT
1. Provide a safe and healthy workplace.
2. Ensure fair employment, including the prohibition of the use of child and forced labor, the prohibition of discrimination, the right to bargain collectively, and the payment of a living wage to all workers.
3. Prohibit mandatory overtime work by employees under the age of 18.
4. Prohibit the practice of pregnancy testing of employees.
5. Comply with minimum international human rights standards.

LEGISLATIVE OUTCOME:Referred to House Subcommittee on International Monetary Policy and Trade; never came to a vote.

Rated 33% by the US COC, indicating an anti-business voting record.

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