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C'mon Wall St. Give UPS some love
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<blockquote data-quote="j13501" data-source="post: 623778" data-attributes="member: 918"><p>Random, </p><p>You are correct. Class A shares (which are employee owned/purchased directly from UPS) have 10 votes to only 1 for Class B shares which are purchased on the open market.</p><p></p><p>The difference is that our company had to change the makeup of the BOD with the passage of the Sarbanes-Oxley Act in 2002. This law was passed after the Enron and Worldcom scandals. One provision called for a more "independent" BOD, which wouldn't just "rubber stamp" the wishes of the CEO, COO, etc. My understanding was that at least 1/2 the BOD had to be non-employees (or non- former employees). </p><p></p><p>In our typical way, we went above and beyond. Today 8 of the 10 UPS Board members are non-employee directors. </p><p></p><p>I believe that the 10 -1 ratio of votes between A and B shares doesn't make any difference because the people with the most shares believe that we have made the right decision regarding the Board make-up.</p></blockquote><p></p>
[QUOTE="j13501, post: 623778, member: 918"] Random, You are correct. Class A shares (which are employee owned/purchased directly from UPS) have 10 votes to only 1 for Class B shares which are purchased on the open market. The difference is that our company had to change the makeup of the BOD with the passage of the Sarbanes-Oxley Act in 2002. This law was passed after the Enron and Worldcom scandals. One provision called for a more "independent" BOD, which wouldn't just "rubber stamp" the wishes of the CEO, COO, etc. My understanding was that at least 1/2 the BOD had to be non-employees (or non- former employees). In our typical way, we went above and beyond. Today 8 of the 10 UPS Board members are non-employee directors. I believe that the 10 -1 ratio of votes between A and B shares doesn't make any difference because the people with the most shares believe that we have made the right decision regarding the Board make-up. [/QUOTE]
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