WASHINGTON, May 18, 2021 /PRNewswire/ -- The following release has been updated. The full corrected release is as follows:
The Teamsters are urging investors to vote against Republic Services, Inc.'s (NYSE:RSG) executive pay package ("Say-on-Pay") at the company's shareholder meeting on May 21.
At issue is the board's controversial decision to waive a 12-month advanced notice requirement for CEO Slager's retirement, allowing him to retire next month with the full-vesting of all his outstanding equity awards. This includes more than an estimated $9 million in equity awards granted just a month before he announced, in March, his intention to retire. Without the 12-month advanced notice, CEO Slager would be eligible to receive only partial, or pro-rata, vesting of his outstanding and unearned equity awards. The difference amounts to tens of millions of dollars. In addition, CEO Slager is set to receive a lucrative consulting agreement, which pays him his full-base salary of $1.2 million for the remainder of the year, for simply providing 'from time to time' advice to the company.
"Having realized more than a $110 million in compensation over the past four years, CEO Donald Slager has been well taken care of by Republic, even before the sweetened payoff, something which cannot be said for the thousands of Republic employees working on the frontline amid the pandemic," said Teamsters General Secretary-Treasurer Ken Hall. "Republic talks a good game when it comes to human capital and sustainability, but the brutal truth is that the paltry $500 pandemic bonus paid to its 28,000 employees totals less than half of what it paid to the named executives in 2020, and just 2 percent of the more than $621 million it lavished on shareholders this year.
The Teamsters have sponsored a proposal calling for greater accountability in executive pay practices for the company's sustainability performance.
The Teamsters Solid Waste and Recycling Division represents over 7,000 Republic Services workers across the country.
An earlier version of this press release referred to Institutional Shareholder Services also recommending against the Say-on-Pay. Following a reevaluation, ISS reissued their report recommending in favor of the company’s proposal.
Founded in 1903, the International Brotherhood of Teamsters represents 1.4 million hardworking men and women throughout the United States, Canada and Puerto Rico. Visit www.teamster.org for more information. Follow us on Twitter @Teamsters and "like" us on Facebook at www.facebook.com/teamsters.