Author Information
Who's Frank Savage?
Frank Savage is a board member of Enron..
elected to the board of the world's biggest weapons monger
Lockheed, whose CEO Vance Coffman makes 49 million a year
in salary from the taxes of the poor and whose board
included Lynne Cheney.
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http://www.aflcio.org
Former Enron director re-elected to Lockheed board
A top labor group failed for a second time to stop the re-election of a former Enron Corp. director to the Lockheed Martin Corp. board, Reuters reported on Thursday
The AFL-CIO, a federation of more than 60 labor unions, had asked shareholders to reject Lockheed's appointment of Frank Savage, saying he has not shown he protected Enron shareholders before and during the Houston-based energy trader's collapse.
According to Reuters, the labor organization said that this year and last, 28 percent of Lockheed shareholders cast their ballot against Savage's board appointment. It was the highest number of votes ever against a board director appointment, AFL-CIO office of investment spokesman Michael Garland told Reuters.
The union, which has spearheaded the campaign against Savage for two straight years, said it was pleased with the relatively high number of "no" votes since Enron's corporate governance issues have largely fallen out of the spotlight.
"Directors are reflexively voted into office, and withholding a vote against a board member is one of the strongest messages a shareholder can send to the company," said Garland.
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Most Enron directors have stepped down from other corporate boards, and Savage -- who was not accused of any wrongdoing in the Enron debacle -- is the only Enron director to be renominated to a large public company board since the former power trading giant was dissolved, according to the AFL-CIO.
