LIUNA Pension Fund Proposal Calls on Walgreen Co. to Bar Inversions
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http://nhlabornews.com/2014/07/liuna-pension-fund-proposal-calls-on-walgreen-co-to-bar-inversions/
LIUNA The Laborers International Union of North America
Bad for shareholders and bad for America
Washington, D.C. A pension fund affiliated with LIUNA the Laborers International Union of North America today filed a shareholder proposal calling on the Walgreen Co. Board of Directors to institute a policy that bars inversions.
Companies which invert maintain the benefits of being based in the U.S., while slashing the amount of corporate taxes they pay.
The scheme in which a U.S.-based corporation with operations outside the U.S. restructures so the U.S. parent operation is replaced by a foreign corporation is estimated to cost the U.S. economy $20 billion in the next 10 years, according the White House. Walgreens consideration of the scheme has drawn criticism from President Obama and proposals in Congress to curtail it.
The shareholder proposal was filed by the Massachusetts Laborers Pension Fund. LIUNA-affiliated funds have been active since 2005 in overseas incorporation issues involving U.S. companies.
FULL story at link.
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