Domino’s pays many of its workers less than $9 an hour -- but now it wants to give its CEO a pay raise to over $9 million!
It’s so out of control that even shareholders are starting to kick up a storm.
But some of the biggest mutual funds that invest the money of regular folks like us -- including Vanguard and iShares -- are getting ready to support Domino’s in the vote, and kill any chance of holding the CEO to account. Why? Because they’re used to going unnoticed. If we can show these mutual funds that we’re watching before the shareholder meeting, we can force them to vote in the interests of the regular folks that invest with them -- not the CEOs who are their friends on Wall Street.
Sign to tell Vanguard and iShares: We’re watching you. Use our money to stop runaway CEO pay, not enable it.
Shareholders are voting right now, and when the votes are counted at the company’s annual meeting in three weeks, there’s a real chance they’ll vote to reject this oversized CEO pay package.
Just this week, one of the big groups that advises shareholders how to vote came out with its recommendation: Stop the pay raise, and fire the board member responsible!
We’re in a rare moment. These groups, called “proxy advisory firms”, only recommend against raising CEO pay a few times a year. When these votes happen, we don’t need 50% to be successful: if even 30% of votes cast oppose the massive pay hike, it can cause major embarrassment for the company, or the replacement of the CEO. It's happened before, and it can happen now.
We can win this fight. 96% of Domino’s shares are held by people like you and me -- either directly or through their pension or mutual funds.
If the mutual funds vote the way their customers demand, it’s game over. Tell them we’re watching.