Strategic Organizing Center Issues Statement on ISS Recommendation
The SOC stated:
“While ISS acknowledged the validity of a number of our arguments in its report, we disagree with the view that board change is not currently needed at
Further, we agree with ISS that the recent announcement of
We encourage shareholders to help send the message that it is time to Brew a Better
In its report, ISS noted the following:1
- “Although SBUX has weathered controversies about unionization in the past, its image as an employer has faced greater scrutiny than ever since the unionization movement began.”
- “By its own admission, the board was caught off-guard and mishandled the initial response. This translated into negative media attention, which led to SBUX being recast from a progressive employer into an embodiment of the frustrations faced by many retail workers.”
- “…the initial response by SBUX to unionization efforts translated into reputational damage…”
- “The key in this proxy contest is uncovering the role that unionization matters have played in the divergence [between long-term and short-term performance].”
- “A business like SBUX cannot function without employees, so there is necessarily a link between labor and performance.”
- “Perhaps most importantly, SBUX and Workers United recently committed to start discussions on a foundational framework designed to achieve collective bargaining agreements, and SBUX will provide union-represented partners with previously-announced benefits that they have not been able to take advantage of to date. This appears to be a major step forward for all involved.”
Shareholders can be part of ensuring
Visit www.BrewABetterStarbucks.com for additional information about the SOC’s campaign, including how to vote your shares TODAY.
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DISCLAIMER
This material does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein in any state to any person. In addition, the discussions and opinions in this press release and the material contained herein are for general information only, and are not intended to provide investment advice. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are “forward-looking statements,” which are not guarantees of future performance or results, and the words “will,” “anticipate,” “believe,” “expect,” “potential,” “could,” “opportunity,” “estimate,” and similar expressions are generally intended to identify forward-looking statements. Any projected results and/or statements contained in this press release that are not historical facts are based on current expectations, speak only as of the date of this press release and involve risks that may cause the actual results to be materially different. Certain information included in this press release is based on data obtained from sources considered to be reliable. No representation is made with respect to the accuracy or completeness of such data, and any analyses provided to assist the recipient of this press release in evaluating the matters described herein may be based on subjective assessments and assumptions and may use one among alternative methodologies that produce different results. Accordingly, any analyses should also not be viewed as factual and also should not be relied upon as an accurate prediction of future results. Any figures are unaudited estimates and subject to revision without notice. The SOC disclaims any obligation to update the information herein and reserve the right to change any of their opinions expressed herein at any time as they deem appropriate. Past performance is not indicative of future results.
IMPORTANT INFORMATION
The SOC, the SEIU,
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1 Permission to quote ISS neither sought nor obtained. Emphasis added.
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Source: The Strategic Organizing Center