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The Service Employees International Union pension fund group issued demand letters late last month requesting that 29 financial companies in which it invested probe more than $5 billion in past executive bonus payments tied to the performance of derivatives and other financial instruments whose value has since plummeted. The letters also demanded that the companies revamp their executive compensation structures to link incentive pay to company performance. The SEIU says it hopes the companies, some of which have already altered their compensation programs, will work cooperatively, but the union will consider legal action against unresponsive companies.
May 07, 2009 at 12:00 AM
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