Allied Pilots Association Pickets New York Stock Exchange to Alert Stockholders: 'Management Must Change Course'.APA (All Points Addressable) Refers to an array (bitmapped screen, matrix, etc.) in which all bits or cells can be individually manipulated. APA - Application Portability Architecture President Addresses Union's "Say on Pay" Proposal at Annual Meeting of Stockholders FORT WORTH, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. -- The Allied Pilots Association (APA), representing the 12,000 pilots of American Airlines American Airlines Major U.S. airline. American was created through a merger of several smaller U.S. airlines and incorporated in 1934. It continued to buy the routes of other airlines, becoming an international carrier in the 1970s; its routes include South America, the (NYSE NYSE See: New York Stock Exchange : AMR (1) (Adaptive Multi-Rate) A variable rate speech codec selected by the 3GPP for the 3G evolution of the GSM cellphone system (WCDMA). Using the Algebraic CELP (ACELP) compression technology, AMR provides toll quality sound at transmission rates from 4.75 to 12. ), conducted informational picketing today at the entrance to the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. to alert stockholders to the need for "a course change" by American Airlines management. "Over the last four years, American Airlines employees have sacrificed more than $7 billion in pay and benefits as part of our airline's turnaround," said Captain Sam Mayer, chairman of the union's New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of pilot domicile, which organized the Wall Street picketing. "Yet during this same time period, executive compensation at our airline has increased by more than 1,000 percent. Management must change course and address this extremely disparate rate of recovery." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mayer, shareholder return for AMR stockholders has averaged more than 90 percent annually during the same four-year period. "Other stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. have already recovered their investment in American Airlines' turnaround," he said. "Front-line employees need to begin doing the same." Last week APA proposed a non-variable compensation plan to management as part of the ongoing, full-scale contract negotiations that began last fall. Under APA's plan, the pilots would receive a 30.5 percent pay rate increase on the date of signing retroactive to May 1, 2008--the contract's amendable date--and five percent annual pay rate increases thereafter. The plan also calls for signing bonuses equaling 15 percent of each pilot's total pay over the duration of the negotiations. As part of the out-of-court consensual restructuring that American Airlines went through in 2003, the carrier's pilots experienced immediate pay cuts ranging from 20 to 50 percent, while nearly 3,000 lost their jobs. The pilots continue to earn less than they were before the airline's restructuring while working substantially more hours each month. Altogether, the pilots have provided $660 million in givebacks Givebacks is a union term for the reduction or elimination of previously won benefits. during each of the past four years for a total of more than $2.5 billion worth of concessions. "By accepting large bonuses during each of the past two years, management signaled to employees that it was time for financial recovery," said APA President Captain Ralph Hunter. "We absolutely agree." Also today, Captain Hunter addressed AMR's annual meeting of stockholders in Fort Worth, Texas regarding the "Say on Pay" resolution that APA proposed. If approved by the stockholders and adopted by the company, the "Say on Pay" resolution would provide a vehicle for stockholders to voice approval or disapproval of executive compensation on an annual basis. "APA submitted its 'Say on Pay' resolution as a concerned AMR stockholder," Hunter said. "This resolution would provide a simple, objective, non-disruptive method for gaining stockholder input into executive compensation without limiting the company in any way." The "Say on Pay" resolution is designed to foster dialog among the AMR Board of Directors, Compensation Committee and the stockholders only when stockholders express concerns. Hunter noted that the resolution is intended to complement newly enacted Securities and Exchange Commission Compensation Discussion and Analysis rules. Under these new rules, executive compensation is more clearly presented and fully detailed in annual proxy statements. Founded in 1963, the Allied Pilots Association--the largest independent pilot union in the U.S.--is headquartered in Fort Worth, Texas. APA represents the 12,000 pilots of American Airlines, including 2,799 pilots on furlough fur·lough n. 1. a. A leave of absence or vacation, especially one granted to a member of the armed forces. b. A usually temporary layoff from work. c. . The furloughs began shortly after the September 11, 2001 attacks. Also, several hundred American Airlines pilots are on full-time military leave of absence serving in the armed forces. The union's Web site address is www.alliedpilots.org. American Airlines is the nation's largest passenger carrier. |
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