US Teamsters seek independent FedEx board chairman
CHICAGO (Reuters) - The U.S. Teamsters union said on Tuesday that it sent a letter to shareholders of package delivery company FedEx Corp (FDX.N) urging them to support a union proposal to elect an independent board chairman.
In the letter, Teamsters General Secretary-Treasurer C. Thomas Keegel said Fred Smith's dual role as chairman and chief executive means the board is "incapable of providing the rigorous, independent oversight of management that investors require."
FedEx's annual shareholder meeting will be held September 29 in Memphis, Tennessee.
The Teamsters have been fighting for years to unionize drivers at FedEx unit FedEx Ground, arguing that the independent contractors the company uses should be classified as employees and entitled to benefits.
FedEx says the drivers are entrepreneurs and should not be classified as employees.
The Teamsters union represents drivers at FedEx's main rival United Parcel Service Inc (UPS.N).
The company said the Teamsters' proposal would not be beneficial to shareholders.
"This proposal is clearly an attempt by the proponent to advance its own self-interest, which is inconsistent with the best interests of FedEx and its stockholders as a whole," FedEx said in a statement.
(Reporting by Nick Carey, editing by Gerald E. McCormick)
