Posts tagged SEC rule
Starbucks proxy war shows Big Labor’s new tactic
February 23, 2024 // Crucially, the new SEC rule allows the SOC to push for huge changes to the Starbucks board with comparatively little skin in the game. Starbucks has a market capitalization of $105 billion. The SOC owns 161 shares of Starbucks, a stake worth approximately $16,000. Thanks to the universal proxy rule, the SOC can use Starbucks’s own proxy materials to promote its hostile takeover attempt without bearing the costs of its own solicitation. The Starbucks proxy fight is one part of SOC’s broader scheme to impose Big Labor’s agenda on every publicly traded American company. The SOC’s coalition includes some of the most militant and disruptive unions in the country: the Service Employees International Union, Communications Workers of America, and the United Farmworkers of America. These unions regularly engage in strikes, protests, boycotts, litigation, and other tactics to bend workers and employers alike to their will.