Sanders plans to crash Walmart’s shareholders meeting

Channel: Fox Business
Published: 7 hours ago

Description
Layfield Report CEO John Layfield, Barron’s senior editor Jack Hough, former investment banker Carol Roth and Benchmark Investments managing partner Kevin Kelly on how Sen. Bernie Sanders (I-Vt.) plans to speak on behalf of workers at Walmart’s next shareholders meeting. FOX Business Network (F...



Transcript
[ music, ] 20:20 hopeful bernie sanders, says he's ready to take on walmart and support the rights of workers. Sanders says he plans to attend the walmart shareholder meeting to advocate for better working conditions, including a $ 15 minimum wage he'll also push for hourly workers to have a seat on the company's board in the hopes of limiting ceo pay. He says no one should make more than a thousa ...
d times the median workers salaries. So john, i want to direct this question at you. In germany, successful capitalist nation businesses have a policy called coded co-determination, which requires about 50 % of the board to be represented by employees, so it works over. There chrysler being an example. Why can'tit work here? I think it could work here. We talk about employees being represented on the board. I disagree with a bernie sanders here. Look, he went after amazon as well. He went after with the bezos ag. Basil'S jumped ahead of a very good political move by the way and raised their buddy to $ 15.

An hour he's doing this for political reasons, i don't think, there's anything wrong with employees being represented on the board. In fact, i think it's very good for that to happen as far as ceo pay being out of line it's what the market bears so kay. Bob iger is making 65 million dollars a year and he's taking that company fromin 2005 to 40 billion dollars to 240 billion. Now a two hundred billion dollar increase. What is he worth? I mean you tell me very few people in the world can do that job. So i think, there's a difference here in what's going on between the minimum wage, which probably should be handled on the state level and what should be going on in corporate boards. Yeah john: i'm not really feeling the bern at this point either i mean the problem is: if you want to have a serious discussion about employee representation of corporate port. Okay, that's a grown-up issue. We can talk about that. You want to talk about higher minimum wage. Look i'm infavor of a higher federal minimum wage. Seven a quarter is not quite high enough for my tastes, but why are we demonizing walmart walmart has a minimum, i think they're at 11 bucks an hour.

Walmart makes jobs all across middle america, where other companies aren't making job for amazon, with its coastal presence to demonize walmer, say you're, not as high as us on the minimum wage like walmart is not on my naughty list. Just let's just say that. I'M not sure why bernie's going up okay, let me tell you why they cannot have a seat on us corporate boards as a former public with it. Yet, as a former public company director, there is avery specific role that you play as a director and you are a fiduciary for the shareholders. That is your role, you're supposed to be focused on corporate governance, and it is a fiduciary role. It'S completely inappropriate to have an employee rep on the board. They can have one on the management team put one in the c-suite if the hr person's not doing that, have a chief officer that brings employee issues to the table at the management level. But that is not a role for a board of directors of a public company, but then they would argue have a board with the ceo former kpmg, the former ceo of coca-cola, you have a walmart hair youhave. All of these are, i don't know the name of the person rob walton on there. So you have all of these major executives that maybe can't relate with what the issues the workers earned, but that's not their job. Their job isn't to run the company. Their job is corporate governance and fiduciary responsibilities of the shareholders and that's the different address, a quick misnomer, listen.

I was the portfolio manager for the dax etf. That'S germany's largest, saying it's a misnomer that it actually works over in germany, germany, only the 30 largest companies. They have that, but the middle companies are held the middle stott and they actually don't require that and they've also been gobbledup by chinese companies, and so the workers aren't being represented in that form and facet and that's the vast majority of businesses in germany. So, let's just put that aside, it's not working in germany. It wouldn't work here, because the problem is: is that mandating a minimum? Wage is really hard to do because making fifteen dollars into a peak of kansas is completely different than making fifteen dollars in the bronx walmart the distribution center, which they're actually bringing in robots. It'S a management issue, not a board issue. Could i get another pronunciation on those middle company? It'Ll start wow, it'll start okay, let's say there:.


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