Utility Workers Union of America Changing Corporate Bylaws
Utility Workers Union of America, AFL-CIO (UWUA) is basically a labor union in the United States. The Utility Workers Union of America is considered to be one of the most progressive and prosperous labor unions working in the United States, with a number of more than 50,000 members across the United States. These members belong from different sectors, such as the gas sector, nuclear sector, water sector as well as electric sector. The Utility Workers Union of America works for the betterment of the employees and workers of the United States by protecting their rights to wages, employee benefits, working conditions, and job provisions. This labor union works to improve the living standards of its members while keeping track of their job conditions and protecting their rights to employment.
The Utility Workers Union of America has set up several rules and regulations for the effective working of the Union since the time of its establishment. Such one rule is related to the pension plan of the Utility Workers Union of America, according to which the management would have to get shareholders’ approval before passing any bill or payment of an amount exceeding 1 million US dollars. Previously, the board of directors was eligible enough to pass such a bill, but now the right has been moved ahead to the shareholders.
This new regulation made in March 2004 has paved new ways for certain benefits and drawbacks. The benefits gained by this regulation are many, such as; the management would have to develop a good relationship with the stakeholders, everyone in the Union would be well aware of what is going on in the surroundings, the management would have to keep stakeholders up to date with the progress or situation of the Union, the flow of money would be justified automatically, and chances of fraudulence would be minimized. The disadvantages, however, involved in this regulation are; that the payment could face delay if the stakeholders’ interest is biased, the executive pay would take more time than the usual approvals from the authorized board of directors, and getting approvals for the executive pay would become more difficult than ever.