MEDIA ADVISORY FOR CONTACT: James Adams (202) 536-‐7880 Friday, May 18, 2012 james.adams@thisisourdc.org
99% Spring to Voice Concerns at Pepco Shareholder Meeting
Shareholders representing the 99% will call on Pepco to cut executive pay, pay fair tax share, and withdraw rate hike
WASHINGTON, D.C. – On Friday, May 18, hundreds of D.C. residents will gather outside Pepco’s annual shareholder meeting to call on the company to pay its fair tax share, withdraw its $42.5 million rate hike, and scale back executive pay. Inside the meeting, nearly 70 shareholders and proxies representing the 99% – the unemployed and underemployed, seniors, immigrants, and vets struggling to make ends meet in today’s upside-‐ down economy – will firmly deliver the protesters’ message to Pepco’s CEO and board of directors.
Meanwhile, demonstrators outside the building will conduct a marriage ceremony for Pepco CEO Joe Rigby and his unofficial bride, the 1%. Following the meeting, the 99% shareholders will report back on the company’s response to their demands and take questions from press.
“Pepco is creating unbelievable income gaps between the rich and average working D.C. families. Its CEO’s pay increased 100 percent last year; it’s now over $7 million. Since the economic crisis started, Pepco has made over $2 billion and has gotten almost $500 million in federal tax returns,” says John Butler, an unemployed District resident. “All this as the District is cutting its budget because Pepco and corporations like them don’t pay their fair tax share. It’s all coming out of my pocket, Pepco can’t have its cake and eat it too.“
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Friday’s action comes on the heels of a wave of high-‐visibility protests by the 99% Spring at the shareholder meetings of major corporations including GE, Citigroup, Wells Fargo, Bank of America, and Morgan Stanley.
It is our understanding the shareholder meeting is not open to the press however a webcast is available:
https://www.marketwatch.com/story/pepco-‐holdings-‐inc-‐to-‐webcast-‐annual-‐meeting-‐2012-‐05-‐11
WHAT: Pepco Shareholder Meeting Protest WHEN: Friday, May 18
10 a.m. Protest
11 a.m. Post Shareholder Meeting Press Conference WHERE: Pepco Headquarters, 701 Ninth St., NW
Site contact: James Adams – 202.536.7880
thisisourdc.org
Twitter @thisisourdc
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