Investors press railroads to add sick time for workers
OMAHA, Neb. (AP) — Major freight railroads are facing pressure to add sick days for their workers from a new front: An influential investment group says some of its members are now pushing the measure that Congress declined to as part of the contracts they imposed last week to avert a potentially devastating nationwide rail strike.
The Interfaith Center on Corporate Responsibility said Monday that two investment managers it works with to help promote social change at companies had filed proposals at Union Pacific and Norfolk Southern railroads to give shareholders a vote on whether rail workers should get paid sick leave. Similar proposals are likely to be filed at CSX and at BNSF's parent company of Berkshire Hathaway, but they haven't been submitted yet. The ICCR represents 300 members with over $4 trillion in assets.
The lack of paid sick time in the industry became a major sticking point this fall in contract talks between the railroads and their 12 unions. Four of those unions rejected five-year deals that included 24% raises and $5,000 in bonuses because of their concerns about sick leave, demanding schedules and other quality-of-life concerns.
President Joe Biden signed a bill Friday that forces railroad workers to accept those deals that were negotiated back in September and prohibits them from going on strike. A separate bill that would have required sick time failed in the Senate.
Labor groups said after Congress acted they will keep fighting for sick time and better working conditions even though this round of negotiations that began three years ago is now over because their concerns linger.
Marvin Owens with nonprofit investment manager Impact Shares filed the shareholder proposal at Norfolk Southern. Impact Shares works with groups like the YWCA and NAACP to establish criteria for funds. Owens said...
