UPS is a closely held corporation, which means that its stock is not traded on the exchanges. The largest block of stock is held by a foundation set up by founder and another foundation established by the company and under management's control, next largest by members of management, and in the last couple of years a small portion of the stock has been acquired by employees. Employees control only a small proportion; the MarketPlace commentator was blowing smoke. If all the union members voted all their stock together, they would not be able to out-vote management and the foundations. According to the WSJ (8/12/97, A4), The top officers together have 1,064,055 shares; the Annie E. Casey Foundation and UPS Foundation together have 26,840,028 shares; and the majority of the 570 million shares are owned by UPS's 29,000 managers and retirees. The Journal reports, "While 49% of the full-time Teamsters and 9% of the eligible part-time Teamster employees have bought stock, their holdings are relatively modest." It has only been two years since nonmanagers were able to purchase shares. Hope that answers our question. In solidarity, Michael At 06:49 PM 8/12/97 -0700, jf noonan wrote: >On Tue, 12 Aug 1997, Ellen R Shaffer wrote: >> >> By the way, on the issue of putting the strike to a vote: has UPS asked >> its shareholders what they think? Do institutional investors still exist >> out there? > >On this point I am curious. Who are UPS's shareholders? I've read >more than once that UPS is privately held. (So how does anybody but >its shareholders and bankers know how much money they made last year >-- I keep hearing $1 billion.) Today on _Marketplace_, a PRI >distributed and USC produced financial radio show, I heard an >obviously pro management commentator assert that because of the >"substantial" (no estimate given) share of UPS that its employees own >that the strike would be over soon. > >Who owns UPS? > >How much does labor own? > >-- > >Joseph Noonan >[EMAIL PROTECTED] > >
