Meanwhile, protesters outside wearing Mickey Mouse ears will distribute an illustrated storybook describing the problems of concentrated wealth and the benefits of broad-based employee stock ownership. McGeoy, one of five members of Responsible Wealth, a project of United for a Fair Economy, who filed the shareholder resolution believes that all of Disney's employees should benefit from the security of stock ownership and share in the wealth created by the company. Disney did not award a bonus to its CEO, Michael Eisner, this year because the company failed to meet net income targets. Hourly Disney workers have no such options. They also generated stock price returns 40 percent higher than broad market indices between 1992 and 1997, according to the National Center for Employee Ownership.
Employee ownership is a business strategy that works.
Shared ownership makes sense for the company, the employees, the customers and the economy. McGeoy has made a commitment ensuring that her employees eventually own a majority of the company. Responsible Wealth members have filed similar resolutions at American Home Products, Citigroup, and MBNA calling on the companies to report on employee ownership and to limit CEO pay. The resolutions are part Responsible Wealth's campaign to make corporations more responsive to workers' and communities' needs. United for a Fair Economy is a national nonprofit organization that spotlights growing economic inequality and advocates shared prosperity.