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Big Business Pledged Gentler Capitalism. It’s Not Happening in a Pandemic. Big Business Pledged Gentler Capitalism. It’s Not Happening in a Pandemic.
(about 11 hours later)
Last August, the chief executives of 181 of America’s largest corporations signed a document pledging their commitment to run their companies for the benefit of workers and communities, and not just for shareholders.Last August, the chief executives of 181 of America’s largest corporations signed a document pledging their commitment to run their companies for the benefit of workers and communities, and not just for shareholders.
Some pundits celebrated the statement from the Business Roundtable as a historical milestone, the moment when corporate executives demonstrated sensitivity to public anger over economic inequality. But others dismissed the document as a canny public relations move: So long as executive pay remained tied to stock prices, shareholder interest would remain supreme.Some pundits celebrated the statement from the Business Roundtable as a historical milestone, the moment when corporate executives demonstrated sensitivity to public anger over economic inequality. But others dismissed the document as a canny public relations move: So long as executive pay remained tied to stock prices, shareholder interest would remain supreme.
Today, with the planet under assault from a pandemic that has delivered the most profound economic pain since the Great Depression, key signatories are furloughing employees, paying dividends to shareholders and provoking complaints from workers that they aren’t adequately protected from danger.Today, with the planet under assault from a pandemic that has delivered the most profound economic pain since the Great Depression, key signatories are furloughing employees, paying dividends to shareholders and provoking complaints from workers that they aren’t adequately protected from danger.
Their actions expose the reality that the rhetoric of the Business Roundtable did not alter the decisive question of American capitalism — where the money goes. In the run-up to the crisis, many companies used cash to buy back their shares and pay out dividends, rewarding shareholders, while leaving themselves with fewer resources to aid workers when disaster struck.Their actions expose the reality that the rhetoric of the Business Roundtable did not alter the decisive question of American capitalism — where the money goes. In the run-up to the crisis, many companies used cash to buy back their shares and pay out dividends, rewarding shareholders, while leaving themselves with fewer resources to aid workers when disaster struck.
Take, for example, Marriott International, the world’s largest hotel chain, which last year earned $1.2 billion. It has begun furloughing most of its American workers, jeopardizing their access to health care, even as the company paid out more than $160 million in quarterly dividends and pursued a raise for its chief executive, Arne M. Sorenson.Take, for example, Marriott International, the world’s largest hotel chain, which last year earned $1.2 billion. It has begun furloughing most of its American workers, jeopardizing their access to health care, even as the company paid out more than $160 million in quarterly dividends and pursued a raise for its chief executive, Arne M. Sorenson.
“They just say: ‘We don’t need you. You are on your own,’” said William Gonzalez, 47, who was laid off last month from his job at an employee cafeteria at a Marriott hotel in San Francisco, leaving his family unable to pay rent.“They just say: ‘We don’t need you. You are on your own,’” said William Gonzalez, 47, who was laid off last month from his job at an employee cafeteria at a Marriott hotel in San Francisco, leaving his family unable to pay rent.
“The company has been making billions and billions of dollars, and a lot of that money doesn’t go to pay workers,” he added. “I thought there was going to be a moment where they say, ‘OK, we are going to help you.’”“The company has been making billions and billions of dollars, and a lot of that money doesn’t go to pay workers,” he added. “I thought there was going to be a moment where they say, ‘OK, we are going to help you.’”
Mr. Sorenson, a co-chairman of the Business Roundtable’s task force on Covid-19, declined a request for an interview. A Marriott spokesman, Brendan F. McManus, said in an email that the chief executive was “unfortunately tied up and unavailable.”Mr. Sorenson, a co-chairman of the Business Roundtable’s task force on Covid-19, declined a request for an interview. A Marriott spokesman, Brendan F. McManus, said in an email that the chief executive was “unfortunately tied up and unavailable.”
“The coronavirus pandemic has evolved dramatically in the last few weeks, and we continue to do our best to take care of associates, guests, owners and our business,” Mr. McManus said later in a statement. “We have now suspended all dividends.”“The coronavirus pandemic has evolved dramatically in the last few weeks, and we continue to do our best to take care of associates, guests, owners and our business,” Mr. McManus said later in a statement. “We have now suspended all dividends.”
The Business Roundtable declined to make executives available to discuss how signatories have responded to the crisis. In a statement, a spokeswoman, Jessica Boulanger, portrayed their efforts as consistent with their lofty aspirations.The Business Roundtable declined to make executives available to discuss how signatories have responded to the crisis. In a statement, a spokeswoman, Jessica Boulanger, portrayed their efforts as consistent with their lofty aspirations.
“The Covid-19 crisis has triggered an impressive demonstration by leading companies of their commitment to the long-term interests of all stakeholders,” she said. “Overwhelmingly, BRT members who remain financially able to do so are stepping up with voluntary measures to support their customers, employees, suppliers and communities during the crisis."“The Covid-19 crisis has triggered an impressive demonstration by leading companies of their commitment to the long-term interests of all stakeholders,” she said. “Overwhelmingly, BRT members who remain financially able to do so are stepping up with voluntary measures to support their customers, employees, suppliers and communities during the crisis."
Amazon, another signatory, has seen protests flare outside warehouses in several American cities, as workers complain that the company — valued at more than $1 trillion — has failed to provide protective gear like masks and hand sanitizers, exposing them to the virus.Amazon, another signatory, has seen protests flare outside warehouses in several American cities, as workers complain that the company — valued at more than $1 trillion — has failed to provide protective gear like masks and hand sanitizers, exposing them to the virus.
Amazon says it has ordered and distributed millions of masks, has been cleaning its facilities rigorously and has increased pay for hourly employees.Amazon says it has ordered and distributed millions of masks, has been cleaning its facilities rigorously and has increased pay for hourly employees.
“We are working hard to keep employees safe while serving communities and the most vulnerable,” the company said in a statement, declining an interview request.“We are working hard to keep employees safe while serving communities and the most vulnerable,” the company said in a statement, declining an interview request.
Macy’s, the retail chain, which last year earned $564 million, has furloughed most of its workers, though it has continued to pay their health insurance. It distributed about $116 million in dividend payments to shareholders on April 1, while suspending subsequent dividends.Macy’s, the retail chain, which last year earned $564 million, has furloughed most of its workers, though it has continued to pay their health insurance. It distributed about $116 million in dividend payments to shareholders on April 1, while suspending subsequent dividends.
“Unfortunately we don’t have anything to add,” a company spokeswoman, Blair Rosenberg, said in an email.“Unfortunately we don’t have anything to add,” a company spokeswoman, Blair Rosenberg, said in an email.
“Any company paying dividends now in this situation, or paying bonuses to executives, that’s just clearly violating the norms that the Business Roundtable vowed,” said Lawrence Katz, a former chief economist at the Department of Labor and now a professor at Harvard. “It just seems both inappropriate and shortsighted.”“Any company paying dividends now in this situation, or paying bonuses to executives, that’s just clearly violating the norms that the Business Roundtable vowed,” said Lawrence Katz, a former chief economist at the Department of Labor and now a professor at Harvard. “It just seems both inappropriate and shortsighted.”
Mr. Katz said it was too early to tell whether such conduct was representative of American business, but he described the Roundtable’s approach as fundamentally compromised by a reliance on unilateral action.Mr. Katz said it was too early to tell whether such conduct was representative of American business, but he described the Roundtable’s approach as fundamentally compromised by a reliance on unilateral action.
The statement makes no mention of labor unions or other workers’ associations. The signatories commit to “investing in our employees” and “compensating them fairly and providing important benefits,” leaving it to corporate management to decide for itself how to follow through.The statement makes no mention of labor unions or other workers’ associations. The signatories commit to “investing in our employees” and “compensating them fairly and providing important benefits,” leaving it to corporate management to decide for itself how to follow through.
“There’s a lot of lip service in that,” Mr. Katz said.“There’s a lot of lip service in that,” Mr. Katz said.
Some signatories have moderated their cost-cutting to spare workers. Major banks, including Bank of America and Wells Fargo, have vowed to avoid layoffs, while JPMorgan Chase has promised to pay cash bonuses to employees earning less than $60,000 per year.Some signatories have moderated their cost-cutting to spare workers. Major banks, including Bank of America and Wells Fargo, have vowed to avoid layoffs, while JPMorgan Chase has promised to pay cash bonuses to employees earning less than $60,000 per year.
Apple — whose balance sheet boasts more than $100 billion in cash — is paying employees and contract workers like janitors even as stores remain closed. Pepsi has bolstered sick pay while continuing to compensate workers who must stay home to tend to children.Apple — whose balance sheet boasts more than $100 billion in cash — is paying employees and contract workers like janitors even as stores remain closed. Pepsi has bolstered sick pay while continuing to compensate workers who must stay home to tend to children.
Many companies have suspended plans to purchase shares, among them AT&T, Best Buy and Delta Air Lines.Many companies have suspended plans to purchase shares, among them AT&T, Best Buy and Delta Air Lines.
But some signatories are responding to the downturn in ways that appear to undercut the spirit of their pledge.But some signatories are responding to the downturn in ways that appear to undercut the spirit of their pledge.
“Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity,” the statement declares.“Americans deserve an economy that allows each person to succeed through hard work and creativity and to lead a life of meaning and dignity,” the statement declares.
Sonia Bautista, 43, was cleaning rooms full time at a Marriott luxury property in San Francisco, the Palace Hotel, earning $26.44 an hour. Her husband, Mr. Gonzalez, was taking home $20.30 an hour in his job at another Marriott. Together, their paychecks provided about $1,700 per week — enough to pay the rent on their apartment in South San Francisco, where they live with their 14-year-old son, Ricardo.Sonia Bautista, 43, was cleaning rooms full time at a Marriott luxury property in San Francisco, the Palace Hotel, earning $26.44 an hour. Her husband, Mr. Gonzalez, was taking home $20.30 an hour in his job at another Marriott. Together, their paychecks provided about $1,700 per week — enough to pay the rent on their apartment in South San Francisco, where they live with their 14-year-old son, Ricardo.
Immigrants from El Salvador, they felt they had left behind the dangers and strife of that country to forge a stable life in the United States. But as the pandemic triggered a lockdown, their hours were cut. When Ms. Bautista received a letter telling her that she was being furloughed with 784 other hotel employees, she was devastated.Immigrants from El Salvador, they felt they had left behind the dangers and strife of that country to forge a stable life in the United States. But as the pandemic triggered a lockdown, their hours were cut. When Ms. Bautista received a letter telling her that she was being furloughed with 784 other hotel employees, she was devastated.
Updated June 12, 2020 Updated June 16, 2020
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.Mass protests against police brutality that have brought thousands of people onto the streets in cities across America are raising the specter of new coronavirus outbreaks, prompting political leaders, physicians and public health experts to warn that the crowds could cause a surge in cases. While many political leaders affirmed the right of protesters to express themselves, they urged the demonstrators to wear face masks and maintain social distancing, both to protect themselves and to prevent further community spread of the virus. Some infectious disease experts were reassured by the fact that the protests were held outdoors, saying the open air settings could mitigate the risk of transmission.
Exercise researchers and physicians have some blunt advice for those of us aiming to return to regular exercise now: Start slowly and then rev up your workouts, also slowly. American adults tended to be about 12 percent less active after the stay-at-home mandates began in March than they were in January. But there are steps you can take to ease your way back into regular exercise safely. First, “start at no more than 50 percent of the exercise you were doing before Covid,” says Dr. Monica Rho, the chief of musculoskeletal medicine at the Shirley Ryan AbilityLab in Chicago. Thread in some preparatory squats, too, she advises. “When you haven’t been exercising, you lose muscle mass.” Expect some muscle twinges after these preliminary, post-lockdown sessions, especially a day or two later. But sudden or increasing pain during exercise is a clarion call to stop and return home.
States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.States are reopening bit by bit. This means that more public spaces are available for use and more and more businesses are being allowed to open again. The federal government is largely leaving the decision up to states, and some state leaders are leaving the decision up to local authorities. Even if you aren’t being told to stay at home, it’s still a good idea to limit trips outside and your interaction with other people.
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.Taking one’s temperature to look for signs of fever is not as easy as it sounds, as “normal” temperature numbers can vary, but generally, keep an eye out for a temperature of 100.5 degrees Fahrenheit or higher. If you don’t have a thermometer (they can be pricey these days), there are other ways to figure out if you have a fever, or are at risk of Covid-19 complications.
The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.The C.D.C. has recommended that all Americans wear cloth masks if they go out in public. This is a shift in federal guidance reflecting new concerns that the coronavirus is being spread by infected people who have no symptoms. Until now, the C.D.C., like the W.H.O., has advised that ordinary people don’t need to wear masks unless they are sick and coughing. Part of the reason was to preserve medical-grade masks for health care workers who desperately need them at a time when they are in continuously short supply. Masks don’t replace hand washing and social distancing.
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.If you’re sick and you think you’ve been exposed to the new coronavirus, the C.D.C. recommends that you call your healthcare provider and explain your symptoms and fears. They will decide if you need to be tested. Keep in mind that there’s a chance — because of a lack of testing kits or because you’re asymptomatic, for instance — you won’t be able to get tested.
She and Mr. Gonzalez secured unemployment insurance, but the first payments — about half their previous earnings — took three weeks to arrive. They fell behind on their rent. They ran balances on their credit cards to buy groceries.She and Mr. Gonzalez secured unemployment insurance, but the first payments — about half their previous earnings — took three weeks to arrive. They fell behind on their rent. They ran balances on their credit cards to buy groceries.
Her family health insurance policy was due to expire at the end of March. On Monday, her union, UNITE HERE, said it had made funds available to maintain her family’s coverage.Her family health insurance policy was due to expire at the end of March. On Monday, her union, UNITE HERE, said it had made funds available to maintain her family’s coverage.
Ms. Bautista cannot shake the sense that she delivered for her company only to be cast aside in her hour of desperation.Ms. Bautista cannot shake the sense that she delivered for her company only to be cast aside in her hour of desperation.
“All the executives, Sorenson and the others, they get paid millions every year, and we just get a few dollars,” Ms. Bautista said. “We give our soul to give our best for our company. I try hard to make the rooms beautiful for guests so they will come back. It’s not fair. Marriott doesn’t care about us.”“All the executives, Sorenson and the others, they get paid millions every year, and we just get a few dollars,” Ms. Bautista said. “We give our soul to give our best for our company. I try hard to make the rooms beautiful for guests so they will come back. It’s not fair. Marriott doesn’t care about us.”
Given the scale of the pandemic and Marriott’s global presence — nearly 1.4 million hotel rooms spread across 7,349 properties worldwide — the company was uniquely exposed to the pullback.Given the scale of the pandemic and Marriott’s global presence — nearly 1.4 million hotel rooms spread across 7,349 properties worldwide — the company was uniquely exposed to the pullback.
“For those large firms whose viability has been imperiled by the crisis in specific industries like air travel and hospitality, they’ve had excruciating choices to make, which they have done with caring and candor,” the Business Roundtable spokeswoman said. “None can support any of their stakeholders if there is no viable business on the other side of the crisis.”“For those large firms whose viability has been imperiled by the crisis in specific industries like air travel and hospitality, they’ve had excruciating choices to make, which they have done with caring and candor,” the Business Roundtable spokeswoman said. “None can support any of their stakeholders if there is no viable business on the other side of the crisis.”
Over the last two years, while Marriott was recording profits of more than $3.1 billion, it spent more than $5 billion to buy shares of its stock.Over the last two years, while Marriott was recording profits of more than $3.1 billion, it spent more than $5 billion to buy shares of its stock.
On March 19, Mr. Sorenson distributed a video message in which he said the pandemic was so destructive that it required the furloughing of workers. “In most markets, our business is already running 75 percent below normal levels,” he said.On March 19, Mr. Sorenson distributed a video message in which he said the pandemic was so destructive that it required the furloughing of workers. “In most markets, our business is already running 75 percent below normal levels,” he said.
“There is simply nothing worse than telling highly valued associates, people who are the very heart of this company, that their roles are being impacted by events completely outside of their control,” he added. “I wish you good health and a sense of optimism.”“There is simply nothing worse than telling highly valued associates, people who are the very heart of this company, that their roles are being impacted by events completely outside of their control,” he added. “I wish you good health and a sense of optimism.”
Mr. Sorenson said he was forgoing his salary — $1.3 million annually — for the rest of the year, though he said nothing about his stock-based compensation, which exceeded $8 million last year, or the cash incentive plan that brought him $3.5 million, according to a company statement.Mr. Sorenson said he was forgoing his salary — $1.3 million annually — for the rest of the year, though he said nothing about his stock-based compensation, which exceeded $8 million last year, or the cash incentive plan that brought him $3.5 million, according to a company statement.
Twelve days later, the company paid its scheduled dividend to shareholders. On April 8, Marriott filed with the Securities and Exchange Commission proposals that its board would present for approval at a meeting of shareholders next month. Among them: a 7.7 percent salary increase for the chief executive, plus a cash bonus of up to 200 percent.Twelve days later, the company paid its scheduled dividend to shareholders. On April 8, Marriott filed with the Securities and Exchange Commission proposals that its board would present for approval at a meeting of shareholders next month. Among them: a 7.7 percent salary increase for the chief executive, plus a cash bonus of up to 200 percent.
“Words on a paper are one thing,” said D. Taylor, international president of UNITE HERE, a union representing 300,000 workers in the gambling, hotel and food-service industries, including Marriott workers. “Actions in reality are another thing.”“Words on a paper are one thing,” said D. Taylor, international president of UNITE HERE, a union representing 300,000 workers in the gambling, hotel and food-service industries, including Marriott workers. “Actions in reality are another thing.”