Thursday, shareholders of transportation service provider FedEx Corporation were recommended by RiskMetrics group-institutional shareholder services to vote in favour of Teamsters' proposal calling for an independent board chairman. The FedEx's annual meeting is scheduled on September 29, 2008.

RiskMetrics, the leading independent proxy voting advisory and corporate governance services firm supported the Teamsters' proposal for an independent chairman at FedEx for the second consecutive year. In 2007, approximately 27 percent of the votes cast by FedEx investors was in favor of the union's proposal.

RiskMetrics released an analysis report saying that FedEx's poor financial performance relative to peers in the transportation industry is of concern along with the S&P 500, coupled with an executive pay system that does not hold management accountable for their performance. The analysis also cited that FedEx Board lacks an effective independent director leadership structure to counterbalance the power of a combined Chairman of the Board/CEO role.

Teamsters General Secretary-Treasurer, Thomas Keegel said that an independent FedEx chairman is necessary to ensure that the board serves as an effective and independent check on management and shareholders can no longer afford for FedEx's board to be dominated by founder and CEO Frederick Smith. Keegel also added that Teamsters is pleased to know that RiskMetrics is supporting the call for independent board leadership at FedEx.

Keegel, in a letter dated 2nd September expressed his disappointment over controlling influence of Smith on board which passed unlawful and unsustainable business model that could ultimately cost billions for the company, and pointed that FedEx's board has presided over poor corporate performance and excessive CEO pay.