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UMWA comments on election of Third Point nominees to Massey Energy Board of Directors

date: 
June 29, 2006

United Mine Workers of America (UMWA) International President Cecil E. Roberts issued the following statement today:

"The election of two directors representing Third Point LLC signals the potential for a refreshing shift in direction for Massey Energy in its treatment of miners and in the operation of its mines.

"As the battle between Third Point and Massey spilled into the open the last several months, I noted that Third Point raised many of the same issues theUMWA has been raising for years regarding the company's wasteful spending and executive compensation practices. One of the results of the election of the Third Point nominees to the Massey Board will hopefully be an end to those practices.

"I also note that the incoming Third Point directors have said they will review the company's operational procedures. I sincerely hope that they include the company's safety practices as part of that review, especially inlight of Massey's refusal to cooperate with the Mine Safety and Health Administration in the ongoing investigation into the Alma Aracoma tragedy.

"Massey Energy, along with every other coal company, must remember that without productive miners working in safe conditions there is no revenue, no profit, and no money to spend on corporate jets and political empire-building. Massey's first obligation is not to its shareholders, but must instead be to ensure the safety of its miners who create the wealth all its shareholders enjoy."

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