Following on from Rosemary Lally's piece yesterday on the Teamsters' Vote No on pay at FedEx, please find the full investor letter here on the SEC website.

The crux of our concern is the board's decision, without robust justification, to reinstate the annual bonus plan midway through the year, despite having already given equity awards in lieu of the cash bonus plan at the start of the year. The result of this double-dipping, in the case of CEO Smith, is a set of awards which by year's end were worth nearly $10 million; this is all in addition to CEO Smith's regular long-term incentive awards.