American Airlines will hold its annual shareholders meeting on June 10th. A couple of weeks ago I walked through key details from the meeting proxy materials and from the airline’s annual SEC 10-K.

One of the proposals, which I didn’t mention earlier, is to change how board voting is done. I didn’t walk through it because these proposals rarely pass, but it’s interesting to see an accountability effort rising to the level of a shareholder vote at the annual meeting. The National Legal and Policy Center makes the case for it .

American generated nearly $55 billion in operating revenue, but net income was down 87% to just $111 million – while Delta and American earned billions. Things look even worse when you consider $6.2 billion in cash payments from its cobrand credit card, which translates to roughly $3 billion in profit. They’re hobbled by $35 billion in debt.

Cost pressure, especially labor, wiped out profits. Salaries, wages, and benefits rose $1.5 billion (9.6%).…