From: harelb@math.cornell.edu (Harel Barzilai)
Subject: ACTION: Stop Corporate Gag-rule for Social-responsibility resolutions
   ----- Unsent message follows -----
Organization: misc.activism.progressive on UseNet ; ACTIV-L@UMCVMB
Date: Sun, 12 Apr 1992 07:04:27 GMT

    "If business has its way, no company would have ever received a
    shareholder resolution on South Africa, Exxon would never have had
    to take a vote on the environment or the Valdez tragedy at its
    shareholder meeting, nor would Union Carbide regarding Bhopal.


	      ==========================================
	      Corporations Press SEC to Gag Shareholders
	      ==========================================
       From _Money Matters_, Vol. 9, No. 1, by Working Assets,
	     socially responsible investments (see below)

On February 13, a delegation from the Society of Corporation
Secretaries urged the Securities and Exchange Commission to adopt a
rule prohibiting social responsibility resolutions from appearing on
company proxy statements. According to Donald Fried, recently retired
Corporate Secretary of Philip Morris, these resolutions have "nothing
to do with the basic business of corporations" [which is profits, to
the exclusion of democracy (even for shareholders let alone those
affected who are not born among the economically privileged), or the
welfare of society as a whole, as prescribed by corporate capitalism
--HB] and are proposed by "particular activist groups."

Philip Morris has received numerous shareholder challenges. "One, for
example, urged them to put warning labels on cigarette packets
throughout the world. Ironically, Philip Morris is also the tour
sponsor of the U.S. Bill of Rights. If we're not mistaken, shareholder
rights is a concept recognized by more than "particular activist
groups."

This attempt to stop shareholder activism has apparently received a
sympathetic audience with at least one SEC Commissioner. Last fall,
Commissioner John Roberts argued for such a prohibition or at least
new severe restrictions on social responsibility resolutions.

According to Tim Smith, Executive Director of the Interfaith Center on
Corporate Responsibility and a "Working Assets Advisor, "If business
has its way, no company would have ever received a shareholder
resolution on South Africa, Exxon would never have had to take a vote
on the environment or the Valdez tragedy at its shareholder meeting,
nor would Union Carbide regarding Bhopal.

No company could be petitioned by shareholders to release EEO
information, and baby formula companies would never have faces
resolutions for ending formula abuses."

In 1991, a record number (800) of letters forces the SEC to withdraw
and revise a proposal on shareholder communications. Smith urges all
Working Assets members (and we urge all UseNet, EcoNet, and PeaceNet,
and other Nets' readers) to contact the SEC on this issue by writing

Mr. Richard Breeden, 
Chair, Securities and Exchange Commission,
450 Fifth Street NW,
Washington, D.C. 20549

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***CALL FOR VOLUNTEERS***

Do you have a socially-conscious money-market account with Working
Assets and are interested in posting articles of interest, like the
above, from their monthly _Money Matters_? Then we'd like to hear from
you! You needn't commit yourself to a regular "job" or posting from
every issue.

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For more info about Working Assets and other socially progressive
investment funds, use the GET command (see below) with the two-word
file name SOCIAL INVEST

  SOCIAL   INVEST    Investing with a conscience

try also GET with:

  ABOUT    CO-OPS    Democratic Control,not owner profits fm customers
  CREDIT   UNIONS    Unlike banks, run by&for members,not $tockholders


Harel


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