Search
 

Shareholders Target Politics

Companies face proxy votes on political actions

By Dave Lindorff | Updated on December 02, 2010

Retailer Target was once seen as a paragon of social responsibility. The company offers scholarships and steers 5% of profits to programs in the communities in which its stores are located. As recently as 2008, socially responsible investment firms hailed it as a model business. Then last summer, Target became a target–of a boycott by activists angry that the company contributed $150,000 to Minnesota Republican gubernatorial candidate Tom Emmer, known for his opposition to gay marriage.

Target could well find itself facing an embarrassing shareholder resolution seeking a proxy vote on political action at its next annual meeting. If so, it will join as many as 60 major companies, including Wells Fargo, CVS Caremark, 3M and State Street, that are being confronted by shareholders over corporate political activities, says Bruce Freed, president of the Washington, D.C., Center for Political Accountability, which is monitoring and helping to organize such actions.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Recommended Stories

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2024 ALM Global, LLC. All Rights Reserved.