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US investors press Sochi Olympic sponsors over gay rights

Author: RIA Novosti, Published on: 5 December 2013

...A coalition of US investors managing hundreds of billions of dollars in assets has urged corporate sponsors of the Sochi Winter Olympics to speak out against controversial Russian laws on homosexuality. “Taking a stand against these prejudicial laws and policies is not just the right thing to do, it protects shareholder interests and corporate reputations,” New York State Comptroller Thomas DiNapoli, who oversees the state’s $160 billion retirement fund, wrote in a letter...to sponsors of the Sochi Games. DiNapoli was joined in the call by 20 other investments funds and other groups managing $327 billion in assets that are seeking to force action by the Games’ sponsors, which include multinational giants like Coca-Cola, McDonald’s, Panasonic, Samsung and Procter & Gamble...The main sponsors of the Sochi Games...have been largely silent about the controversial legislation. Coca-Cola told RIA Novosti earlier this year that it “does not take positions on political matters unrelated to our business.”

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Related companies: Coca-Cola McDonald's Panasonic Procter & Gamble Samsung