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US investors target Accenture, IBM, Pepsi and Pfizer over politics of US Chamber of Commerce

Author: Responsible Investor, Published on: 29 November 2010

A group of US investors has filed shareholder resolutions at four major corporate members of the US Chamber of Commerce: Accenture, IBM, Pepsi and Pfizer, challenging their boards to review their policies and oversight of political expenditures through trade associations. The investors said that despite good corporate governance records, the four companies were compliant to political lobbying by the Chamber of Commerce against issues such as healthcare reform and climate change... Adam Kanzer, general counsel at Domini Social Investments..., said: “The Chamber of Commerce...is standing in the way of solutions to our nation’s most pressing problems, from health care to climate change. We are asking why these companies would lend their good names—and their implicit endorsement—to the Chamber’s agenda, which often runs contrary to their own stated policies and practices. We are simply asking them to do what directors are supposed to do: ask hard questions and exercise meaningful oversight.” [also refers to AT&T, Caremark (part of CVS), Caterpillar, Deere & Company (John Deere), Dow Chemical, FedEx, JPMorgan Chase, UPS, Xerox]

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Related companies: Accenture AT&T Caterpillar CVS Dow Chemical FedEx IBM John Deere JPMorgan Chase PepsiCo Pfizer UPS Xerox