Company Descriptions
Activision
Status: resolution filed
The 2007 resolution received 10.5% of shareholder votes at the 9/27/07 annual meeting.
Background: In March 2006, the General Board filed a resolution at Activision requesting the company to commit to a policy of board inclusiveness and to ensure that qualified women and persons from minority racial groups are considered for nomination to the board. The General Board believes a qualified board that reflects the diversity of a company's stakeholders will be more effective at understanding consumers, crafting strategy, managing employees, and adding value to the bottom line. The 2006 resolution received 5.7% of shareholder votes. Several follow-up conversations between Activision and the General Board ensued, but the company was unwilling to change its corporate policies. In March 2007, the General Board resubmitted the shareholder proposal.
Apple Computer
Status: resolution withdrawn
Apple Computers has agreed to revise its supplier code of conduct and to continue meeting with shareholders to discuss labor issues.
Background: In 2005, the General Board co-filed a resolution at Apple Computers requesting the company to improve its purchase contracts and supplier code to be in accordance with International Labor Organization (ILO) standards, and to establish an independent monitoring process. The General Board believes that workers have a right to safe working conditions free from intimidation or exploitation, and that violations of these rights can be a significant liability, negatively impacting shareholder and stakeholder value.
The 2005 resolution was withdrawn following Apple's agreement to adopt a strong code of conduct and to meet regularly with shareholders to discuss the code's implementation. Following slow progress by the company, shareholders filed a nearly identical resolution in November 2005 for consideration at Apple's 2006 annual meeting. However, in return for committing to revise the supplier code of conduct and to continue to meet with shareholders, the resolution was withdrawn.
Archer Daniels Midland
Status: dialogue
Background: In 2004 shareholders filed a resolution at Archer Daniels Midland requesting that the company report, in part, on the extent that its food products are derived from or contain genetically engineered (GE) ingredients, the environmental impacts of the use of GE ingredients, and potential business risks of continued or discontinued use of GE ingredients. The United Methodist Church believes that consumers have the right to know through clear labeling the ingredients of the products they purchase and consume, particularly related to genetically engineered ingredients.
The 2004 resolution received 7.8% of shareholder support. The General Board was not a co-filer of the 2004 resolution, but in May 2005 it co-filed a resolution again seeking greater disclosure of the company's products derived from or containing GE ingredients.
In October 2005 ADM management and investors had a constructive meeting during which the company agreed to take suggestions under advisement. However, no decisions were made about labeling.
At the 2005 annual meeting in November, the resolution also received 7.8% of shareholders' votes.
In May 2006, the General Board co-filed a resolution once again requesting the company to provide greater disclosure of GE ingredients in its products. Shareholders will vote on the resolution at ADM's annual meeting this fall.
AT&T
Status: resolution withdrawn
AT&T will publish an interim sustainability report during the spring or summer of 2006, and a more complete report is expected in 2007.
Background: In November 2005, the General Board co-filed a resolution at SBC Communications (since renamed AT&T) requesting the company prepare a sustainability report. Sustainability reports can disclose important information about a company often not included in annual reports or filings required by the Securities and Exchange Commission (SEC), including environmental impacts, social policies, labor and human rights issues, and corporate governance guidelines.
In January 2006, the General Board and other proponents held discussions with AT&T during which the company stated the recent merger between SBC and AT&T had resulted in a large number of systems integration issues that were still being worked out. Consequently, the company would be unable to produce a sustainability report that accurately represented the entire new company's performance. AT&T and proponents agreed that in return for withdrawal of the resolution, the company would publish an interim report in late spring or early summer, and that a more complete report would be published next year.
Bank of America
Status: resolution withdrawn
Bank of America has agreed to enhance its subprime securitization procedures to provide greater assurance that predatory loans will not be included in its transactions.
Background: In November 2005, the General Board co-filed a resolution at Bank of America requesting the company to enhance its safeguards against securitizing subprime loans originated using predatory practices. The General Board believes that predatory lending practices victimize low-income or financially naïve individuals and should be discouraged. Eliminating the ability of predatory lenders to sell their loans is an important means of accomplishing this.
In December 2005, Bank of America challenged the resolution at the Securities and Exchange Commission (SEC), arguing that it could be excluded from the proxy materials and from consideration at the 2006 annual meeting because a) it contained false and misleading statements, b) it dealt with ordinary business matters, and c) the request had already been substantially implemented.
The SEC ruled in the proponents' favor on all three accounts, and as a result, Bank of America was willing to implement the requested changes in exchange for withdrawal of the resolution.
Caterpillar
Status: resolution withdrawn
Caterpillar published its first sustainability report in May 2006.
Background: In October 2005, the General Board co-filed a resolution at Caterpillar requesting the company prepare a sustainability report. Sustainability reports can disclose important information about a company often not included in annual reports or filings required by the Securities and Exchange Commission (SEC), including environmental impacts, social policies, labor and human rights issues, and corporate governance guidelines.
In January 2006, the General Board and other proponents withdrew the resolution following Caterpillar's commitment to publish a report and to involve shareholders in the review process of the draft report. In March, the General Board submitted extensive feedback on the draft report to Caterpillar on behalf of co-filers. Later that month, co-filers met in person with Caterpillar staff to review the draft report and to discuss our feedback. In January 2007, a draft copy of Caterpillar's second sustainability report was shared with the General Board for feedback. In February the General Board organized a conference call with the company and other faith-based investors to provide feedback on the draft report.
Centex
Status: resolution withdrawn
Background: In February 2007, the General Board filed a sustainability report resolution at Centex, a homebuilding company. Sustainability reports allow companies to disclose business policies, practices, goals, opportunities, and challenges related to environmental and social issues.
In April 2007, Centex agreed to publish a sustainability report on its corporate website within 12 months and to discuss the report with the General Board while it is being developed. In return for this commitment, the General Board withdrew the resolution.
Costco
Status: resolution withdrawn
Background: In August 2006, the General Board filed a resolution at Costco requesting the company prepare a sustainability report. Sustainability reports can disclose important information about a company often not included in annual reports or filings required by the Securities and Exchange Commission (SEC), including environmental impacts, social policies, labor and human rights issues, and corporate governance guidelines.
In October 2006, the General Board participated in a conference call with Costco discussing energy efficiency at its stores. In December, the General Board withdrew the sustainability report resolution in return for a commitment to include a discussion of sustainability issues in the next annual report.
Dollar General
Status: resolution filed, later withdrawn
Background: The General Board encourages companies to adopt and enforce vendor standards or workplace codes of conduct. Such codes should prohibit discrimination and the use of child, forced or convict labor and should uphold the right of workers to bargain collectively.
In December, the General Board filed a resolution with the company on vendor standards. In January 2007, following a conference call in which the General Board learned about on-going polices and programs at Dollar General and following a commitment to improve disclosure on these issues, the General Board withdrew the resolution.
Dollar Tree
Status: resolution withdrawn
Background: The General Board encourages companies to adopt and enforce vendor standards or workplace codes of conduct. Such codes should prohibit discrimination and the use of child, forced or convict labor and should uphold the right of workers to bargain collectively.
In January 2007, the General Board filed a shareholder resolution with Dollar Tree concerning vendor standards. In February, the General Board held a conference call with the company to learn more about its policies and programs and to share the concerns of faith-based investors. Negotiations to withdraw the resolution are currently taking place.
Family Dollar Stores
Status: resolution withdrawn
Background: The General Board encourages companies to adopt and enforce vendor standards or workplace codes of conduct. Such codes should prohibit discrimination and the use of child, forced or convict labor and should uphold the right of workers to bargain collectively.
In November 2006, the General Board sent a letter to Family Dollar Stores inquiring about the company’s policies and practices with regard to its vendor code of conduct and compliance program. The General Board did not receive a response to the letter. In July 2007, the General Board filed a resolution with the company asking Family Dollar Stores to disclose its vendor code and to begin reporting on compliance to the code. In November, the General Board agreed to withdraw the resolution in return for a commitment by Family Dollar Stores to improve related disclosures and to meet with stakeholders to discuss the vendor code and the compliance program.
Fred's
Status: resolution filed
The 2007 resolution received 9.9% of shareholders' votes.
Background: The General Board encourages companies to adopt and enforce vendor standards or workplace codes of conduct. Such codes should prohibit discrimination and the use of child, forced or convict labor and should uphold the right of workers to bargain collectively.
In November 2006, the General Board mailed an inquiry letter requesting additional information on the company's policies and practices concerning vendor standards where its products are produced. In January 2007, the General Board filed a resolution on vendor standards to be considered at the 2007 annual meeting.
General Motors
Status: resolution filed
The 2006 resolution received 18.5% of shareholder votes at the 6/6/06 annual meeting.
Background: In December 2005, the General Board co-filed a resolution at General Motors requesting that, whenever possible, the positions of Chairman of the Board of Directors and Chief Executive Officer be held by different people. The General Board believes that corporate governance best practices include the separation of the roles of Chairman and CEO. The primary purpose of the board of directors is to provide independent oversight of management and the CEO. The board's effectiveness in this regard is compromised by the conflict of interest inherent in the combination of the two leadership positions.
Status: resolution filed
In December 2006, the General Board co-filed a resolution for consideration at the 2007 annual meeting seeking disclosure of General Motors’ political contributions.
Background: In an effort to encourage transparency, the General Board supports resolutions requesting companies to provide a report on their activities and financial relationships with political and/or governmental agencies. In January 2007, the General Board participated in a conference call to discuss and review General Motors’ related policy.
Home Depot
Status: resolution filed
In December 2006, the General Board co-filed a resolution seeking publication of a diversity report.
Background: The General Board supports resolutions requesting company management to report on efforts to establish affirmative action programs, enforce equal employment opportunity in the workplace and promote women and persons of color.
Kellogg
Status: resolution withdrawn
Background: In November 2007 the General Board filed a resolution at Kellogg requesting information on the sustainability of the company’s supply chain. After meeting with the company to learn about sustainability initiatives currently underway, and following a commitment by the company to continue discussing corporate sustainability issues with the General Board and to improve reporting on those issues, the General Board agreed to withdraw the resolution.
Marsh McLennan
Status: resolution withdrawn
Marsh McLennan has agreed to publish a report in the near future.
Background: In November 2005, the General Board filed a resolution at Marsh McLennan requesting the company prepare a sustainability report. Sustainability reports can disclose important information about a company often not included in annual reports or filings required by the Securities and Exchange Commission (SEC), including environmental impacts, social policies, labor and human rights issues, and corporate governance guidelines.
In January 2006, representatives from Marsh McLennan came to the General Board to discuss the resolution and gain a better understanding of the issues a sustainability report addresses. After follow-up conversations, Marsh McLennan committed to publish a report and to include stakeholders, including the General Board, in the development and review process of the report. Based on this commitment, the General Board withdrew the resolution.
Monsanto
Status: resolution filed
At the January 2007 annual meeting, the resolution received 13.7% of the shareholder vote.
Background: In August 2006 shareholders filed a resolution at Monsanto requesting that, whenever possible, the positions of Chairman of the Board of Directors and Chief Executive Officer be held by different people. The General Board believes that corporate governance best practices include the separation of the roles of Chairman and CEO. The primary purpose of the board of directors is to provide independent oversight of management and the CEO. The board's effectiveness in this regard is compromised by the conflict of interest inherent in the combination of the two leadership positions.
Morgan Stanley
Status: resolution withdrawn
Background: In August 2006, the General Board sent a letter to Morgan Stanley requesting information on the company's policies and plans concerning corporate sustainability. In October 2006, the General Board filed a resolution at Morgan Stanley. In January 2007, the General Board withdrew the resolution in exchange for the company’s commitment to begin reporting and to work with the General Board during the reporting process.
Newmont Mining
Status: The resolution received 92% of the shareholder vote.
Background: In November 2006, the General Board co-filed a resolution requesting the company to report on its policies and practices concerning engaging local communities in areas around the world where it has significant operations. In January 2007, the General Board participated in a conference call with Newmont Mining. Subsequently, the company encouraged shareholders to vote for the resolution and it received nearly 92% of the shareholder vote at the April 2007 annual meeting.
Pulte Homes
Status: resolution filed, later disqualified by the SEC
Background: In December 2006, the General Board filed a resolution concerning the company’s policies and practices pertaining energy efficiency. In January, Pulte Homes challenged the resolution at the Securities and Exchange Commission.
Sara Lee
Status: resolution withdrawn
Sara Lee has agreed to publish a sustainability report in the future and to involve the General Board in its development. In January 2007, the General Board met with Sara lee to receive an update on the reporting process.
Background: In May 2006, the General Board filed a resolution at Sara Lee Corporation requesting the company prepare a sustainability report. Sustainability reports can disclose important information about a company often not included in annual reports or filings required by the Securities and Exchange Commission (SEC), including environmental impacts, social policies, labor and human rights issues, and corporate governance guidelines.
Standard Pacific
Status: resolution filed, later disqualified by the Securities and Exchange Commission
Background: In December 2006, the General Board filed a resolution concerning the company's policies and practices pertaining to energy efficiency. In January, the company challenged the General Board's resolution at the Securities and Exchange Commission. At the end of January, the SEC ruled that the resolution could be omitted from Standard Pacific’s proxy materials.
TXU
Status: resolution filed
Background: In an effort to encourage transparency, the General Board supports resolutions requesting companies to provide a report on their activities and financial relationships with political and/or governmental agencies. In December 2006, the General Board filed a resolution seeking disclosure of TXU’s political contributions.
Wal-Mart
Status: resolution filed
The 2006 resolution received 10.2% of shareholder votes at the 6/2/06 annual meeting.
Background: In 2004 the General Board filed a resolution at Wal-Mart requesting the company prepare a sustainability report. Sustainability reports can disclose important information about a company often not included in annual reports or filings required by the Securities and Exchange Commission (SEC), including environmental impacts, social policies, labor and human rights issues, and corporate governance guidelines.
The 2004 resolution was supported by 14.16% of shareholder votes. A nearly identical resolution in 2005 won 16.16% of shareholder votes.
Wal-Mart has disclosed that it plans to publish a report in spring 2007. Shareholders remain concerned that the proposed report does not sufficiently address core sustainability issues facing Wal-Mart. As a result, the General Board and 30 co-filers submitted the sustainability report resolution for a third year.
In February 2007, the General Board reviewed a draft version of the forthcoming report.
| 
