As of mid-December, institutional investors of the Interfaith Center on Corporate Responsibility (ICCR), an advocate of socially responsible investing, had filed 150 shareholder-sponsored resolutions for the 2007 proxy season. Issues being addressed include back dating of stock options, energy efficiency, political contributions and executive compensation.
"These initial resolutions are the first of an expected 200-plus that will focus on changing policies, procedures and attitudes at the highest levels of corporate leadership that will in both the short and long term benefit the corporations themselves, as well as society as a whole," says Michael Hoolahan, ICCR acting executive director.
Resolutions had been filed with more than 70 companies addressing more than 40 issues. Manufacturers on the list, as well as the associated issues, include: General Electric (political contributions, ethical criteria for military contracts); Abbott Laboratories (separate CEO and chair, executive compensation); Boeing Co. (foreign military sales; human rights-develop and adopt policies); and Hershey Foods (vendor standards).
The ICCR's faith-based members include religious orders, church denominations, and foundations with a combined market portfolio of more than $110 billion.