|
Shareholders asked for support on sweatshop issue
|
|
Shareholders are being asked by the Shareholder Association for Research and Education (SHARE) to support proposals aimed at Sears Canada, Hudson’s Bay Co. and Wal-Mart calling on the companies to adopt International Labour Organization principles on sweatshop labour. Although the annual meeting for Sears Canada has already past (it was held April 17), shareholders still have time to respond to a proposal at Hudson’s Bay Co. The company’s annual meeting will be held on May 23. “The shareholders submitting these proposals believe that stronger policies and greater transparency about compliance will reduce risks to shareholders,” states a shareholder alert issued by SHARE . The action is part of a co-ordinated campaign by institutional shareholders in Canada and the U.S. representing labour, church and social investment funds. Hudson's Bay, Sears Canada, and Wal-Mart are being asked to take action to ensure that their codes of conduct are effective. The proponents of the proposals believe that effective codes of conduct and verification systems would encourage suppliers to improve labour standards and protect retailers and their shareholders from possible adverse financial consequences. Working Enterprises Ltd., a union-sponsored organization based in Vancouver, is the lead filer of the proposals to the Hudson's Bay and Sears Canada. Ethical Funds Inc. of Vancouver has co-filed the proposal to Sears Canada, and is among the co- filers of the proposal to Wal-Mart, along with U.S. church, labour and social investment funds. U.S. shareholders have also filed proposals with other companies, including Sears Roebuck, the majority shareholder of Sears Canada. For information on how to support this campaign, contact: Shareholder Association for Research and Education at 604-408-2456 or visit SHARE’s website.
|
