The resolution declares that City Council has an ethical obligation to avoid adding to its portfolio any securities issued by corporations that damage the environment and health, engage in abusive labor practices, violate corporate ethical and governance standards, engage in extreme tax avoidance, or exercise such a level of market dominance as to disrupt normal competitive market forces. For now, Walmart is the only company on the City’s “Corporate Securities Do Not Buy List.” As spelled out in the ordinance, that’s because the company’s “business model exerts considerable downward pressure on wages throughout the retail sector and the broader economy,” and because “Walmart’s anti-union posture has diminished the exercise of workers’ rights.”
Posted on: Mon, 29 Dec 2014 14:00:01 +0000
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