Council of Institutional Investors
Meetings to Watch
7/28/2016
Rosemary Lally
Thursday, July 28, 2016
by: Rosemary Lally

Section: CII Governance Alert




Throughout the 2016 proxy season, the Governance Alert provides brief write ups of upcoming annual meetings at which proposals filed by CII members will come to votes.

August 4

Universal—The AFL-CIO’s proposal asks the company to participate in mediation of alleged human rights violations if mediation is offered by a governmental National Contact Point for the Organization for Economic Cooperation and Development Guidelines for Multinational Enterprises. The proponent says the company needs to provide adequate remedies for human rights violations occurring in its operations and tobacco supply chain.
The AFL-CIO points out that in the United States, the State Department’s Office of the U.S. National Contact Point provides mediation of certain human rights violations.

In opposing the proposal, the board says the company already has a code of conduct and compliance program that promotes the rights and responsibilities of its global workforce, which includes “human rights issues including freedom from discrimination, protection of health and safety and non-retaliation.”

August 9

Vista Outdoor—The Connecticut Retirement Plans and Trust Funds’ proposal requests that the company publish an annual report on the actions it has taken on six elements of the Sandy Hook Principles, which are a set of measures aimed at curbing gun violence. The proponent says pension funds are urging manufacturers and retailers of firearms or ammunitions to support the principles. In addition, it says providing information regarding the steps the company has taken to implement the principles will help shareholders evaluate risk.

In opposing the proposal, the board says the company already discloses information about the actions it takes to promote firearm safety on its website and through its corporate social responsibility report. It also argues that the issues raised by this proposal are best addressed by legislatures and regulators to ensure that any laws that are enacted apply to all manufacturers and retailers.

August 11

Alliance One International--The AFL-CIO’s proposal asks the company to participate in mediation of alleged human rights violations if mediation is offered by a governmental National Contact Point for the Organization for Economic Cooperation and Development Guidelines for Multinational Enterprises. The proponent says the company needs to provide adequate remedies for human rights violations occurring in its operations and tobacco supply chain. The AFL-CIO points out that in the United States, the State Department’s Office of the U.S. National Contact Point provides mediation of certain human rights violations.

In opposing the proposal, the board says its existing Agricultural Labor Practices Program (ALP) addresses the objectives of this proposal. For example, it says, the ALP sets forth the labor standards by which all of the company’s growers are required to abide and the company educates contracted growers about compliance with the ALP.
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