Faith-Based Investors Pressure 36 Major Companies on U.S. Health Care Reform

Strategic Insights -

Leading faith-based institutional investors are placing pressure on 36 major companies, including Merck, Wal-Mart, McDonald's, AT&T, and IBM, to clarify their stance on the U.S. Chamber of Commerce's aggressive campaign to kill efforts to overhaul the U.S. health care system. The Interfaith Center on Corporate Responsibility (ICCR) reported that 60 of its faith-based institutional investor members have contacted the companies by letter or direct outreach, asking them to state publicly whether the U.S. Chamber speaks for them on health care reform.

Key Takeaways:

  • The Interfaith Center on Corporate Responsibility (ICCR) is pressuring 36 major companies to clarify their stance on the U.S. health care system reform, citing a "disconnect" between the companies' previously agreed-upon health care principles and the U.S. Chamber of Commerce's anti-reform stance.
  • The 36 targeted companies include Aetna, American Express, AT&T, Bristol-Myers Squibb, Cardinal Health, Cisco Systems, Duke Energy, DuPont, Eli Lilly, Exxon Mobil, General Electric, General Mills, Goldman Sachs, Home Depot, IBM, Kellogg, Kohl's, Manpower, Marriott, McDonald's, Medco, Merck, Peabody, Pepsi, Pfizer, Safeway, Staples, Starbucks, Target, 3 M, UnitedHealth Group, United Technologies, Verizon, Walmart, Wellpoint, and Xerox.
  • Faith-based investors are concerned that companies are paying membership fees to the U.S. Chamber of Commerce while also supporting pro-reform groups, creating a contradictory stance on health care reform.
  • Laura Berry, executive director of the ICCR, stated that faith-based investors see the passage of healthcare reform as an historic opportunity for companies to step up and be counted, and that companies should make it "abundantly clear" that they stand by their principles on health care.
  • Edward Gerardo, director of Community and Social Investments at Bon Secours Health System, Inc., emphasized the need for accountability from companies that are members of the U.S. Chamber of Commerce, saying that companies must take responsible action and call on the Chamber leadership to adopt a more constructive tone.
  • Donna Meyer, Ph.D., former Senior System Director-Community Health at CHRISTUS Health, asked businesses to distance themselves from the Chamber's position on health care reform, and to steer the Chamber toward playing a more helpful role.

Statistics:

  • 275-member Interfaith Center on Corporate Responsibility (ICCR)
  • 60 faith-based institutional investor members have contacted a total of 36 companies by letter or direct outreach
  • 36 targeted companies
  • 4 of the companies (Merck, Wal-Mart, McDonald's, AT&T) are among the top 10 largest companies in the U.S.

Sources:

  • Interfaith Center on Corporate Responsibility (ICCR), New York City
  • Biotech Week editors from staff and other reports, Copyright 2009, Biotech Week via NewsRx.com