Faith-Based Investors Pressure 36 Major Companies to Disavow U.S. Chamber of Commerce Anti-Healthcare Stance

Strategic Insights -

Faith-based investors, representing over $100 billion in invested capital, are pressuring 36 major companies to disavow the U.S. Chamber of Commerce's aggressive campaign to kill healthcare reform. The Interfaith Center on Corporate Responsibility (ICCR) has sent letters to these companies, asking them to clarify whether the Chamber speaks for them on healthcare reform. Many of these companies had previously adopted healthcare principles that are now at odds with the Chamber's stance. The faith-based investors are concerned about the "disconnect" between the Chamber and its members on healthcare reform, echoing their concerns about climate legislation.

Key Takeaways:

  • 36 major companies, including Merck, Wal-Mart, McDonald's, AT&T, IBM, and General Electric, are being pressured by faith-based investors to disavow the U.S. Chamber of Commerce's anti-healthcare stance.
  • All of the companies had previously adopted healthcare principles that are now inconsistent with the Chamber's position.
  • Faith-based investors are concerned about the "disconnect" between the Chamber and its members on healthcare reform, echoing their concerns about climate legislation.
  • The ICCR has sent letters to the targeted companies, asking them to clarify whether the Chamber speaks for them on healthcare reform.
  • The companies have been asked to make a public statement distancing themselves from the Chamber's position, if they do not agree with it.
  • Some companies have expressed private disagreement with the Chamber's position, but have not taken public action.
  • The faith-based investors are pressing for accountability and a more constructive tone from the Chamber on healthcare reform.
  • The targeted companies include Aetna, American Express, AT&T, Bristol-Myers Squibb, Cardinal Health, Cisco Systems, and others.

Statistics:

  • 36 companies are being targeted by faith-based investors;
  • Over $100 billion in invested capital is represented by ICCR's 275 member organizations;
  • 60 ICCR members have contacted 36 companies by letter or direct outreach;
  • 275 faith-based investors are part of the ICCR coalition;
  • 60 of ICCR's members are faith-based institutional investors, representing over $100 billion in invested capital.

Sources:

  • PRNewswire-USNewswire, "Faith-Based Investors Pressure 36 Companies to Disavow U.S. Chamber Anti-Healthcare Stance"
  • http://www.iccr.org/
  • Ailis Aaron Wolf, 703-276-3265, aaaron@hastingsgroup.com
  • Laura Berry, executive director, Interfaith Center on Corporate Responsibility
  • Edward Gerardo, director, Community and Social Investments, Bon Secours Health System, Inc.
  • Donna Meyer, Ph.D., former Senior System Director-Community Health, CHRISTUS Health