Faith-Based Investors Pressure Major Companies to Repudiate Chamber of Commerce's Opposition to Health Care Reform

Faith-based investors, led by the Interfaith Center on Corporate Responsibility (ICCR), have requested that major companies in the U.S. Chamber of Commerce, including UnitedHealth Group, 3M, Target, General Mills, and others, distance themselves from the Chamber's opposition to health care reform bills moving through Congress. The ICCR, which has more than $100 billion invested in these companies, is urging the companies to act in ways that promote health care reform, citing their previous agreement to adopt core health care reform guidelines. Despite the ICCR's efforts, none of the companies contacted by the deadline have publicly distanced themselves from the Chamber's campaign, which the ICCR calls "scare tactics."

Key Takeaways:

• The Interfaith Center on Corporate Responsibility (ICCR) has asked over two dozen major companies, including UnitedHealth Group, 3M, Target, and General Mills, to repudiate the U.S. Chamber of Commerce's opposition to health care reform bills.
• The ICCR has more than $100 billion invested in these companies, and is urging them to act in ways that promote health care reform.
• Six companies, including Target, responded to the ICCR's request, but none distanced themselves from the Chamber's campaign.
• The failure of companies to break with the Chamber could lead to shareholder resolutions that force votes on the issue at annual meetings.
• Faith-based investors consider the public option one of the most important elements of health care reform.
• The U.S. Chamber of Commerce opposes a government-run health insurance option and has launched a lobbying campaign against reform measures.
• The ICCR is considering filing shareholder resolutions and divestment as options to pressure companies to support health care reform.

Statistics:

• Over $100 billion: The amount of investment by ICCR members in the companies contacted.
• 275: The number of members in the Interfaith Center on Corporate Responsibility (ICCR).
• 6: The number of companies, including Target, that responded to the ICCR's request.
• 2 dozen: The number of companies, including UnitedHealth Group, 3M, and General Mills, that were contacted by the ICCR.
• 612-673-4029: The phone number of Jim Spencer, the Staff Writer who covered this story.

Sources:

• Jim Spencer, "Faith-Based Investors Pressure Major Companies to Repudiate Chamber of Commerce's Opposition to Health Care Reform", Star Tribune, [no date provided].
• Interfaith Center on Corporate Responsibility, letter to CEOs, [no date provided].
• U.S. Chamber of Commerce, statement on health care reform, [no date provided].