Investors Push for Corporate Reform on Voter Suppression, Climate Change, and Healthcare

Shareholders at The Home Depot, Pfizer, and JPMorgan Chase & Co. have filed proposals calling for annual reviews and public reporting of corporate values alignment with political spending. The investors criticize the companies' support for politicians who back voter suppression, restrict access to healthcare, and take ill-advised stands on climate change and social issues.

Key Takeaways:

• Shareholders at The Home Depot, Pfizer, and JPMorgan Chase & Co. filed proposals to review and report alignment between corporate values and political spending.
• The investors criticized the companies' support for politicians who back voter suppression, restrict access to healthcare, and take ill-advised stands on climate change and social issues.
• The proposals at Pfizer, JPMorgan Chase, and The Home Depot highlight the companies' support for politicians who have weakened access to reproductive healthcare, restricted voter access, and challenged the 2020 presidential election results.
• Pfizer's proposal, sponsored by Tara Health Foundation, cites $10.8 million in contributions to opponents of abortion access, despite the company's manufacture of a medication abortion drug.
• The Home Depot Inc. and its PAC contributed over $200,000 to members of Congress who voted against certification of the 2020 election results.
• JPMorgan Chase and its PAC have supported politicians who hold back progress on addressing climate change and weakened access to reproductive healthcare.
• A similar proposal was filed at FedEx by Clean Yield Asset Management.
• Shareholder proposals rarely receive majority votes, but a strong showing of support can influence corporate policies and behavior.

Statistics:

• $10.8 million: The amount Pfizer and its employee PAC gave to opponents of abortion access in the 2016-2020 election cycles.
• $200,000: The amount The Home Depot Inc. and its PAC contributed to members of Congress who voted against certification of the 2020 election results.
• 2020: The year The Home Depot Inc. and its PAC contributed over $200,000 to members of Congress who voted against certification of the 2020 election results.

Sources:

• Rhia Ventures media@rhiaventures.org
• Tara Health Foundation: A grantmaking foundation that seeks to improve the health and well-being of women and girls through the creative use of philanthropic capital and 100% mission alignment of its assets.
• Clean Yield Asset Management: Filed a similar proposal at FedEx to review and report alignment between corporate values and political spending.
• New York Times: Released a corporate statement signed by hundreds of companies and executives pledging to oppose any discriminatory legislation or measures that restrict or prevent any eligible voter from having an equal and fair opportunity to cast a ballot.