An excellent decision. From Commissioner Steve Novicks website post: The first resolution Council adopted today renews our current Do-Not-Buy List, ensuring the City will not purchase any new Wal-Mart bonds through December 2015. Wal-Mart belongs on this list because: For example, in the area of labor practices, Wal-Mart continues to resist campaigns to provide Wal-Mart employees better wages, benefits, and other protections. Just this month, an administrative law judge for the National Labor Relations Board ruled that Wal-Mart managers in California had illegally disciplined workers for going on strike and threatened to close a store if many of its employees joined the advocacy group OUR Wal-Mart. In the area of corporate ethics and governance, the New York Times published the results of an investigation into a Wal-Mart de Mexico scheme to bribe local government officials in Mexico in exchange for fast-tracking development permits. Wal-Mart also uses its market dominance to disrupt normal market forces, as detailed in the book The Wal-Mart Effect by Charles Fishman Council also passed a resolution today establishing a permanent standing Socially Responsible Investments Committee. This new committee of volunteers is charged with reviewing the Citys investments and the principles established by Council and recommending which companies we should add to - or remove from - the Do-Not-Buy List.
Posted on: Fri, 19 Dec 2014 04:48:50 +0000
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