Stockholder Resolutions Withdrawn
Diocesan Press Service. March 13, 1974 [74075]
NEW YORK, N. Y. -- Seven of the nine U. S. corporations asked by a consortium of churches, including the Episcopal Church, to furnish detailed information on employment policy in South Africa have agreed to the requests.
As a result, according to the Interfaith Committee on Church Responsibility in Investments, shareholder resolutions against the corporations have been withdrawn.
The companies which agreed to furnish the requested information are Chrysler, Colgate-Palmolive, Deare and Co., Gillette, International Harvester, Pfizer and Weyerhauser. Disclosure resolutions will remain with Union Carbide and Engelhard Minerals and Chemicals, which did not agree to provide the information.
The Episcopal Church, holding 10,000 shares valued at approximately $300, 000, has withdrawn its resolution requesting employment information from Gillette.
A number of resolutions involving other Southern African issues and domestic employment practices will remain on the shareholder proxies of several corporations.
The Interfaith Committee represents agencies of eight church communions, the National Council of Churches, and the Franciscan Friars, a Roman Catholic order. The committee coordinates church resolutions on issues of corporate responsibility.