May 11, 2009

 

Contact:           
Geoff Wisner, Domini Social Investments LLC, Direct: 212-217-1063, Main: 212-217-1100.

Steven Heim, Senior Vice President & Director of Social Research and Advocacy,
Boston Common Asset Management, LLC, Office: 617-720-5557, Mobile: 617-785-9527

 

Global Investors Managing $372 Billion in Assets Endorse the Employee
Free Choice Act
Investors in the U.S. And Abroad Consider Passage of the Act an “Economic Imperative”

 

New York, NY – Today, an international coalition of major institutional investors, managing $372 billion across the global economy, sent a letter to Senate and House leaders endorsing the Employee Free Choice Act (S. 560 and H.R. 1409).

 

The investor endorsement brings a new business voice to the debate over U.S. labor law reform, breaking sharply with the U.S. Chamber of Commerce, the National Association of Manufacturers and other corporate trade associations lobbying against the bill.

 

“As investors, we believe constructive labor relations are essential for improving productivity, efficiency and workplace safety,” said Steven Heim, Senior Vice President and Director of Social Research and Advocacy for Boston Common Asset Management, LLC. “We believe the proposed legislation would help appropriately rebalance labor-management relations and better protect workers if they face unlawful conduct by employers when exercising their workplace rights.”

 

In their letter, the investors underscored the economic considerations in their endorsement of the legislation, noting that “the decline in unionization in the United States, exacerbated by a variety of anti-union responses from companies and weaker U.S. labor law, has damaged the fragile relationship between management and employees and depressed the prospects for sustained economic recovery.”

 

"The Employee Free Choice Act is an investment in our shared economic future," said Adam Kanzer, Managing Director and General Counsel at Domini Social Investments LLC. "The Act will help to stabilize our economy, both in the United States and abroad, by establishing a more balanced relationship between labor and management. Today, American workers are producing more and receiving less. This is an unsustainable trend that creates material risks for employees, investors and the global economy. By more effectively protecting workers' fundamental human rights, the Act would help to reverse these damaging trends."

 

Says Michael O’Sullivan, President of the Australian Council of Superannuation Investors in Melbourne, “The freedom to form a union is enshrined in the U.N. Universal Declaration of Human Rights. We want to be sure that the companies we invest in respect that right and look forward to the passage of the Employee Free Choice Act to align U.S. law more closely with international norms.”

 

The endorsers, from the U.S., Canada, Australia, and several countries across Europe, are signatories to the UN-backed Principles for Responsible Investment (PRI) and believe that environmental, social and governance (ESG) issues have a significant impact on long-term financial returns.

 

A copy of the letter to Congress can be downloaded at the following websites: www.domini.com and www.bostoncommonasset.com.

 

– xxx –

 

List of Signatories

 

AFL-CIO Employees Staff Retirement Fund, Daniel F. Pedrotty, Director, AFL-CIO Office of Investment

 

As You Sow Foundation, Conrad MacKerron, Director, Corporate Social Responsibility Program

 

Australian Council of Superannuation Investors, Michael O'Sullivan, President

 

Boston Common Asset Management, LLC, Steven Heim, Senior Vice President, Director of Social Research and Advocacy

 

Calvert Asset Management Company, Inc., Bennett Freeman, Senior Vice President, Sustainability Research and Policy

 

Capital Innovations, LLC, Michael D. Underhill, Chief Investment Officer

 

CCLA Investment Management Ltd., Michael Quicke, Chief Executive

 

Domini Social Investments LLC, Adam Kanzer, Managing Director & General Counsel

 

Hamilton Lane, Stephen R. Brennan, Principal

 

JMR Financial, John Richardson, President

 

Kommunal Landspensjonskasse (KLP) A/S, Jeanett Bergan, Head of Responsible Investments

 

LUCRF Super, Greg Sword, CEO

 

Meritas Mutual Funds, Gary A. Hawton, Chief Executive Officer

 

Merseyside Pension Fund, Peter Wallach, Head of Merseyside Pension Fund

 

Middletown Works VEBA, Jay Youngdahl, Co-Chair, Board of Trustees

 

Miller/Howard Investments, Luan Steinhilber, Director of Social Research

 

Natural Investments, LLC, Michael Kramer, Managing Partner and Director of Social Research

 

Pensions Investment Research Consultants Ltd., Alan MacDougall, Managing Director

 

Pensionskassernes Administration (PKA) A/S, Peter Damgaard Jensen, CEO

 

Progressive Asset Management, Richard W. Torgerson, President and Director of Research

 

SEIU Employees and Affiliates Pension Plans, Stephen Abrecht, Executive Director

 

Shareholder Association for Research and Education, Peter Chapman, Executive Director

 

Storebrand Investments, Hans Aasnæs, CEO

 

The Co-operative Asset Management, Ian Jones, Head of Responsible Investment

 

The Sustainability Group at Loring, Wolcott, & Coolidge, Amy Domini, Private Trustee

 

Trillium Asset Management Corporation, Shelley Alpern, Vice President