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Rhia Ventures: Shareholders Challenge Pfizer, The Home Depot, and JPMorgan Chase on Values Misalignment -- Proposals Say Political Spending and Corporate Values Are at Odds

SAN FRANCISCO, April 14, 2021 /PRNewswire/ --A As pressure grows on corporations to continue to speak out forcefully against efforts to restrict voter access to the polls, some shareholders are calling on corporations to reform their political spending practices.
Rhia Ventures: Shareholders Challenge Pfizer, The Home Depot, and JPMorgan Chase on Values Misalignment -- Proposals Say Political Spending and Corporate Values Are at Odds
"These contributions create risk to reputation and harm to brands that are playing out in real time," said Shelley Alpern.Shareholders of The Home Depot, Pfizer, and JPMorgan Chase & Co.A have filed proposals calling for an annual review and public reporting about alignment between political spending and corporate values. In separate solicitations for each company that have been posted to the Securities and Exchange Commission's website, investors point to a troubling pattern of support for political recipients whose policy agendas are at odds with the companies' commitments related to healthcare, climate change, diversity and inclusion, and other issues. None of the three companies are signatories to the corporate statement released in today's New York Times, signed by hundreds of companies and executives,A  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." Shelley Alpern, Director of Corporate Engagement at Rhia Ventures, which is representing the filer of the JPMorgan Chase proposal, said that the three companies' refusal to sign on to the breakthrough statement is "quite disappointing, but not at all surprising following their opposition to the shareholder proposals.""Risk to reputation and brand is inherent in all corporate political spending, but for these three companies, we're seeing that risk has transform into actual damage in real time," Alpern said. Numerous media reports have called attention to longstanding corporate support for politicians, party committees, and other electioneering organizations that sought to subvert the 2020 presidential election results and are promoting voter suppression legislation.
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