New address: 24 Farnsworth Street, Boston, MA 02210-1409.
Mr. Chairman, fellow shareholders, my name is Jerry Gabert, I am the Treasurer
of the Unitarian Universalist Association, and I am pleased to be here today on
behalf of the New York City Comptroller, William Thompson, and the New York City
pension systems to present the funds' resolution on global human rights
Over the last several years, reports of human rights abuses in the overseas
subsidiaries and suppliers of some U.S.-based corporations have led to an
increased public awareness of the problems of child labor, "sweatshop"
conditions, and the denial of labor rights in U.S. corporate overseas
operations. Human rights violations in these operations have, in many cases,
lead to negative publicity, public protests, and the loss of consumer confidence—all of which can have a negative impact on shareholder value.
The New York City pension funds, holders of over 208,000 shares, have
submitted a proposal which calls on Stride Rite to commit to the implementation
of a code of conduct based on the core labor standards promulgated by the United
Nations' International Labor Organization and to commit to a program of outside,
independent monitoring of our company's compliance with these standards.
Stride Rite's stated commitment to respect human rights in its overseas
operations, is a welcome first step. However, experience has shown that
self-monitored corporate codes of conduct have not been adequately enforced, and
have resulted in little or no substantive change. We firmly believe that
on-site, independent monitoring of compliance is essential if this corporate
code of conduct commitment is to have credibility with the public. We are asking
Stride Rite to commit itself to such a program and to seek to engage overseas
vendor partners who are likewise committed.
Therefore, on behalf of the New York City pension systems, I herby submit the
resolution on global labor human rights standards, which are to be found in your
proxy materials. Thank you.
For more information contact responsibleinvesting @ uua.org.
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Last updated on Friday, June 17, 2011.
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