Despite Shareholder Pressure, Corporat3Money Spigot Gushes Away
I have a nest egg, just like most working people have, where I tuck away a portion of my earnings in order to make things easier once it’s time for me to retire.
But, I wonder, what good is planning for the future if my retirement investments are being spent by companies like 3M, Target and Bank of America, to elect politicians who want to allow corporations to pollute our environment and ransack our economy?
This was the question kicking around my head when I joined other opponents of corporate money in politics during the 3M’s annual shareholder meeting earlier this week.
Despite the stormy weather, scores of protesters carrying signs with messages such as “Post-its, Not Politics” and “Corporat3Money OUT of Elections” rallied outside the meeting, which was held at River Centre in Saint Paul, Minn. Groups joining the rally included Common Cause, Public Citizen, Minnesotans for a Fair Economy, Take Action Minnesota, MPIRG and others associated with the Corporate Reform Coalition and the 99% Power movement.
Several demonstrators went inside as proxies for shareholders who are concerned about the impact of corporate money in elections. Their concern in 3M’s case is well-founded – in 2010, 3M (like Target) gave $100,000 to MN Forward, a front group backing radical right-wing gubernatorial candidate, Tom Emmer.
I attended as a proxy of Trillium Asset Management, a socially responsible investment firm that put a groundbreaking resolution before 3M (and Bank of America too): a resolution that would stop the company from using its general treasury funds to try to influence elections.
During the question and answer session, several shareholders raised concerns about the corporation’s stated position – basically that the company needs to keep dumping money toward corporate-friendly politicians in order to “stay competitive.”
Outgoing CEO George Buckley heard shareholder questions, including mine, but gave glib and misleading answers.
When I asked whether 3M was putting money into any Super PACs or 501(c)4 attack ad groups, he lamely insisted that 3M “needs a voice” in Washington.
This is doubly misleading. Of course 3M’s executives have a right to make their opinion heard – just like every American citizen. But they shouldn’t be doing it with other people’s money – i.e., money that belongs to shareholders, the real owners of any publicly traded corporation. Still worse, a growing body of evidence shows that spending shareholder money like this is actually bad for business. As a shareholder, why would I want to let the company do something that hurts me politically and financially?
Despite support from many shareholders in attendance, the resolution to prevent 3M from spending its money in politics did not succeed. It did, however, receive enough votes to be re-filed next year, when more people will have time to understand how important this resolution really is. Support for responsible corporate governance is bound to grow as the 2012 election season exposes what the Supreme Court wrought by allowing the corporate takeover of our democratic process.
It’s invigorating to know that the movement to restore democracy to the people isn’t just making progress in communities and in Congress, but even from inside of corporations like 3M, Bank of America and Target.
To read my live Tweets from the 3M meeting, go to #corporat3Money.
May 10, 2012 @ 6:30 pm
Only PEOPLE and NOT corporations should be allowed to have a direct voice in government! And CORPORATIONS ARE NOT THE PEOPLE!!! WE MUST END CORPORATE INFLUENCE OVER GOVERNMENT AND STOP THE BRIBERY FOR LEGISLATION THAT HAS BEEN ALLOWED TO CONTINUE FOR FAR TO LONG!!!!
May 10, 2012 @ 6:36 pm
Yeah for you. Your actions are just the pressure needed to intervene with the fiction that “corporations are people”. Clever people like you with motivation to act are just the action needed to force new legislation about political contributions.
May 10, 2012 @ 6:51 pm
As long as corporate america continues to fund the media that continues to spew forth lies and deception that the uneducated public believe, nothing will change. There needs to be massive public revolt against these people. Time to start getting the troops organized.
May 10, 2012 @ 7:32 pm
Thank you for this. There’s so much going on at this level that we haven’t been aware of or understood. I hope to learn and become more of an activist by the time the shareholders meet again.
May 10, 2012 @ 7:40 pm
Corporations don’t seem to get that people without health care or jobs don’t have any disposable income.
Example of stupid involvement in politics: Target’s donation to Tom Emmer of MN, who wanted pharmacists to be able to refuse birth control prescriptions, and was also anti-gay. No coherent reason was ever given as to how an Emmer win would help Target’s market share. All Target succeeding in doing is ticking off the thousands of women who use “the pill,” for many conditions not related to pregnancy at all.
May 10, 2012 @ 8:01 pm
I believe “Politics is mans heritage to a perennial criminal enterprise” and unless we the people demand the necessary change, our entire world will fail.
May 14, 2012 @ 3:21 pm
I, too, believe that, unless we educate the public and continue to make our voices heard over the corporate-supported media, that America, and perhaps, the global independent nations, will fall. The way of Corporate America is War. War is good for business, and the megamedia and corporate leadership do not care if they have to kill, or let thousands of poor people die to become bloated behemoths.
Way to let 3M know that the not-so-ignorant are keeping an eye on them, and that they are NOT PEOPLE, but corporations owned, led, and managed by people.
May 10, 2012 @ 9:21 pm
We will never have a fair democracy until we get money out of politics……especially when the rich and powerful corporations can buy what they want.
May 11, 2012 @ 1:17 am
What a creative strategy, attending the shareholder meetings. I am involving my 14-year-old son in all of the updates I get from you. I myself work so much just to get by that I have little time to contribute, but getting your updates always brightens my day – THANK YOU SO MUCH!
May 11, 2012 @ 1:18 am
everybody buys into their claim that they need a presence in washington – no questions asked. this is bullshi, the only reaso they need it is to bribe lawmakers to let them get away with doing something wrong. what good is confronting them if yr only gonna wimp out in the end
May 11, 2012 @ 2:20 am
It’s nice to see some action being taken by the some of our Congresspeople, Senators, people and shareholders and that there is legislation on the table, but I feel that it is just going to sit there without much backing. We’ve already seen OUR elections being tainted in 2000, 2004 probably 2008 and we can see it happening in the Republican Conventions and by Corporate Media keeping Ron Paul, and Dennis Kucinich out of the races. The problem is time, and time is running out.
Public Citizen has my deepest respect, and other advocacy organizations, and of course OWS, but I feel these days we are just talking to deaf ears that are Hell bent on their own agenda no matter what we say or do and our actions are kept from the public by the Corporate Media. Many bills have come before the Senate and have faded into oblivion to many’s dismay.
I am way beyond appalled, and dismayed with OUR Government and Judicial system. That the American public could be sold out so easily by the very people we have elected, entrusted, and payed the salaries of to protect OUR Democracy, and to uphold the Constitution of the United States. That we the people have no quick form of redress, and that there are no penalties for not keeping the Oath they had taken when they were sworn into office. Acts of Treason go unpunished! Crimes against Humanity go unpunished! Sedition against the American people brought on by foreign policies. Read John Perkins’ “Confessions of an Economic Hit Man” That OUR three branches of Government would be so corrupted that they would represent the very people that would attack us, and then blame another country so that these Corporations could steal OUR tax dollars, and then that country’s resources. See the irrefutable evidence at DrJudyWood.com, or read, “Where Did the Towers Go?” by Dr. Judy Wood.
Corporations are not people, and money is not free speech! Corporations are global entities with only one goal of interest: MONEY! They seek to undermine OUR Democracy, to get rid of every regulation imposed upon them, to break up every Union that gives their employees any kind of rights, or any say in how they are treated. They seek billions in Corporate Welfare, and Bailouts while at the same time not paying a penny in taxes, or they have their lobbied loopholes so they pay very little in taxes. They have lobbied for, and have gotten Fair Trade Agreements that have allowed them, that have paid them with OUR TAX DOLLARS to ship OUR jobs overseas to countries with little, or no labor laws! They have brought in foreign contractors, and engineers to build buildings, and bridges with foreign labor, and materials with OUR tax dollars. They have brought in countless illegal immigrants into the United States to give them employment instead of hiring Americans! They have created so much more factories, and employment overseas than here in the U.S..
Real patriots huh?
I know that this is not representative of all Corporations. There are some fine outstanding Corporations in the United States that do everything they can, to protect their communities, and country. I salute them, and hold them in the highest regard, but there are those that spread their corruption through lobbying, political contributions, and the eventual judicial decisions they’ve paid for such as Citizen’s United which to me is totally unconstitutional.
Why don’t we just say that it is fine for our worst enemies in history to invest as much money into our politics as they like. Hell, why don’t we just let them run for the highest offices in the United States under false identities, and a platform of fabricated lies. What would be the difference than what is going on now? And money as Free Speech? Well I guess the poor, and soon to be poor have no voice at all then. That Corporations would steal their own shareholders monies to promote their causes against the American people. We can see how well money speaks, just look at all of the high profile prosecutions that are going on against the people and industries that have ruined our country. Never in my life had I thought I would see these days, and that so many people have died in vain protecting OUR Constitution! Independence Day, and Veterans’ Day have no meaning anymore. The Terrorists haven’t won yet, but we have little time left before the last of OUR freedoms are taken from us in the guise of Homeland Security. Stand Up! Speak Out! While you still can. Quit arguing over the left, and the right. United We Stand, Divided We Fall!
May 14, 2012 @ 3:28 pm
Kurt,
Don’t give up. RAVE against the inequality and injustice greed has brought us!
Just a word to the wise: People respond to both fear and optimism. I vote we give each other support and hope. Truly, besides an educated public, these are the only things that will overcome the foot-dragging retroversion being experienced by our policy-makers (politicians). Most of this can, indeed, be laid at the feet of fat cat corporations, whose stockholders are being shafted by their administrators.
We need to get the message out, and act on the same message, that we, as shareholders and voters, CAN make ourselves heard. We need to be united in this conviction.
May 11, 2012 @ 10:22 am
An important first step. Good job.
May 11, 2012 @ 11:56 am
End Plutonomy!
May 14, 2012 @ 4:16 pm
Corporations are not people, their money holds sway already, allowing them to bribe their way, by giving campaign funds, so the politicians will vote for legislation favoring them, should have raised a red flag. If the supreme court thinks it’s fair They have no business being in the position they have
May 20, 2013 @ 2:12 pm
I agree that we don’t need corporate money going into elections. If corporations need to have their voice heard they can easily send plenty of lobbyists and meet with politicians after the elections, but keep the bribery and money out of campaigns.
I find it interesting that all examples point to republican and corporations. However, I think it is fair to say that the democrats are just as liable and untrustworthy. I don’t know who Tom Emmer is or care that people call him a right wing extremist because there are plenty of left wing extremists being voted in; i.e. Al Franken of MN.
Let’s look at the election of 2008 and which candidate: Obama or McCain that accepted PAC money – IT WAS OBAMA. And look who won! Big groups such as our beloved Sierra Club are buying up as much political power as corporations. PACS should be banned and that would be the end of it.