As you know, in the aftermath of the 2010 U.S Supreme Court Citizens United decision, concerned investors and advocates have participated in hundreds of discussions with companies about best disclosure practices for political spending and lobbying. In these engagements we have highlighted our belief that a company’s public commitment to sustainability and corporate responsibility is undercut by involvement in organizations like the American Legislative Exchange Council (“ALEC”) and the Heartland Institute.
Last month, 41 investors and advocates sent letters to 49 companies that are members of ALEC and/or Heartland Institute, urging them to conduct a comprehensive review of the business rationale for their relationships with these and similar organizations. The letter our group sent to Amgen, Inc. is attached. Today we received a response from Amgen, indicating that the company will not renew its membership in ALEC. The letter from Amgen is also attached.
Please feel free to contact us if you have any questions regarding this matter.
Director, Capital Strategies
Senior Vice President
Director of ESG Shareowner Engagement
Walden Asset Management, a division of Boston Trust & Investment Management
33rd floor, One Beacon St.,
Boston, MA. 02108