A group of religious investors and a union pension fund today formally asked the SEC's four commissioners to overturn a rule that lets companies keep workplace-related shareholder requests off their ballots. They want the commissioners to reverse a recent staff ruling that allowed Shoney's Inc. to omit a shareholder request on disclosing its record on hiring women and minorities from its proxy.
The group consists of the General Board of Pensions and Health Benefits of the United Methodist Church.; the Sisters of St. Dominic Congregation of the Most Holy Name; and the Sisters of Mercy Health Services; along with the Amalgamated Bank of New York LongView Collective Investment Fund, representing the Union of Needle Trades, Industrial and Textile Employees.
In the appeal filed with the SEC, Cornish S. Hitchcock, counsel to the LongView fund, said the alleged racial discrimination at Texaco Inc. shows that employment policies can be costly to investors.