Reading the 2013 results of proxy shareholder resolutions orchestrated by various leftist organizations affiliated with “religiously” oriented investment groups, a colorfully descriptive phrase came to mind to describe both: Whatever its derivation, useful idiots is employed as “a pejorative term for people perceived as propagandists for a cause whose goals they are not fully aware of, and who are used cynically by the leaders of the cause.”
For the purposes of this post, we’ll grant groups with purported religious and socially conscious authority such as Walden Asset Management, Trillium Asset Management, As You Sow and the Interfaith Council on Corporate Responsibility the benefit of the doubt. We’re not questioning the quality of their faith or the depth of their social concern. But their political agitation is fair game for a thorough critique. And it is clear that these groups have a major blind spot when it comes to financier George Soros. Soros, one may recall, is the Hungarian-born multibillionaire responsible for funding radical leftist causes, including the Center for Political Accountability, Common Cause, Media Matters, Planned Parenthood and ACORN and various and other sullied causes. The man, it should be noted, also amasses vast wealth by, in part, heavily investing in the energy sector.
It is the Center for Political Accountability, however, upon which I focus today. As noted previously, CPA’s Bruce Freed authored many of the shareholder resolutions introduced by faith-based activist shareholders gathered together to quiet corporate political speech as well as derail profits and place expensive speed bumps in the paths of companies in direct competition with Soros’ financial interests. Doubt it? Herewith from Ceres’ website:
Investors achieved noteworthy victories during this year’s shareholder proxy season, with a near record 110 shareholder resolutions filed with 94 U.S. companies on hydraulic fracturing, flaring, fossil fuel reserve risks and other climate – and sustainability – related risks and opportunities….
Filers of the resolutions include some of the nation’s largest public pension funds, such as the California State Teachers Retirement System (CalSTRS) and the New York State and New York City Comptrollers’ Offices; socially responsible investors such as Green Century Capital Management and Trillium Asset Management; and religious, labor and other institutional investors, who collectively manage more than $500 billion in assets.