Yesterday, Mayor Nutter announced the introduction of a code of corporate conduct to be known as The Sandy Hook Principles, with the goal of influencing the corporate behavior of gun and ammunition manufacturers, distributors and retailers by establishing baseline standards for responsible conduct.
I am asking all cities, states, transit systems, schools, colleges, universities, hedge fund and pension fund managers, venture capital funds, and all other organizations that hold investments with private corporations to review the Sandy Hook Principles and consider their adoption as part of your investment strategy. Americans have economic power in how we choose to spend and invest our money. We can and should use that power to send a very strong message that irresponsible corporate behavior will not be tolerated.
Next week at the city’s Pension Board Meeting, City Solicitor Shelley Smith will introduce a resolution asking the Board to endorse and adopt the Sandy Hook Principles. Then, the pension fund’s portfolio would be examined and companies that are subject to the Sandy Hook Principles will be notified. Upon notification, those companies can endorse and adhere to the principles or say b-bye to the cash invested by the pension fund of the fifth largest city in America.
The Sandy Hook Principles apply to gun and ammunition manufacturers, distributors and retailers, but exempt the production and sale of guns or ammunition to local, state and federal law enforcement agencies and all U.S. military forces.
The Principles are based on the Sullivan Principles, introduced by a GM Board Member, Rev. Leon Sullivan, in1977, in order to apply economic pressure on South Africa. The principles eventually gained wide adoption among United States–based corporations.
Read the 20 principles here. If you don’t have time, here’s the gist. Don’t be evil, the mayor ain’t playin’.
If you’re one of those visual learners, or you just wanna peep the goatee, you can see his statement here.