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Socially responsible investmentShareholders call Dow Chemical to account
Shareholders in Dow Chemical have filed a resolution demanding the US company address the outstanding pollution and health issues resulting from the 1984 explosion of a Union Carbide (UC) chemical facility in Bhopal, India.
UC became a subsidiary of Dow in 2001, and the shareholders argue pollution from the explosion continues to contaminate drinking water and has caused serious health problems for over 100,000 people.
The resolution was filed by the New York City Pension Funds, the New York State Common Retirement Fund and Amnesty International USA, and calls on Dow to provide investors with descriptions of any new action taken to resolve the after effects of the UC disaster.
William Thompson Jr, New York City comptroller, said despite Dow’s protests to the contrary, the long-term interests of shareholders will be damaged if the company does not address the issues in Bhopal. Failure to do so, he said, will affect Dow’s reputation and ability to expand into new markets.
Amy O’Meara, of Amnesty’s International USA’s business and human rights programme, said Dow’s behaviour in regard to the Bhopal disaster has been “despicable”, particularly in light of the company’s Human Element ad campaign, which seeks to promote Dow’s accountability for public health and clean water around the world.
LinksNew York State Common Retirement Fund
January, 2007 |
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