In a recent demonstration of strong leadership, a major investor of Siemens AG (a German engineering and green technology conglomerate) asked the President and CEO of the company to officially cut it’s ties with the U.S. Chamber of Commerce, “whose extreme opposition to climate change reform conflicts with [Siemens’] laudable environmental business model and leadership.”
Comptroller Liu of New York City wrote the letter to the head of Siemens AG, explaining his recommendation for ending affiliation with the U.S. Chamber at their next stakeholders meeting: “Given the importance of the green economy to Siemens’ long-term business plan and the company’s reputation as a global environmental leader, we believe it is time for the Supervisory Board to formally sever the company’s relationship with the U.S. Chamber. Unlike Germany, where membership in the chamber of commerce is compulsory, membership in the U.S. Chamber is strictly voluntary,” said Liu.
Check out this press release or download the full letter to read more:
NEW YORK, NY – Comptroller John C. Liu called on Siemens AG to sever all ties to the U.S. Chamber of Commerce. Siemens, the global electrical engineering conglomerate, is on one hand a market leader in green technology, but on the other hand the firm is a major contributor to the U.S. Chamber, which has vigorously opposed environmental reform.
In a letter sent to the company on January 20, Comptroller Liu requested Siemens announce a decision to revoke its membership in the U.S. Chamber at the company’s annual meeting on Tuesday, January 25.
“It’s not right for our shareholders’ money to support efforts that perpetuate environmental harm,” Comptroller Liu said.
“Siemens is known for green innovation, but it’s supporting a group that bends over backwards to stand in the way of environmental protection.”
As the letter notes, in March 2010, the U.S. Chamber sought to have the EPA overturn its finding that greenhouse gases are a threat to human health. When the EPA denied the U.S. Chamber’s petition, the Chamber sued the EPA.
Other corporations, including Apple, Exelon, and PG&E Corporation have withdrawn from the U.S. Chamber over the trade group’s determination to battle environmental reform.
The New York City Comptroller serves as the investment advisor to, custodian and trustee of the New York City Pension Funds.
Posted
on Monday, May 16th, 2011 at 8:38 pm.
