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Episcopal Church's resolution on diversity defeated at stockholders meeting
Episcopal News Service
Issue:
Section:
2003-109-4
Posted: Friday, May 16, 2003
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A resolution presented by the Episcopal Church and the Church Pension Fund asking Werner Enterprises to consider diversity on its board was defeated at a stockholders meeting May 13.
A long-haul freight carrier, Werner's board includes the founder, Clarence Werner, his three sons and five other white men. 'In this day and age an all-white male board is just an anachronism,' said Harry van Buren, who introduced the resolution on diversity. 'In the economy that we have today, companies need to take advantage of different perspectives and different kinds of talents.' Van Buren is a consultant for the church on social responsibility in investments and corporate ethics.
The company argued that it provides equal employment opportunities and that the resolution would limit the board's ability to select the most qualified candidates. The vote was 71 percent against and 27 percent in favor, with some abstentions. 'We hope we've raised the company's consciousness of this issue,' said van Buren.
The church has monitored the social responsibility of its investment portfolio since 1972, beginning with the issue of investment in South Africa during its apartheid era. Board diversity resolutions have been proposed for about 20 companies, van Buren pointed out. Only twice have the resolutions been brought to a vote. Two others were withdrawn after the companies agreed to include language on board diversity in their proxy statements.
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