It is
time to say WE DON'T BUY IT. Mitsubishi's denial of reality has
forced the international Coalition to Save Laguna San Ignacio
to take new measures to press for Mitsubishi to drop its illegal,
anti-environmental and widely opposed project. If Mitsubishi
will not listen to the voices it has heard so far, perhaps it
will listen to accountants, stockbrokers, investors and consumers.
Mitsubishi's
actions and pattern of environmental irresponsibility are a matter
of public record (see "Green Wash" at www.igc.org/trac/greenwash/mitsubishi.html).
These facts, as they become more and more well known, undermine
the confidence of Mitsubishi's customers and investors. The attractiveness
of Mitsubishi's products and its standing as a sound investment
deteriorate as its consumers and stockholders reconsider and
then reject their connection to Mitsubishi. The tremendous notoriety
of the plight of Laguna San Ignacio and its potential negative
impact on Mitsubishi's stock is being brought to the attention
of institutional investors. Such investment funds can then have
the opportunity to consider whether Mitsubishi remains a sound
investment and whether they are willing to implicitly support
Mitsubishi and its destructive operations by continuing to hold
Mitsubishi stock.
For this reason,
the Coalition is asking that California institutional investors
immediately stop the purchase of any stock in Mitsubishi Corporation
or its subsidiaries, and asks that no mutual fund or other fund
containing such stock be purchased until Mitsubishi abandons
its plans to build the saltworks. The Coalition is also asking
such institutional investors to divest any current holding in
Mitsubishi Corporation and its subsidiaries, including mutual
funds or other funds until Mitsubishi abandons its plans to build
the saltworks.
The DON'T
BUY IT campaign is starting in California because the state is
a multibillion dollar participant in the global marketplace with
over $280 billion in foreign holdings. In addition, two California
retirement funds are major foreign investors (the California
Public Employees' Retirement System at $153 billion and the California
State Teachers' Retirement System at $92 billion). Thus, California
action alone can impact Mitsubishi stock prices. We also start
in California out of recognition of the many shared species that
migrate through this state on their way to Baja California and
the proposed site the saltworks most notably the Pacific Gray
Whale (imagine what the loss of this species would mean to San
Diego's multimillion dollar whale-watching tourism industry).
Basically, the state and local government investment funds do
not serve the government's fiduciary obligation to citizens when
they invest in firms that abuse the environment, harm the interests
of the state's people, or are a bad investment because of the
environmental degradation liability the firm carries.
The question
is: will it work? The answer is yes, divestiture actions work.
The South Africa Disinvestment Act is viewed as having been a
major impetus for the overthrow of apartheid and the democratic
election of Nelson Mandela. Also, after eight California cities
and one county banned doing business with companies engaged in
activities under the oppressive regime in Burma, at least six
companies pulled out of Burma: Motorola, Hewlett-Packard, Apple
Computer, Phillips Electronics, PepsiCo and Texaco.
Mitsubishi
says, don't worry, we will do no harm to the environment.
We DON'T BUY
IT. We do not do business with companies that propose to build
industrial facilities in nature sanctuaries, that destroy forests
worldwide, and that are guilty of sexual harassment, racial discrimination
and the use of slave labor.
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