Posted Date: 8/24/2010
'Boycott Target' Total Climbs Over 72,000 on Facebook
The firestorm of protests against Target is still burning, though there are signs the movement may be peaking. But the retailer's problems are far from over.
A group of institutional shareholders have asked for a review of the company's donation processes, seeking to avert the controversy and boycotts that have stemmed from Target's $150,000 donation to Minnesota Forward, a group supporting a Republican gubernatorial candidate who espouses anti-gay views.
According to published reports, the three institutional shareholders, Walden Asset Management, Calvert Asset Management and Trillium Asset Management, together hold $57.5 million in Target stock. The powerful New York State Pension Fund and union managers are considering co-signing the resolution, which asks Target's independent directors to review both the criteria and the risks involved in making donations to politically active organizations.
In an August 5 apology letter posted on Target's website, chairman, president and CEO Gregg Steinhafel promised a review of the company's decision-making process for public policy donations.
The shareholders' discomfort comes from the strong backlash against Target, which has been accelerated by social media and online communities. The "Boycott Target Until They Cease Funding Anti-Gay Politics" page on Facebook, created by the progressive political group MoveOn.org, now has more than 72,400 supporters, up from 63,000 on August 17.
There have also been protests at Target stores and at Target-sponsored events. MoveOn.org is keeping up the momentum by creating a 30-second ad protesting corporate donations in general and Target in particular. The animated ad, available on YouTube, features a stick figure with the Target bulls-eye for a head, pushing a shopping cart in which it collects members of Congress, the Republican elephant and the Democratic donkey, the Statue of Liberty and an American flag. The voice-over ends with "Boycott Target: Our democracy is not for sale."
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Top 10 Takeaways from the 2012 Store Systems Study
1/25/2012 2:00:00 PM (EST)
Moderator:
Joe Skorupa, Group Editor-in-Chief, RIS News
Panelists:
>>Lee Holman, Lead Retail Analyst,IHL Group
>>Charlie McCarter, Regional Sales Director, SMB Retail Solutions, Dell Inc
>>Barry Wise, Industry Consultant, Epson America, Inc.
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