Majority support for shareholder proposal at Sturm Ruger shows growing investor concern with gun violence
Proposal requesting reporting on efforts to improve gun safety garners majority support
Amid mounting public attention to the role played by military, assault-style weapons in recent acts of public violence like the school shooting in Parkland, Florida, shareholders recently voted on a proposal requesting a report on what activities, if any, Sturm Ruger is taking to promote gun safety.
A majority of shareholders supported the resolution, sending a strong message to Sturm Ruger’s board that business as usual is insufficient given the current climate, and that new safety standards responding to the risks guns pose for society are needed.
“While Praxis Mutual Funds® does not own the stocks of gun manufacturers like Sturm Ruger, we have worked with retailers and banks to adopt measures to reduce gun violence,” said Chris Meyer, Praxis Manager of Stewardship Investing Advocacy and Research. “We support the organizations that have worked directly with Sturm Ruger, and this vote shows the power of shareholder engagement.”
The board was asked to describe actions Sturm Ruger is taking to design and manufacture safer guns and accessories, and any other safety measures the company is undertaking to mitigate the reputational and financial risks it faces as a result of episodes of gun violence.
The shareholder vote was also a signal of growing unease amid calls for investors to either engage constructively with gun companies on the topic of gun violence or divest portfolios of gun stocks.
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Source: Interfaith Center on Corporate Responsibility