News-Harringon Investments, Inc.

Press Releases

Portfolio Manager’s Message to Citigroup, Bank of America, & JP Morgan: "Stop Protecting Director Misconduct."

December 12, 2011

Santa Barbara - Harrington Investments, Inc., (HII) a socially responsible investment advisory firm has filed shareholder resolutions calling on Citigroup, Bank of America, and JP Morgan Chase to stop indemnifying directors against civil and criminal liabilities.

"The next time one of these banks commits a crime, their directors would not automatically have their defense paid for with shareholder funds," said John Harrington, President/CEO of Harrington Investments. 　

"It is the fiduciary responsibility of corporate directors to ensure that publicly traded corporations have adequate oversight and legal compliance measures in place. Failure to do so is negligence and should be considered criminal neglect," added Harrington.

Harrington Investments Asks Monsanto to Help Investors Better Understand Risks of GMOs

Auguest 30, 2011

Santa Barbara, California -- Harrington Investments, Inc. (HII) has announced the introduction of a shareholder resolution requesting that Monsanto Corporation publish a study on “material financial risks or operational impacts” associated with its products, especially genetically modified organisms (GMOs). The announcement underscores concerns about risks posed by GMO contamination of their crops.

“Just because the United States Department of Agriculture permits a product to be sold, does not mean that it is safe, and as costs of justifying and defending these products mount, investors need adequate information to assess associated financial risks themselves,” said John Harrington, President and CEO of Harrington Investments.

Investment Firm Urges Chevron to Implement Human Rights Obligations

April 12, 2011

Napa, CA - Harrington Investments, Inc., (HII) a socially responsible investment advisory firm, announced today that for the upcoming annual meeting, it will be presenting a shareholder resolution to implement rigorous new human rights oversight within Chevron corporation.

The resolution would amend Chevron's bylaws to establish a board committee on human rights, elevating the onus of human rights to the responsibility of those who are compensated to exercise fiduciary oversight over the corporation's strategic direction.

Corporate directors' fiduciary duties oblige them to exercise care such as undertaking appropriate inquiries into potential material issues facing the company, and to avoid conflicts of interest. Failure to exercise these and other duties in good faith could lead to individual board member liabilities.

Socially Responsible Investment Firm Divests Chesapeake Energy

March 22, 2011

Napa, CA- Harrington Investments, Inc. (HII), a Napa-based investment advisory firm specializing in socially responsible investing, announced today that it is divesting its entire holding in Chesapeake Energy Corporation (CHK) due to the corporation’s poor environmental record and its lack of accountability to shareholders.

In a recent Bloomberg Businessweek article it was reported that the Pennsylvania Environmental Protection Department cited over 40 natural gas well operators more than 900 times for "environmental health and safety" violations.　Leading this unworthy group with 109 citations was Chesapeake Energy.

"We have a fiduciary duty to our clients to invest in companies that show a strong commitment to the environment. Chesapeake clearly fails to do so," stated John Harrington, President of Harrington Investments, Inc. "Chesapeake obviously violates our investment criteria when it consistently and flagrantly violates environmental standards."

Harrington and Everest Divest From Wind Turbine Manufacturer Gamesa

November 12, 2010

Napa, CA - Harrington Investments, Inc. (HII), a socially responsible investment (SRI) advisory firm announced today that it and its subadvisor, Zurich-based Everest Asset Management, have divested of over 17,000 shares of Spain-based Gamesa Corporation.

"In accordance with our long term investment management style, we would prefer to remain invested in an alternative energy company such as Gamesa," said John Harrington, President and CEO of Harrington Investments. "However, we have a fiduciary duty to our clients to screen companies that not only show a strong commitment to their communities, but also invest in companies that respond to shareholder concerns, both of which Gamesa failed to do."

Board Committee on Sustainability Proposed For Starbucks and Google

November 10, 2010

Napa, California-based Harrington Investments, Inc. (HII), has introduced binding bylaw amendments at Starbucks (SBUX) and Google (GOOG), empowering and encouraging the boards of directors to create a standing committee to set company policy on environmental sustainability.

In March of this year, HII was successful in reaching an agreement with Intel Corporation (INTC) to amend the company’s Charter of the Corporate Governance and Nominating Committee to include "corporate responsibility and sustainability performance" into the committee’s overall policy responsibility. Intel also provided HII with an outside legal opinion stating that under Delaware law, Intel directors have a fiduciary duty to address such issues.

Environmental Sustainability Proposed by Shareholders at Large Tech Companies

May 27, 2010

Napa, CA - In response to the news that Oracle, Cisco and Microsoft have been removed from the voluntary Global Reporting Initiative (GRI) Nasdaq Sustainability Index (QCRD), Harrington Investments, Inc. (HII), a socially responsible investment advisory firm has introduced bylaw amendments at three tech companies, empowering the board of directors to create standing committees on environmental sustainability.

In March of this year, Harrington Investments was successful in reaching an agreement with Intel Corporation to amend the company's Charter of the Corporate Governance and Nominating Committee to include "corporate responsibility and sustainability performance" into the committee's overall policy responsibly. Intel also provided HII with a legal opinion stating that under Delaware law Intel directors have a fiduciary duty to address these issues.

Socially Responsible Investment Firm Wins Big Vote at Goldman Sachs Shareholder Meeting on Executive Compensation

May 7, 2010

NAPA, CA - A shareholder resolution, filed by Harrington Investments, Inc. (HII), a Napa, California-based socially responsible investment advisory firm, aims to put a stop to runaway executive compensation and short-term profiteering at Goldman Sachs. The resolution received the support of 25% of shareholders at today’s May 7th annual shareholder meeting, even though management urged a "no" vote. RiskMetrics Group supported the HII resolution.

The proposal, presented by Stephen Viederman of the Needmor Foundation on behalf of HII, would require all Goldman executives to hold 75 percent of stocks and options they receive as compensation for at least three years after termination of employment.

SEC Criticized For Citigroup And Bank Of America Ruling

March, 31 2010

Napa, CA - Harrington Investments, Inc. (HII) recently criticized the Securities and Exchange Commission (SEC) for allowing Citigroup and Bank of America to exclude resolutions from the shareholders' ballots on creating Board Committees on U.S. Economic Security.

"Citigroup and Bank of America received $90 billion in taxpayer bailouts to reward these financial institutions for almost destroying the entire U.S. economy by taking excessive risk and possibly committing fraud," said John Harrington, President/CEO of HII. "For two years in a row the SEC staff has not allowed shareholders to vote on proposals to require fiduciary oversight of these two large financial institutions based upon irresponsible legal technicalities under SEC rules. It is an absolute outrage."

Intel Acknowledges Sustainability and Corporate Responsibility A "Fiduciary Duty"

March 30, 2010

Napa CA - Harrington Investments, Inc. (HII) today announced that Intel Corporation has agreed to amend the Charter of the Corporate Governance and Nominating Committee to include "corporate responsibility and sustainability performance" into the committee's overall policy responsibility. Intel also provided HII with an outside legal opinion stating that under Delaware Law directors have a fiduciary duty to address corporate responsibility and sustainability performance as specified in the committee charter.

New Goldman Sachs Bonus Plan Camouflages Outlandish Bonuses

December 17, 2009

Napa, CA - Harrington Investments, Inc. (HII), a Napa, California-based socially responsible investment advisory firm, recently filed a shareholder resolution at Goldman Sachs requesting the board of directors adopt a policy that top executives be required to retain 75% of the shares acquired through the company's compensation plan for at least 3 years from termination of employment.

John Harrington, President/CEO of HII said, "There is a complete disconnect between the salaries and bonuses paid to top executives and traders at Goldman and the economic reality of millions of working Americans. Lloyd Blankfein, Goldman's CEO, in 2007 took home $68.5 million in cash and stock and in 2009 has established a $20 billion compensation and benefit pool for employees, including "hot-shot" traders. These are the very people that have pushed U.S. economic security to the brink."　

Yale Conference Produces Landmark Declation on Human Rights and Financial Integrity

December 10, 2009

John Harrington is a signatory on the New Haven Declaration on Human Rights and Financial Integrity. The Declaration was the outcome of a two-day conference held at Yale University focusing on how illicit financial flows and the shadow banking system increase global poverty .

The conference brought together lawyers, economists, and philosophers not only from the academy, but also from such influential global institutions as the International Monetary Fund and the World Bank, and from such NGOs, civil society organizations, and faith groups as Global Financial Integrity, Amnesty International, Human Rights Watch, the Soros Foundation, the National Council of Churches, Oxfam, Christian Aid, and many others.

The declaration will be delivered to G8 and G20 diplomats, to international financial institutions, and other civil society organizations around the world.

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