FOR IMMEDIATE RELEASE
Contact: Brett Abrams, Brett@fitzgibbonmedia.com, 516-841-1105
New York, NY — For weeks, ColorOfChange has corresponded with The Principal Financial Group (The Principal) demanding divestment of the company’s private prison shares, valued at more than $113 million. Now, the company has publicly responded for the first time claiming a lack of control over their investment decisions as their defense. ColorOfChange members understand The Principal’s role in financing the private prison industry and they remain committed to holding them accountable and urging them to divest immediately.
View original correspondence here: https://s3.amazonaws.com/s3.colorofchange.org/images/The_Principal_ColorOfChange_correspondence_.pdf
Principal Financial’s public response may be seen here: http://www.principal.com/banners/landing/colorofchange.htm
Rashad Robinson, Executive Director, issued the following statement:
“We reject The Principal’s cowardly response to hundreds of calls from ColorOfChange members demanding divestment from private prisons. Their statement ignores the company’s control over the investment options offered to their clients, as well as their explicit duty to ensure that these options are ethical. The Principal’s denial of discretion in choosing investments is particularly ridiculous. ”
“An ethical company would implement safeguards to prevent the investment of their client’s and company’s money in an industry responsible for egregious human rights abuses and deeply corrupt business practices. The Principal’s refusal to implement such safeguards and divest speaks volumes about their priorities and is a direct contradiction to their public brand. The Principal’s executives have a important choice to make: Either demonstrate leadership in the industry and join the growing number of company’s that are disassociating from private prisons or continue profiting off torture and immense human suffering.”
More than 45,000 ColorOfChange members have signed onto the campaign urging investors to withdraw their investment in an inhumane industry.
VIEW THE PETITION HERE: http://act.colorofchange.org/sign/privateprison_divestment/
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With more than 900,000 members, ColorOfChange.org is the nation’s largest online civil rights organization.