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Thursday, December 20

yes, Virginia, there is a Santa Claus

Ever wonder what would happen if a big steaming turd of a corporation was held accountable by its shareholders? (Okay, maybe I feel a bit strongly about this one. Turds are people, too, just ask Karl Rove).

Looks like we're going to find out, though, re: accountability.
...Harrington Investments, Inc., (HII) a socially responsible investment advisory firm, has announced the introduction of a binding amendment to Monsanto Corporation's corporate bylaws that could bar corporate indemnification of directors who fail to adequately oversee corporate activities that cause "harm to the natural environment, public health, or human rights."

"The idea behind this resolution is that by increasing the personal accountability of corporate directors, our proposed bylaw amendment would encourage these fiduciaries to better represent the shareholders of the corporation - and to serve as better guardians of the public interest," said John Harrington, President and CEO of Harrington Investments.

The new vehicle for improving corporate governance will be on the proxy for the January 16, 2008 shareholder meeting at Monsanto (MON).

"We chose Monsanto as our target for this new approach, because we view this company as facing significant legal and reputational liabilities that might have been prevented with better board oversight. These include allegations of selling potentially dangerous products abroad, bribing foreign government officials, and releasing genetically engineered products that have not been proven safe for human consumption or the natural environment. Such activities are bad for our company's reputation, and could lead to substantial liabilities," said Harrington...
You can read the whole thing here on cswire.

Is it going to work? Will the big evil steaming turd Monsanto kneel before Zod? Will they be run out of town? I have my doubts, but really appreciate the potential for a chain reaction here. Show that something can be done, and you've empowered people who would otherwise just grouse or give up due to outrage fatigue.

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