NY Officials Pressure Sochi Olympic Sponsors Over Anti-Gay Russian Laws

The U.N. principles state that companies have an obligation to respect human rights and remedy abuses where they affect their business operations. The investors note that if these companies fail to speak out against these restrictive and intolerant laws, they threaten not only the return on their Olympic sponsorship dollars but also the value associated with the companies’ brands and reputations.“Corporate sponsors of the Sochi Olympics have an opportunity to build their brands and their value, but they also have a responsibility to uphold the Olympics’ inclusive spirit,” said New York City Comptroller John C. Liu. “The onus is on these global corporations to use their influence, while the whole world is watching, to confront Russia’s hateful laws that target the LGBT community. If they fail to step up and speak out in support of equal rights for all, they risk damaging their reputations and their value to investors.”

“As sponsorship and broadcast revenues finance 92 percent of the costs of the Olympic games, there can be little doubt that corporate sponsors have influence over the International Olympic Committee and host countries. There is simply no justification for silence and inaction,” said Shelley Alpern, director of Social Research and Shareholder Advocacy at Clean Yield Management.

The investors urged the Olympic corporate sponsors to:

–Ensure their nondiscrimination policies are strong, inclusive and enforced globally, especially in regard to employees stationed or on location in Russia;

–Call on the leaders of the Russian Federation to rescind the laws that deprive members of Russia’s LGBT community of freedom of speech and freedom of assembly, and declare their commitment to equality irrespective of sexual orientation or gender identity; and

–Call on the International Olympic Committee to obtain firm and express commitments from the Russian government that ensure the safety and human rights of all athletes and attendees of the Winter Games and visitors to the Games’ venues.

Signatories to the letter include Clean Yield Asset Management, Zevin Asset Management, Arjuna Capital, Harrington Investments, Oneida Tribe of Wisconsin, Christopher Reynolds Foundation, Newground Social Investment, Pax World, First Affirmative Financial Network, Sisters of St. Francis of Philadelphia, Unitarian Universalist Association, Domini Social Investments, Trillium Asset Management Corporation, As You Sow Foundation, The Tides Foundation, Nathan Cummings Foundation, The Sustainability Group at Loring, Wolcott & Coolidge, Northstar Asset Management and Calvert Group.

“Comptroller DiNapoli, Comptroller Liu and these institutional investors deserve praise for this strong action against hate and intolerance,” said Assembly Member Daniel O’Donnell (D, Manhattan). “The state pension fund is leading the way by using its investment clout to tell the corporate sponsors of the Olympics that their brands and reputations are on the line if they do not speak out against Russia’s anti-LGBT laws. We must continue to raise awareness of how these laws will continue to affect investors, LGBT residents of Russia and visitors and participants in the Sochi Olympic Winter Games.”

“I commend Comptroller DiNapoli for his leadership in this important effort to pressure the Russian Federation to repeal its intolerable and unjust anti-LGBT laws,” said State Senator Brad Hoylman (D, Manhattan). “Comptroller DiNapoli, Comptroller Liu and the nineteen institutional investors joining them, are sending a strong message to major Olympic sponsors that they must take action against Russia’s discriminatory laws targeting the LGBT community. Anything less would be an abdication of their corporate social responsibility and threatens to severely damage the Olympic sponsors’ standing among consumers and shareholders.”

Comments

  1. Mike Ryan says

    Thanks for the support but the best thing the U.S. and other countries can do is full boycott of the Russian games, including the World Games also to be held in Russia.

  2. JackFknTwist says

    @ MIKE RYAN :
    I agree. Nothing short of a full boycott will be listened to.
    Does anyone really think that Russian thick headed bully tactics will yield to a few nice letters and ‘calls for equal protection ‘ of human rights ?
    Samsung/CocaCola/McDonalds/Dow Chemicals etc need to hear the message loud and clear; we will not have discrimination against us – anywhere, period.
    If these companies indirectly encourage discrimination they ought to be denounced publicaly.

  3. FFS says

    Good for you, Mr. DiNapoli. May have to check out New York, someday. I wonder what it’s like to live somewhere were the politicians don’t all suck donkey butt.

    The Samsung thing hurts. The rest of them can get bent, but Samsung, I like. Who eats at McDonald’s anyway? Nothing they serve there tastes like food.

  4. David From Canada says

    Finally, people with some power and money are going after the sponsors to do the right thing. Bravo!

  5. Brian Caldwell says

    Think of what they could accomplish with advertising should they be so encouraged….their logos and commercials are everywhere. “Love is Love” “Human Rights for All” “LGBT Rights are Human Rights” “We support you (in rainbow colors)….
    Those companies would be making a statement. They could also make heavy donations to local LGBT Russian non profits and health organizations (or be strongly encouraged to)

    And I think we should be getting the details out to a wider audience with the extent and viciousness that is happening in Russia right now. And we need to be graphic about it.

    I don’t know, I would prefer we (Canada in my case) boycott the games but that’s not likely to happen. At this point I think we need to focus on how to make the most (politically/socially) pre/post/during Sochi

  6. Brian Caldwell says

    And yes, DavidfromCanada, I agree whole-heartedly. Very nice to see.

    It would have been good if there was some coordination with this letter of online resources. We could also be sending an on-topic message joining with the investors. Maybe there is one, and I am unaware.

  7. woodroad34 says

    Not everything needs to be nuclear-bombed. Tom DiNapoli and New York City Comptroller John Liu are utilizing a sizeable investment fund as a weapon that could possibly do great economic hurt to participating Sochii sponsors and those two are being very diplomatic about this, while wielding a velvet gauntlet. I think this is a smart step. The kettle is boiling for these sociopathic companies.