Trinity Church in lower Manhattan is trying to get Walmart to stop selling guns:
“… Rev. Dr. James Cooper, says he isn’t seeking a ban on the sale of assault weapons at Walmart. Rather, he’s fighting to force the world’s largest retailer to include a shareholder proposal in this April’s proxy materials, to be voted on at this summer’s annual meeting …”
I don’t believe that.
“… It was the 2012 massacre at Sandy Hook Elementary School in Newtown, Conn. that proved the catalyst for Trinity’s legal action, says Rev. Cooper. He recalls having coffee hour chats with parishioners about ways to help, including shareholder activism …”
This tells me that the good cleric didn’t just think this idea up himself. One of the antis latest strategies is trying to get people to divest their shares in gun companies. See Unload Your 401k. This project, hiding behind astroturf front groups, is based out of Manhattan.
“… One of the smaller investments in Trinity’s diverse portfolio: about $2,000 worth of shares in Walmart …”
That means they own about 20 shares.
I get to vote on a bunch of stupid proposals like this every year. Generally any shareholder, or ones that own a certain minimum number of shares, can submit proposals to be voted on by all shareholders of the company. They all get shot down. Major holders own 51% of Walmart stock so there is absolutely no way this proposal can pass. This is a public relations stunt by the church, nothing more.