The Target political contribution saga continues
Now, major investors in Target are asking independent board members to review political contribution policies.
One investment manager said they can't believe Target didn't see how political contributions toward controversial candidates affect the bottom line and its business.
Several groups are calling for a boycott.
Many corporations will be reviewing their policies and many are likely to be chilled.
What's interesting about this whole series of events is that the need to do good business trumps the need to be political or make a statement, especially with investors money!
Here's latest Strib story which also quotes L.A. Times.This story is getting a lot of traction and will likely not go away soon.
Friday, August 20, 2010
Thursday, August 19, 2010
Business and politics don't mix
I knew it would happen.
As soon as the Supreme Court gave corporations the go ahead to contribute to political campaigns, many would move that way headstrong without thinking of the ramifications.
Many, like Target Corp., are now thinking twice about corporate contributions to political candidates.
When Target contributed to Minnesota Forward, a political group backing GOP gubernatorial candidate Tom Emmer, the corporation ran into a buzzsaw of sorts of public opinion from the gay community.
Lots of those folks work at Target, lots buy at Target and they weren't so keen on Target backing a guy who they believe does not have their best interests at heart.
Target apologized to its gay and lesbian workforce and later to the groups as a whole.
Now, Moveon.org is "targeting" Target for a boycott.
I must say I am amazed at corporations who hire squadrons of public relations people to gauge consumer reaction to the size and shape of Cheerios have no clue when it comes to offending consumers in the political arena.
The longstanding rule of polite conversation is to avoid topics like politics, religion and sex, seems to be lost on corporations who must adhere to the rules of polite conversation if they want to maximize the number of people who may be interested in their products.
For more on this topic, check out MPR's story.
Here's an interesting FactCheck story as well.
As soon as the Supreme Court gave corporations the go ahead to contribute to political campaigns, many would move that way headstrong without thinking of the ramifications.
Many, like Target Corp., are now thinking twice about corporate contributions to political candidates.
When Target contributed to Minnesota Forward, a political group backing GOP gubernatorial candidate Tom Emmer, the corporation ran into a buzzsaw of sorts of public opinion from the gay community.
Lots of those folks work at Target, lots buy at Target and they weren't so keen on Target backing a guy who they believe does not have their best interests at heart.
Target apologized to its gay and lesbian workforce and later to the groups as a whole.
Now, Moveon.org is "targeting" Target for a boycott.
I must say I am amazed at corporations who hire squadrons of public relations people to gauge consumer reaction to the size and shape of Cheerios have no clue when it comes to offending consumers in the political arena.
The longstanding rule of polite conversation is to avoid topics like politics, religion and sex, seems to be lost on corporations who must adhere to the rules of polite conversation if they want to maximize the number of people who may be interested in their products.
For more on this topic, check out MPR's story.
Here's an interesting FactCheck story as well.
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