At the recent Annual Meeting of Shareholders of Cisco Systems, Inc, held a shareholder resolution was discussed requesting Cisco to establish a Board Committee on Human Rights.
At the recent Annual Meeting of Shareholders of Cisco Systems, Inc, held on November 13, a shareholder resolution was discussed requesting Cisco to amend the corporate bylaws by inserting the a new article, with a view to establish a Board Committee on Human Rights. The full resolution’s text reads as follows:
“a. There is established a Board Committee on Human Rights, which is created and authorized to monitor the ongoing implications of company policies, above and beyond matters of legal compliance, for the human rights of individuals in the US and worldwide.
b. The Board of Directors is authorized in its discretion consistent with these Bylaws and applicable law to (1) select the members of the Board Committee on Human Rights, (2) provide said committee with funds for operating expenses, (3) adopt regulations or guidelines to govern said Committee’s operations, (4) empower said Committee to solicit public input and (5) any other measures within the Board’s discretion consistent with these Bylaws and applicable law.
c. Nothing herein shall restrict the power of the Board of Directors to manage the business and affairs of the company. The Board Committee on Human Rights shall not incur any costs to the company except as authorized by the Board of Directors.“ The resolution was proffered by Harington Investment, with the support of Boston Common Asset Management. Mr Harrington is a beneficial owner of 300 shares of Cisco common stock.
At the same meeting, a statement in opposition to this proposal was tabled, outlining the views of the Board of Directors who believes this proposal does not serve the best interests of Cisco or its shareholders and recommends a vote against it. The statement reads: “However, we believe that an amendment to our bylaws to establish a specific board committee on human rights is unnecessary in light of the significant time and resources we devote to human rights issues and our established policies, practices and procedures relating to human rights.”
Further information on Cisco’s CSR policies.