Activities and accomplishments of note

• In December 2007, the CWC published its Guidance Note to Trustees on the United Nations Principles for Responsible Investing (UN-PRI).  Its purpose is to help trade union sponsored trustees entrusted with the investment of workers’ capital embrace responsible investment practices and understand their fiduciary duty with regards to socially responsible investing (SRI) through the framework of the UN-PRI.
  

• In 2004, Australian trade unions focused investors’ attention on James Hardie. The international building products company gained notoriety for failing to make provisions for massive asbestos-related liabilities in Australia . As a result of the trade union campaign, which has involved international collaboration using networks built by the committee, the company decided not to present its annual accounts to shareholders at the company AGM in September 2004, fearing a low level of shareholder approval would prove embarrassing to the company. In December 2004, the Australian Council of Trade Unions and James Hardie signed a memorandum of understanding which includes Australia's largest-ever compensation agreement.

• A special session of the January 2003 World Economic Forum (WEF) Annual Meeting was devoted to workers’ capital. This provided an opportunity for labour to promote its policies and priorities to major corporate leaders on a range of issues while indicating the large shareholdings that pension funds own in those corporations. CWC representatives from UNI argued that there is a need for the private sector, including the leading investment managers and banks, to value the role of public services in creating a social and economic framework in which they can operate and become advocates for quality public services.

• In 2000, labour investors in Australia, North America and Britain joined together to raise concerns about labour practices at global mining giant Rio Tinto. A shareholder resolution on the topic received more than 17 percent of votes cast (representing more than US$1.5 billion in Rio Tinto stock). A large number of shareholders formally abstained from the vote because they lacked a policy to guide them in determining the appropriate course of action in such debates. In resolution discussions, the company acknowledged the important role of global labour standards in creating shareholder value. This shareholder coalition represented the broadest international proxy contest to date by any shareholder proponent. View the Coalition of Rio Tinto Shareholders website for more information.