Agri-business giant Monsanto refuses proposal to ‘defend’ U.S. Constitution against enemies of the U.S.; investment firm asks why
NAPA, Ca – Monsanto – one of the world’s largest agri-chemical and biotech companies with several locations in the Bay Area – is refusing to “support and defend” the U.S. Constitution against the nation’s enemies, according to a Napa-based investment company here which is questioning Monsanto’s loyalty.
Harrington Investments, Inc.(HII) has introduced a binding amendment to Monsanto’s corporate bylaws requiring its directors to “support and defend the Constitution of the United States against all enemies, foreign and domestic.” But Monsanto is fighting the proposal.
“Monsanto is chartered, traded, and headquartered in the U.S. It is guaranteed certain rights and privileges under the United States Constitution. Americans should also want to be assured that Monsanto’s directors are not antagonistic to the ideals and principles the Constitution espouses,” said John Harrington, president of HII.
Monsanto is among the world’s largest agri-chemical and biotech companies. It reported $8.5 billion in 2007 revenues and is the dominant player in the seed industry, boasting a major market share of sales of genetically modified foods. United Nations officials recently said Monsanto has tremendous influence over food security in every nation.
This resolution is the latest in Harrington Investments’ longstanding ownership-advocacy relationship with Monsanto management. In 2005, HII submitted a resolution that called for the formation of an ethics oversight committee in response to Monsanto being fined for violating the Foreign Corrupt Practices Act.
Monsanto has a dozen locations in California, including ones in Martinez and Salinas, and three in the Sacramento area.
