The initiative also prohibits the city from purchasing Walmart bonds in the future.
On Thursday, May 15, the city of Portland got rid of $9 million, or 25 percent, of its investments in Walmart. This marks the beginning of a divestment program that will purge Portland’s investment portfolio of $36 million in Walmart bonds by 2016, according to a press release. The divestment plan is part of the city’s responsible investment initiative, introduced by City Commissioner Steve Novick, and adopted in October 2013. The initiative also prohibits the city from purchasing Walmart bonds in the future.
Portland is not only discontinuing its investments in Walmart, but has set up a committee to advise it on making socially responsible investments in the future. The committee will address issues like abusive labor practices, corruption, and health concerns, among other things.
During a press conference on May 15, Commissioner Novick encouraged other cities to adopt similar initiatives.
From what I can tell, no other U.S. city has looked at socially responsible investing in quite the same way as Portland. I’m hopeful other cities and states take note and adopt similar investment principles to hold companies accountable and align our investment policies with our values.
Meanwhile, the company’s net income fell 5 percent, and shares fell 2 percent, in the first quarter of 2014, failing to meet Wall Street’s expectations for the third time in five quarters.
Walmart blamed its poor performance on bad weather.
Help us Prepare for Trump’s Day One
Trump is busy getting ready for Day One of his presidency – but so is Truthout.
Trump has made it no secret that he is planning a demolition-style attack on both specific communities and democracy as a whole, beginning on his first day in office. With over 25 executive orders and directives queued up for January 20, he’s promised to “launch the largest deportation program in American history,” roll back anti-discrimination protections for transgender students, and implement a “drill, drill, drill” approach to ramp up oil and gas extraction.
Organizations like Truthout are also being threatened by legislation like HR 9495, the “nonprofit killer bill” that would allow the Treasury Secretary to declare any nonprofit a “terrorist-supporting organization” and strip its tax-exempt status without due process. Progressive media like Truthout that has courageously focused on reporting on Israel’s genocide in Gaza are in the bill’s crosshairs.
As journalists, we have a responsibility to look at hard realities and communicate them to you. We hope that you, like us, can use this information to prepare for what’s to come.
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In addition to covering the widespread onslaught of draconian policy, we’re shoring up our resources for what might come next for progressive media: bad-faith lawsuits from far-right ghouls, legislation that seeks to strip us of our ability to receive tax-deductible donations, and further throttling of our reach on social media platforms owned by Trump’s sycophants.
We’re preparing right now for Trump’s Day One: building a brave coalition of movement media; reaching out to the activists, academics, and thinkers we trust to shine a light on the inner workings of authoritarianism; and planning to use journalism as a tool to equip movements to protect the people, lands, and principles most vulnerable to Trump’s destruction.
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Today, we’re asking all of our readers to start a monthly donation or make a one-time donation – as a commitment to stand with us on day one of Trump’s presidency, and every day after that, as we produce journalism that combats authoritarianism, censorship, injustice, and misinformation. You’re an essential part of our future – please join the movement by making a tax-deductible donation today.
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