Submitted by: Holy Land Principles, Inc
Posted: Mar 03, 2015 – 10:00 AM EST
WASHINGTON, D.C., Mar. 03 /CSRwire/ - Fresh from its SEC triple win — against Intel, GE, and Corning— the Holy Land Principles, Inc. on February 25, 2015 filed a Resolution with Cisco Systems.
The Resolution calls on Cisco to sign the Holy Land Principles— a corporate code of conduct for American companies doing business in Palestine-Israel, based on the very effective Mac Bride Principles for Northern Ireland.
Fr. Sean Mc Manus—President of the Capitol Hill-based Holy Land Principles, Inc.—said:“ Given that the SEC has already dismissed the specious reasoning of Intel, GE, and Corning, I assume Cisco will not attempt to have the SEC exclude our Resolution using the same arguments that those other three companies unsuccessfully tried.”
Corning unsuccessfully tried to argue that the company was already implementing the principles that were as good as the Holy Land Principles. But the SEC ruled: “Based on the information you have presented, it appears that Corning’s policies, practices and procedures do not compare favorably with the guidelines of the [Holy Land Principles] proposal and that Corning has not, therefore, substantially implemented the proposal.’’
Both Intel and GE tried to attack Holy Land Principle # 7, which calls on companies not to “accept subsidies, tax incentives or other benefits that lead to the direct advantage of one national, racial, ethnic or religious group over another.” Intel and GE pleaded to the SEC:“ As a result, by seeking to address the Company’s evaluation of subsidies, tax incentives orother benefits, the Proposal interferes with the Company’s ordinary business...’
Fr. Mc Manus said: “The SEC dismissed that un-American argument because de facto discrimination (as occurs through Israel’s denial of equal access to its Arab Nationals into Settlements where it offers businesses incentives to invest) cannot be ordinary business for any American company.”
Cisco’s Own Words
Fr. Mc Manus continued: “Cisco in their 2012 Corporate Sustainability Report acknowledged the terrible and completely unacceptable problem of ‘under-represented minorities’ in the hi-tech workplace. Arab citizens constitute 20 percent of the population in Israel, but make up less than 0.4 percent of the high-tech industry workforce. Such 50:1 inequality of outcomes for Israel's Arab citizens, if operative instead for African-Americans, would read 'Black citizens constitute 12 percent of the population of the United States, but make up less than 0.24% of the high-tech industry workforce.”
Fr. Mc Manus concluded: “ Having acknowledged this, and now knowing its supply chain -risk from de facto discriminatory settlement suppliers, how can Cisco now argue that it does not need to sign the Holy Land Principles? The Principles are eminently reasonable, inherently fair and are pro-Jewish, pro-Palestinian and pro-company. Furthermore, the Holy Land Principles are the perfect way to implement the Ruggie Principles, which Cisco says it supports. ”
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