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Corning Dismisses SEC Ruling

Submitted by: Holy Land Principles, Inc

Categories: Corporate Social Responsibility, Socially Responsible Investing

Posted: May 05, 2015 – 12:45 PM EST


WASHINGTON, D.C., May 05 /CSRwire/ - Corning Inc., the specialty glass, ceramics, and optical physics company, seems to be dismissing or rejecting the SEC (Security and Exchange Commission).

At its 2015 Annual Shareholder Meeting, April 30, in the city of Corning, NY, the company’s CEO, Mr. Wendell P. Weeks, repeated the claim that Corning, Inc. had no need to sign the Holy Land Principles because Corning’s own employment principles were equal to, if not better than, the Holy Land Principles.

However, the SEC( Security and Exchange Commission) on February 11, 2015 adjudicated that point, ruling: “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.”

Fr. Sean Mc Manus—President of the Capitol Hill-based Holy Land Principles, Inc. and Irish National Caucus— “ moved the resolution ’’ (presented and spoke on) the Holy Land Principles Resolution at the Annual Meeting. He said: “ After I spoke, Mr. Weeks took the unusual step of responding to what I said, purporting to give reasons as to why it was unnecessary to sign the Holy Land Principles. But all he could muster was to make the same claims that the SEC had ruled to be null and void. I was somewhat surprised by his dismissal of the SEC. After all, the SEC is the U.S. Government agency that is in charge of the submission and handling of resolutions.”

Fr. Mc Manus continued: “If Corning claims to be in compliance with the Holy Land Principles, then it can prove it very simply by publishing a statistical breakdown of its workforce in Palestine-Israel. How difficult is that?”

The final results of the vote showed that the Holy Land Principles almost met the 3% threshold that would allow the Resolution to be re-introduced next year.

Fr. Mc Manus said: “ We just missed the threshold-vote by two-tenths of one per cent. Nonetheless, very important progress has been made regarding Corning: It has been “Resolutionized”; the SEC ruling stands; and all Corning investors have been notified— for the first time in history—  about the issue of Corning’s fair employment  in Palestine-Israel or Israel-Palestine. Corning had to send a copy of the Holy Land Principles resolution to all its investors around the world—one major advantage of introducing a shareholder resolution.”

Fr. Mc Manus concluded: “ It was a pleasure to move the Holy Land Principles resolution, and to meet some of the key Corning officials. They are obviously very fine people and they run an honorable and proud company. That is why they should not hesitate to sign and implement the Holy Land Principles, which are pro-Jewish, pro-Palestinian and pro-company. And that is why we will continue our campaign to get Corning to do the right thing.”

Barbara Flaherty, Executive Vice President, Holy Land Principles, Inc. who also attended the Corning Annual Meeting said:“ As President Reagan said: trust but verify. It seems entirely reasonable and perfectly legitimate to ask Corning to publicly release its employment figures in the Holy Land— especially given their proud boast to have a diverse workforce as Mr. Weeks claimed at the meeting.”

For more information, please contact:

Sean Mc Manus President
Phone: 202-488-0107
Fax: 202-488-7537
Barbara Flaherty Executive Vice President
Phone: 202-488-0107


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