NEW YORK, NY, WEDNESDAY, OCTOBER 16, 2024 – The Interfaith Center on Corporate Responsibility (ICCR) today announced they had sent a letter on Friday, October 11th to over 200 CEOs who are members of the Business Roundtable asking them to voice their support for democratic institutions including free and fair elections and the peaceful transfer of power in advance of the national election on November 5th.
As investors, ICCR members are concerned that a destabilized democracy leads to deteriorated economic conditions which create risks to the public and the economy and hamper the long-term value of investments.
Said Josh Zinner, ICCR’s CEO, “Fair elections and a strong rule of law are essential conditions for a flourishing democracy and a stable economy. As businesses participate in our politics via lobbying and political spending, we encourage them to responsibly use their voice and influence to support voting rights, free and fair elections, and a peaceful transfer of power.”
The threat of political violence this election season looms large and is being further fueled by misinformation campaigns and AI “deepfakes” from parties both within and outside the U.S. seeking to pre-emptively delegitimize the election outcome and to sow doubt about the fairness of our elections.
Said Rob Fohr, ICCR’s Board Chair, “As investors, we are concerned about the destabilizing social and economic effects of election misinformation, particularly given the advent of AI, and any restrictions on citizens’ legitimate right to vote. Upholding the rule of law and the right to vote in free and fair elections should be a priority for everyone, including companies and their stakeholders.”
As it did four years ago, ICCR urges the business community to issue public statements and encourage actions in support of democratic norms, including:
- Support for free and fair elections including communications to the public and constituents underscoring the importance of voting, along with the provision of voter education resources and the facilitation of voting by employees through paid time off on election day, November 5;
- A call for a thorough and complete counting of all ballots whether via mail-in, absentee, or in-person voting, along with a caution to both legislators and the media to delay the announcement of a winner until all votes are fully counted;
- A call for all states to ensure a fair election by adopting policies and procedures that promote the right of citizens to vote, including lowering barriers to voter registration, increasing opportunities for early voting, and expanding the number and hours of polling places;
- A condemnation of any tactics that could be construed as voter intimidation and support for measures that will ensure voter safety;
- Support for the peaceful transfer of power. Endorsement of this principle is critical for the protection of our democracy;
- Ensure that political donations and lobbying activities support the above.
ICCR commends the statement released on Tuesday afternoon by BRT’s CEO Joshua Bolten in which he stated, “Voting is a fundamental right of American citizens. The strength of our nation’s democracy and the stability of America’s economy depend on free and fair elections.”
Proactive statements from the individual members of the BRT are urged to help underscore business support for these democratic norms.
Included in the letter are several resources and strategies to help companies take a proactive, principled approach to address enterprise and societal risks in the upcoming election.
“Companies political spending can create serious reputational risk if that election spending is perceived as supporting barriers to voting or to the democratic transfer of power,” said Timothy Smith, ICCR’s Senior Policy Advisor. “We are pleased to include specific tools in our letter to help BRT companies better navigate these risks and thereby model best practices for their peers.”
CONTACT:
Susana McDermott
Director of Communications
Interfaith Center on Corporate Responsibility (ICCR)
201-417-9060 (mobile)
smcdermott@iccr.org
About the Interfaith Center on Corporate Responsibility (ICCR)
The Interfaith Center on Corporate Responsibility (ICCR) is a broad coalition of more than 300 institutional investors collectively representing over $4 trillion in invested capital. ICCR members, a cross-section of faith-based investors, asset managers, pension funds, foundations, and other long-term institutional investors, have over 50 years of experience engaging with companies on environmental, social, and governance (“ESG”) issues that are critical to long-term value creation. ICCR members engage hundreds of corporations annually in an effort to foster greater corporate accountability. Visit our website www.iccr.org and follow us on Twitter/X (@iccronline), LinkedIn, and Facebook.
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