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An attempt by human rights activists to force the US-based construction equipment company Caterpillar to look into the use of its bulldozers by the Israeli military has been convincingly rejected at its annual meeting.
The vote effectively ends efforts by campaigners to publicize the issue through shareholder activism. The resolution attracted only three per cent of votes, well below the six per cent needed to bring a fresh resolution next year.
It said Israel had used Caterpillar bulldozers to destroy thousands of Palestinian homes in the West Bank and Gaza Strip, and asked the company to investigate whether this breached its code of business conduct. It was tabled by four Roman Catholic orders of nuns and a pressure group called Jewish Voice for Peace. Other supporters included the Presbyterian Church and the United Methodist Church.
Despite the defeat, Jewish Voice for Peace claimed the vote represented 7.5 million votes, or $650million (£340m) of equity.
Caterpillar, the world’s largest maker of construction and mining equipment, said its board opposed the resolution because it would be impossible to monitor its two million machines in use worldwide, especially as they are often sold by intermediaries.
Support for the Fortune 100 company came from the American Jewish Congress, which bought Caterpillar stock so that its members could speak against the resolution.
In the UK, department stores stocking Caterpillar-branded boots were recently the target of a War on Want campaign. Activists picketed Clarks, Debenhams, John Lewis, and River Island.
The vote effectively ends efforts by campaigners to publicize the issue through shareholder activism. The resolution attracted only three per cent of votes, well below the six per cent needed to bring a fresh resolution next year.
It said Israel had used Caterpillar bulldozers to destroy thousands of Palestinian homes in the West Bank and Gaza Strip, and asked the company to investigate whether this breached its code of business conduct. It was tabled by four Roman Catholic orders of nuns and a pressure group called Jewish Voice for Peace. Other supporters included the Presbyterian Church and the United Methodist Church.
Despite the defeat, Jewish Voice for Peace claimed the vote represented 7.5 million votes, or $650million (£340m) of equity.
Caterpillar, the world’s largest maker of construction and mining equipment, said its board opposed the resolution because it would be impossible to monitor its two million machines in use worldwide, especially as they are often sold by intermediaries.
Support for the Fortune 100 company came from the American Jewish Congress, which bought Caterpillar stock so that its members could speak against the resolution.
In the UK, department stores stocking Caterpillar-branded boots were recently the target of a War on Want campaign. Activists picketed Clarks, Debenhams, John Lewis, and River Island.
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