US -The Securities Exchange Commission (SEC) has rejected a request by Yahoo! Inc. to omit a New York city pension funds proposal calling for the company to protect freedom of access to the Internet globally.
SEC attorney adviser Derek Swanson said the SEC did not agree with a request from Yahoo! to exclude the city’s proposal from its shareholder 2007 proxy statement.
Swanson said: “Political censorship of the Internet degrades the quality of that service and ultimately threatens the integrity and viability of the industry itself, both in the United States and abroad.”
The New York City Employees’ Retirement System and the New York City Fire Department Pension Fund were among the other New York pension funds which previously filed a resolution with Yahoo! in December.
A letter was previously sent to Google and Yahoo! from New York city comptroller William Thompson saying they should be acting to conserve the values of freedom of speech and expression in all countries.
Swedish buffer fund AP7 has included Yahoo! on a blacklist of companies which had fallen short of the ethical benchmark and would therefore not feature in the portfolio.
PP has compiled a list of what to watch out for over the coming months.
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