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Americans for Tax Reform announced a new project designed to counter activist investors who have passed resolutions potentially damaging to gun companies and other corporations as a means of achieving a political goal.
“ATR feels there is a need to protect the long-term interests of small investors and pension fund beneficiaries from activist shareholders, proxy advisory firms and Washington proposals that use financial institutions as the venue to enact the social and political agenda of few, that cannot be accomplished through the legislative process,” James Setterlund, executive director of the newly formed Shareholder Advocacy Forum, told the Washington Free Beacon. “The Shareholder Advocacy Forum will provide a voice for these shareholders and hold executives and directors accountable when they prioritize activist proposals ahead of their fiduciary responsibility.”
The article goes on to state the following:
Publicly traded gun manufacturers have been a recent target of these investors. Smith & Wesson’s parent company was recently forced to conduct a study about the viability of “smart guns” and the reputation risks of selling firearms despite the company opposing the move.
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