Resolution No. 23
COMMITTEE ASSIGNMENT: Resolutions
Re: Charles Schwab’s Removal from the Board of Directors – Adopted
1 | WHEREAS, the Charles Schwab Corporation is a |
2 | multinational brokerage and banking company with |
3 | total revenues of more than $6 billion a year; and |
4 | WHEREAS, the California Professional |
5 | Firefighters Insurance Trust (CPFIT) and many fire |
6 | fighters in California and around the nation have |
7 | savings and other assets invested with the Charles |
8 | Schwab Corporation; and |
9 | WHEREAS, it has come to light that the |
10 | corporation’s founder and board chairman, Charles |
11 | Schwab, personally contributed $6.4 million to a |
12 | “dark money campaign” in support of Proposition 32, |
13 | the viciously anti-labor ballot initiative on the |
14 | November 2012 California ballot that, if it had |
15 | passed, would have silenced the strong united voice |
16 | of working people in California; and |
17 | WHEREAS, Mr. Schwab, groups linked to the |
18 | Koch brothers and other extremely wealthy |
19 | contributors to this despicable effort went to great |
20 | lengths to hide their involvement through a money- |
21 | laundering scheme that used three 501(c) |
22 | organizations; and |
23 | WHEREAS, California Fair Political Practices |
24 | Commission, the state’s enforcement agency |
25 | governing violations of campaign finance law, levied |
26 | record fines against the organizations involved in this |
27 | “dark money” campaign; and |
28 | WHEREAS, the California Professional |
29 | Firefighters Insurance Trust has written a letter to |
30 | Mr. Schwab denouncing his contribution and the |
31 | methods used and notifying him of its intent to vote |
32 | its shares in opposition to his reelection as chairman |
33 | of the board; and |
34 | WHEREAS, the CPFIT has also notified Mr. |
35 | Schwab of its intent to vote its shares in support of a |
36 | shareholder proposal from the New York City |
37 | Comptroller calling for more transparency in the |
38 | disclosure of political contributions; and |
39 | WHEREAS, it is critical that all working people, |
40 | including and especially our nation’s front line fire |
41 | fighters, take a stand against those who would work |
42 | to diminish the strong, united voice of labor; |
43 | therefore be it |
44 | RESOLVED, That the delegates assembled at this |
45 | Convention reject Charles Schwab’s participation in |
46 | the deceptive and illegal “dark money” campaign in |
47 | support of efforts to silence the strong, united voice |
48 | of working families; and be it further |
49 | RESOLVED, That this convention supports |
50 | California’s effort to hold Schwab accountable for |
51 | his actions and seeking transparency in the disclosure |
52 | of corporate political action; and be it further |
53 | RESOLVED, That the delegates encourage any |
54 | IAFF-affiliated locals and/or individuals with |
55 | holdings in Charles Schwab Corporation to vote their |
56 | shares against Mr. Schwab’s reelection as board |
57 | chairman and in support of the New York |
58 | Comptroller’s accountability proposal; and be it |
59 | further |
60 | RESOLVED, That copies of this resolution, the |
61 | CPFIT letter and supporting material be forwarded to |
62 | Mr. Schwab, the Board of Directors of the Charles |
63 | Schwab Corporation, and all IAFF-affiliated labor |
64 | organizations. |
Submitted by: California Professional Firefighters
Cost Estimate: None
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