Resolution No. 23 – Charles Schwab’s Removal from the Board of Directors

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

Resolution No. 23 – Charles Schwab’s Removal from the Board of Directors

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