CPF Insurance Trust Takes Shareholder Action in Response to $6.4 Million Anti-Union Contribution.
Letter Urges Ouster of Charles Schwab as Board Chair and Increased Oversight in Wake of Secret Donation to Yes on 32.
The California Professional Firefighters Insurance Trust (CPFIT) has sent the following letter to Charles Schwab, chairman of the board of The Charles Schwab Corporation.
Schwab was one of several corporate executives who made seven-figure contributions to the campaign in support of Proposition 32, the anti-union initiative defeated last year by Californai voters. Schwab’s $6.4 million was one of several funneled through a variety of so-called “social welfare” organizations so as to disguise its origin.
The letter from Board Chair Ken Bryant advises Schwab of CPFIT’s plan to vote its Charles Schwab Corporation shares in support of a proposal calling for greater transparency in corporate political action. The letter also advises Schwab of CPFIT’s plan to votre its shares against his re-election. Here is a copy of the letter: Charles Schwab Letter – final 1-17-14