TARGET, BEST BUY RECEIVE SHAREHOLDER PROPOSALS ADDRESSING CONTROVERSIAL
POLITICAL CONTRIBUTIONS

Contacts:

Tim Smith, Walden Asset Management
617/726-7155
Shelley Alpern, Trillium Asset Management Corporation
617/292-8026 x 248
Stu Dalheim, Calvert Asset Management Company, Inc.
301/961-4762

August 19, 2010 - Three leading sustainability investing firms have filed
shareholder proposals this week at Target (NYSE: TGT) and Best Buy (NYSE:
BBY), which are under fire for making sizable political contributions to a
group channeling funds to a Minnesota gubernatorial candidate known for his
opposition to lesbian, gay, bisexual and transgender (LGBT) rights.

Boston-based investment firms Walden Asset Management ("Walden") and
Trillium Asset Management Corporation ("Trillium"), and Calvert Asset
Management Company, Inc. ("Calvert") of Bethesda, MD, joined together to
file a proposal at Target Corporation that asks the company's independent
board members to undertake a "comprehensive review of Target's political
contributions and spending processes including the criteria used for such
contributions" and "oversight processes by management and the Board."
Calvert and Trillium have filed a similar resolution at Best Buy this week,
Trillium on behalf of the Equity Foundation, which works to eradicate
prejudice towards the sexual and gender minority communities of Oregon.
Collectively, the shareholders control more than 1.1 million shares of
common stock in Target worth $57.5 million, and 344,000 shares of Best Buy
worth $11.3 million.

The proposals call attention to the misalignment between the donations and
the companies' corporate values. Both Target and Best Buy have exceptionally
strong workplace policies for LGBT employees, and have supported LGBT
community activities in Minnesota.

The candidate for governor, Minnesota state representative Tom Emmer, has
adopted a highly adversarial stance toward the LGBT community. He opposes
same-sex marriage and led an effort to deny LGBT couples full parental
rights  in Minnesota. In addition, his campaign made a contribution  to a
Christian hard rock ministry that praised Muslim countries that execute
their citizens  for homosexuality as being "more moral than even the
American Christians."

Target and Best Buy have made apologetic statements acknowledging objections
to their contributions, but neither has asked the pro-business group,
Minnesota Forward, to return any funds. Both companies are facing boycott
campaigns. This week, Target decided not to contribute to groups supporting
gay-rights candidates in Minnesota, a request of the Human Rights Campaign
(HRC), the nation's largest LGBT advocacy group. The HRC is also currently
in discussions with Best Buy.

The Supreme Court's Citizens United decision earlier this year opened the
floodgates for millions of corporate dollars being directly and indirectly
injected into political contests and races.

Tim Smith, senior vice president at Walden, commented, "It is unclear how
frequently companies will decide to spend shareholder monies in
controversial political races. But if the Best Buy and Target contributions
are any indication, imprudent donations can potentially have a major
negative impact on company reputations and business if they don't carefully
and fully assess a candidate's positions. Funding ballot initiatives or
"issue ads" can similarly backfire."

Shelley Alpern, vice president at Trillium, said, "Tom Emmer has made it no
secret that as governor he would deny members of the LGBT their full civil
rights. No company can credibly claim that it continues to support the LGBT
community if at the same time it is financing a deliberate effort to keep it
in second-class citizenship."  Trillium has already been asked by one
client, the Equity Foundation of Portland, Oregon, to fully divest its
portfolio of Target shares.

Thirteen companies  have donated $1,095,000 to MN Forward, including Pentair
(NYSE:PNR), Polaris (NYSE:PII), a maker of snowmobiles, and Regis
(NYSE:RGS), the parent corporation of SuperCuts, Hair Club for Men, and
other hair care franchises. In 2008, Trillium filed a shareholder proposal
at Pentair that resulted in the company's adoption of a sexual orientation
nondiscrimination policy. Alpern said Trillium will   pursue the topic of
political contributions with Pentair.

"Shareholder resolutions at Target and Best Buy should serve to alert
companies of the importance of a careful and comprehensive review of their
contributions policies, oversight, risk assessment and disclosure as they
consider earmarking shareholder funds for political purposes," said Tim
Smith of Walden.

"A good corporate political contribution policy should prevent the kind of
debacle Target and Best Buy walked into," Alpern added. "We expect companies
to evaluate candidate based upon the range of their positions - not simply
one area -- and assess whether they are in alignment with their core values.
But these companies' policies are clearly lacking that."

"We continue to call for increased transparency and disclosure of corporate
political spending. The absolutely wrong conclusion for companies to draw
from this controversy is that everything will be all right as long as they
conceal their political contributions." Stu Dalheim, Director of Shareholder
Advocacy at Calvert Asset Management Company said, "Instead they must ensure
that they have a transparent governance framework that ensures they align
their political spending with their business interests and stated policies."

About the shareholder proposal proponents

Walden Asset Management has been a leader in socially responsive investing
since 1975, managing our clients' assets to achieve their specific financial
and social objectives.

Trillium Asset Management Corporation is the oldest and largest independent
advisor devoted exclusively to sustainable and responsible investing.

Calvert Asset Management Company is a leader in Sustainable and Responsible
Investments (SRI), offering investors among the widest choice of SRI
strategies of any investment management company in the United States.

INVESTORS SPEAK OUT AGAINST FUELING OF CONGO WAR BY CONFLICT MINERALS

 Investors call for companies to be responsible with mineral sourcing

 

SAN FRANCISCO, Jan. 11 -- This week a group of investors, including faith-based and global institutional investors with assets close to $200 billion, released a statement calling on companies to be more proactive in ensuring the minerals in their electronics components are not fueling the war in the Democratic Republic of the Congo (DRC), which has claimed more than 5 million lives.

 

“We are asking companies to leverage their economic power to bring about positive change in the Congo,” said Patricia Jurewicz, Director of the Responsible Sourcing Network, a project of As You Sow. “Although brands are several tiers away from where the abuse is happening, these minerals do find their way into consumer products and brands have a responsibility to make sure their products are not inadvertently financing the systemic rape and murder of innocent civilians.”

 

The 59 signatories are asking companies to take the following actions:

Make public statements and explain what the companies are doing to address the issue; Develop procedures to ensure conflict minerals do not enter their supply chains; Work with suppliers to make sure their policies are being adhered to; Work with stakeholders to support diplomatic, political and economic strategies to end the conflict.

 

Lauren Compere, Senior Vice President and Director of Shareholder Advocacy at Boston Common Asset Management noted that there is a risk for shareholders who are invested in companies, especially consumer-oriented ones that do not have a good handle on mapping their entire supply chain. “Over the last few years, we have seen supply chain traceability move from a ‘nice to know’ to a necessity as more companies become aware of their exposure to egregious human rights violations taking place at the bottom of their supply chain. A perfect example of this is the Kimberly Process Certification Scheme, an international verification system supported by the United Nations to halt the export of ‘blood diamonds” from Central Africa.”

 

The DRC is one of the most mineral-rich countries in the world, with sizeable deposits of gold, tantalum, tin and tungsten. The majority of the minerals are smuggled to neighboring countries where they are sold to smelters, and ultimately find their way into products such as cell phones, laptops, and video games, as well as components for automobiles, airplane engines, and medical devices. While the curtailment of the conflict mineral trade alone will not put an end to the conflict, it can play a vital role in a larger, comprehensive strategy for terminating this 12-year-old civil war.

 

“It is critical that companies responsibly source minerals from regions where conflict will not threaten their supply chain access,” said Aditi Mohapatra of Calvert Asset Management Company, Inc., a sustainable and responsible investment firm with over $14 billion in assets under management. “Further, these companies must publicly condemn conflict mineral use and work with their suppliers to ensure that sourcing policies are being adhered to.  This type of long-term planning is at the heart of responsible investing, and investors are eager to see companies show this type of foresight. ”

 

To read the full statement and a list of signatories, click here

 

 

Media Contacts:

Patricia Jurewicz, As You Sow  415.391.3212 begin_of_the_skype_highlighting              415.391.3212      end_of_the_skype_highlighting X44  patricia@asyousow.org

Lauren Compere, Boston Common Asst. Mgmt.  617.335.9764 begin_of_the_skype_highlighting              617.335.9764      end_of_the_skype_highlighting  lcompere@bostoncommonasset.com

Melinda Lovins, Calvert  301.657.7089 begin_of_the_skype_highlighting              301.657.7089      end_of_the_skype_highlighting  melinda.lovins@calvert.com

 

About As You Sow

As You Sow is a non-profit organization dedicated to promoting corporate social responsibility and shareholder advocacy. www.asyousow.org

 

About Boston Common Asset Management

An employee-owned social investment firm, Boston Common Asst. Mgmt. is dedicated to the pursuit of financial return and social change. www.bostoncommonasset.com

 

About Calvert Investments

A leader in Sustainable and Responsible Investments (SRI), Calvert offers investors among the widest choice of SRI strategies of any investment management company in the United States.  www.calvert.com

 

Calvert Investments congratulates Moxy Vote for its vision in developing this platform for investors to exercise their shareholder rights. Investors have a critical role to play if we are to address the failures of corporate governance that were major factors leading to the financial and economic crisis we face today. Investors can help move business toward greater environmental and social sustainability, but we must use our voices and our votes if we are going to meet the challenges of our time including poverty, discrimination, pollution, climate change and human rights abuses. Calvert believes that healthy corporations are characterized by sound corporate governance and overall corporate social responsibility. The well-governed company meets high standards of corporate ethics and operates in the best interests of shareowners. The socially responsible company meets high standards of corporate ethics and operates in the best interests of other stakeholders (employees, customers, communities and the environment). In our view, companies that combine good governance and corporate social responsibility are better positioned for long-term success. We invite you to view the ballots that Calvert has highlighted and visit Calvert's website www.calvert.com for more information about how Calvert uses its position as an investor to advocate for a more sustainable and responsible economy.