Add your name here h ps://bit.ly/Investor-Covid-19
We are 286 long-term ins tu onal investors and service providers represen ng over $8.2 trillion USD in assets under management with global exposure across capital markets. We recognize the long-term viability of the companies in which we invest is inextricably ed to the welfare of their stakeholders, including their employees, suppliers, customers and the communi es in which they operate. As such, we call on these management teams and boards of directors to join us in facing this unprecedented threat. The long-term consequences of COVID-19 are difficult to imagine at this early stage. What we do know, however, is that the virus will strain all our global social and financial systems. Millions of working people will face impossible hardships as COVID-19 shuts down schools, workplaces, hourly employment, transporta on and more. We also know that vulnerable communi es are the most at risk as they have limited access to social safety nets and financial resources to weather this uncertain period.
While we all face considerable challenges in this environment, there are things we can do to protect our society and the companies we invest in from the worst poten al outcomes, and that includes protec ng workers. Board directors are accountable for long-term human capital management strategy; the companies they oversee have invested in their workforces and will be well served by having retained a well-trained and commi ed workforce when business opera ons are able to resume. Furthermore, the prospect of widespread unemployment will exacerbate the crisis and pose grave risks to basic social stability and the financial markets. Finally, in the face of this global humanitarian crisis we all benefit by coming together.
In that spirit, we urge the business community to take what steps they can and to consider the following steps in par cular:
1. Provide paid leave: We urge companies to make emergency paid leave available to all employees, including temporary, part me, and subcontracted workers. Without paid leave, social distancing and self-isola on are not broadly possible.
2. Priori ze health and safety: Protec ng worker and public safety is essen al for maintaining business reputa ons, consumer confidence and the social license to operate, as well as staying opera onal. Workers should avoid or limit exposure to COVID-19 as much as possible. Poten al measures include rota ng shi s; remote work; enhanced protec ons, trainings or cleaning; adop ng the occupa onal safety and health guidance, and closing loca ons, if necessary.
3. Maintain employment: We support companies taking every measure to retain workers as widespread unemployment will only exacerbate the current crisis. Retaining a well-trained and commi ed workforce will permit companies to resume opera ons as quickly as possible once the crisis is resolved. Companies considering layoffs should also be mindful of poten al discriminatory impact and the risk for subsequent employment discrimina on cases.
4. Maintain supplier/customer rela onships: As much as possible, maintaining mely or prompt payments to suppliers and working with customers facing financial challenges will help to stabilize the economy, protect our communi es and small businesses and ensure a stable supply chain is in place for business opera ons to resume normally in the future. 5. Financial prudence: During this period of market stress, we expect the highest level of ethical financial management and responsibility. As responsible investors, we recognize this may include companies’ suspending share buybacks and showing support for the predicaments of their cons tuencies by limi ng execu ve and senior management compensa on for the dura on of this crisis.
We hope companies and their boards will consider measures beyond these recommenda ons, par cularly those that are faring well in these difficult mes. Such measures may include childcare assistance, hazard pay, assistance in accessing government support programs, employer-paid health insurance for laid off workers, or deploying resources to address the current needs related to the pandemic. While we acknowledge many of these recommenda ons may be out of reach, over the last several years we have seen corpora ons show leadership by using their power as a force for tremendous good. This leadership is cri cally needed as we face COVID-19 together.
Signed: Domini Impact Investments LLC Interfaith Center on Corporate Responsibility Office of the New York City Comptroller Sco M. Stringer
100% Sustainability APG Abacus Wealth Partners Aquinas Associates.com Access Strategies Fund Arabesque Achmea Investment Management Arcobaluce Sustainable Value Advisory Addenda Capital Arisaig Partners Adrian Dominican Sisters, Por olio As You Sow Advisory Board ASN Bank / ASN Investment Funds Affirma ve Investment Management Atkinson Founda on AFL-CIO AvantFaire Investment Management AJO Aviva Investors Align Impact Azzad Asset Management Alken Asset Management Ltd BancoPosta Fondi Sgr Altum Faithful Inves ng Bank J. Safra Sarasin American Bap st Home Mission Society BC Government and Services Employees' American Federa on of Teachers Union American Friends Service Commi ee Bell Asset Management Anima Sgr Benedic ne Coali on for Responsible Congrega on of St. Basil Investment Congrega on of St. Joseph BMO Global Asset Management Congrega on of the Sisters of St. Joseph of Bon Secours Mercy Health Peace Boston Common Asset Management Connec cut State Treasurer Shawn T. Wooden Boston Trust Walden CoreCommodity Management, LLC Brethren Founda on Funds Cornerstone Capital Group California Catholic Congrega ons for Responsible Inves ng CorpGov.net Canada Post Corpora on Pension Plan Corporate Responsibility office - The Province of Saint Joseph of the Capuchin CCLA Order CCOO FP CREA: Center for Reflec on, Educa on and CCRIM - Coali on on Corporate Ac on Responsibility in Indiana and Michigan CRIC – Associa on for the Promo on of Chicago City Treasurer Ethics and Sustainability in Investment Chris an Brothers Investment Services CtW Investment Group Church Commissioners for England Dana Investment Advisors Church Investment Group Daughters of Charity, Province of St. Louise Church of England Pensions Board Daughters of the Holy Spirit Church of the Brethren Benefit Trust Delaware State Treasurer Ci zen and Shareholder - Investor Domini Impact Investments LLC Clean Yield Asset Management Dominican Sisters ~ Grand Rapids COMETA FONDO PENSIONE Dominican Sisters of Mission San Jose Cometa Fondo Pensione Dominican Sisters of San Rafael Commi ee on Mission Responsibility Dominican Sisters of Sinsinawa Through Investment of the Presbyterian Ecofi Inves ssements Church U.S.A. EdenTree Investment Management Common Interests EOS at Federated Hermes on behalf of his CommonSpirit Health stewardship clients Communica ons Workers of America Epic Consul ng LLC Community Capital Management, Inc. Epoch Investment Partners Inc Congrega on of Holy Cross, Moreau Ethical Partners Funds Management Province Ethos Founda on, Switzerland Congrega on of Sisters of St. Agnes E ca Sgr - Responsible Investments Everence and the Praxis Mutual Funds Int'l Assoc. of Sheet Metal, Air, Rail and Transporta on Workers (SMART) FAMA Inves mentos Interfaith Center on Corporate FHI Ventures Responsibility Figure 8 Investment Strategies Interna onal Brotherhood of Teamsters First Affirma ve Financial Network Invesco Fondo de Pensiones de Empleados de Investor Advocates for Social Jus ce Telefónica Investor Environmental Health Network Fondo Italiano d'Inves mento SGR S.p.A. Investor Voice Franciscan Sisters of Allegany NY Jessie Smith Noyes Founda on Franciscan Sisters of Perpetual Adora on Jesuit Commi ee on Investment Friends Commi ee on Na onal Legisla on Responsibility Friends Fiduciary Corpora on Jesuits of Canada Friends Provident Founda on Jesuits of the US Central and Southern Future Super Province Geneva Agape Founda on JLens Investor Network GFED JSA Sustainable Wealth Management Give Inc Karner Blue Capital Global Alpha Capital Management Ltd. Kempen Capital Management Global Green KLP Green America (endowment) La Banque Postale Asset Management Greenvest Lankelly Chase Founda on Grey Nuns of the Sacred Heart Local Authority Pension Fund Forum GRID 202 Partners Local Pensions Partnership Harrington Investments, Inc. Los Angeles Capital Management & Equity HSBC Global Asset Management Research, Inc. Hymans Robertson Staff Pension Plan LPL Financial IBEW Mackenzie Investments Ides Capital Management LP Maitri Asset Management Pte Ltd IG Wealth Management Malk Partners Illinois State Treasurer Michael Frerichs Man Group Impact Investors Marist Fathers and Brothers Impax Asset Management Maryknoll Fathers and Brothers Inherent Group, LP Maryknoll Sisters Maryland Province of the Society of Jesus Pension Plan of The United Church of Canada Mercy Investment Services, Inc. Pensions Caixa 30 (PC30) Mergence Investment Managers PHITRUST Mirova PIRC Ltd Missionary Oblates/OIP Trust Plan de Pensiones Asociado de UGT Missionary Sisters of the Sacred Heart Polden-Puckham Charitable Founda on Montanaro Asset Management Poste Vita Nathan Cummings Founda on Pren ss Smith & Company, Inc. Natural Investments Presenta on of Dubuque, Iowa NCH Capital Inc. Priests of the Sacred Heart, US Province NEI Investments Principled Inves ng LLC New York City Comptroller Sco M. Stringer Province of St. Mary of the Capuchin Order Newground Social Investment Proxy Impact Nia Impact Capital Raiffeisen Capital Management Nordea Asset Management Reform Pension Board Northern LGPS Region VI Coali on for Responsible Investment NorthStar Asset Management, Inc. Religious of the Sacred Heart of Mary WAP Northwest Coali on for Responsible Investment Resona Asset Management Co., Ltd. Northwest Women Religious Investment Responsible Asset Allocator Ini a ve at Trust New America Office of Rhode Island General Treasurer Responsible Sourcing Network Seth Magaziner Reynders, McVeigh Capital Management Öhman Fonder LLC, Oneida Na on - Trust Enrollment Riverwater Partners Commi ee Robascio & Phillipson Oregon State Treasurer Robeco Ostrum AM RobecoSAM Oxfam America Robert F. Kennedy Human Rights Compass P+ Investor Program Pacifica Partners Inc. RRSE Parnassus Investments Sarasin & Partners LLP Pax World Funds School Sisters of Notre Dame Coopera ve Sisters of the Holy Names of Jesus and Investment Fund Mary U.S.-Ontario Province School Sisters of St. Francis Sisters of the Humility of Mary SEIU Sisters of the Presenta on of the Blessed Virgin Mary New Windsor, NY Seventh Genera on Interfaith Coali on for Responsible Investment Sisters of the Presenta on of the BVM of Aberdeen SD SHARE Sisters of the Redeemer ShareAc on Skye Advisors LLC SharePower Responsible Inves ng Socially Responsible Investment Coali on Sierra Club Founda on Sophia University Silicon Private Wealth, LLC St. Mary's Ins tute Sisters of Bon Secours USA Stardust Sisters of Charity of Nazareth Stray Dog Capital Sisters of Charity of New York Sustainable Value Investors Sisters of Charity of Saint Elizabeth Sustainaly cs Sisters of Charity of the Blessed Virgin Mary Sycomore AM Sisters of Charity, Halifax T'ruah: The Rabbinic Call for Human Rights Sisters of Mary Reparatrix Tara Health Founda on Sisters of Saint Joseph of Chestnut Hill, The Barrow Cadbury Trust Philadelphia, PA The Christopher Reynolds Founda on Sisters of St Joseph of Carondelet The Episcopal Church (DFMS) Sisters of St Ursula of the Blessed Virgin of The Evangelical Lutheran Church in NY York America Sisters of St. Francis The Pension Boards-UCC, Inc. Sisters of St. Francis Charitable Trust, The Sustainability Group of Loring, Wolco Dubuque & Coolidge Sisters of St. Francis of Philadelphia The Trustees of the UNISON Staff Pension Sisters of St. Francis, Dubuque Scheme Sisters of St. Joseph of Brentwood NY The United Reformed Church Ministers Pension Trust Ltd Sisters of St. Joseph of Orange The United Reformed Church Trust Sisters of St. Joseph of Springfield Three Hills Capital Partners Sisters of the Holy Cross Treasurer, State of Maryland Sisters of the Holy Names of Jesus and Mary Trillium Asset Management, LLC Trinity Health Trusteam Finance TVM Capital Healthcare Partners UAW Re ree Medical Benefits Trust UFCW Pension for Employees Unitarian Universalist Associa on United Church Funds United Methodist Women Ursuline Sisters Cleveland USA Midwest Province Jesuits USA Northeast Province of the Society of Jesus USA West Province of the Society of Jesus ValueEdge Advisors Vancity Investment Management Vermont Pension Investment Commi ee Vermont Pension Investment Commi ee Vermont State Treasurer's Office Vert Asset Management VidaCaixa Vigeo Eiris Volery Capital Partners Wespath Benefits and Investments We lauffer Wirtscha sberatung GmbH Your Best Path Financial Planning Zevin Asset Management