AFL-CIO Files Shareholder Action Asking Nike to Pay Its Share of Taxes

In the wake of the release of the so-called Paradise Papers, the AFL-CIO sent a shareholder proposal to Nike asking the world's largest sports brand to stop using tax-avoidance schemes that have allowed the company to avoid paying $4 billion in U.S. taxes. That money could be used to fund infrastructure, schools and health care.

The Paradise Papers helped shine a spotlight on the practices used by companies like Nike to avoid paying taxes on earnings they make in the United States. Nike is a client of the offshore law firm Appleby, which helped Nike shift the billions in profits through such methods as transferring ownership of trademarks, including Nike’s iconic swoosh logo, to a Bermudian subsidiary and then to a Dutch limited partnership.

The AFL-CIO’s shareholder proposal will go to a vote at Nike’s 2018 annual meeting and has been co-filed by Domini Investments. The proposal asks Nike to adopt a set of "responsible tax principles" that include:

  • Considering the impact of Nike’s global tax strategies on local economies and government services that benefit Nike;
  • Annually reviewing Nike’s tax strategies and assessing the alignment between the use of such strategies and Nike’s stated values or goals regarding sustainability;
  • Periodically assessing the reputational consequences, including views of customers, shareholders and employees, of engaging in practices deemed to be "tax avoidance" by such stakeholders; and
  • Ensuring that Nike seeks to pay tax where value is created.

These principles will help ensure that Nike’s board is fully informed regarding the impacts of offshore tax avoidance strategies and considers them when exercising its oversight responsibilities. The AFL-CIO is considering filing similar shareholder proposals at other companies that have been named as Appleby clients in the Paradise Papers, such as Facebook, Alphabet and Allegan.

***

Reposted from AFL-CIO

***

Photo by Mando Gomez/Flickr

Posted In: Allied Approaches, From AFL-CIO

Union Matters

Failing Bridges Hold Public Hostage

From the USW

From tumbledown bridges to decrepit roads and failing water systems, crumbling infrastructure undermines America’s safety and prosperity. In coming weeks, Union Matters will delve into this neglect and the urgent need for a rebuilding campaign that creates jobs, fuels economic growth and revitalizes communities.

The Seattle Department of Transportation (SDOT) gave the public just a few hours’ notice before closing a major bridge in March, citing significant safety concerns.

The West Seattle Bridge functioned as an essential component of  the city’s local and regional transportation network, carrying 125,000 travelers a day while serving Seattle’s critical maritime and freight industries. Closing it was a huge blow to the city and its citizens. 

Yet neither Seattle’s struggle with bridge maintenance nor the inconvenience now facing the city’s motorists is unusual. Decades of neglect left bridges across the country crumbling or near collapse, requiring a massive investment to keep traffic flowing safely.

When they opened it in 1984, officials predicted the West Seattle Bridge would last 75 years.

But in 2013, cracks started appearing in the center span’s box girders, the main horizontal support beams below the roadway. These cracks spread 2 feet in a little more than two weeks, prompting the bridge’s closure.

And it’s still at risk of falling.  

The city set up an emergency alert system so those in the “fall zone” could be quickly evacuated if the bridge deteriorates to the point of collapse.

More than one-third of U.S. bridges similarly need repair work or replacement, a reminder of America’s urgent need to invest in long-ignored infrastructure.

Fixing or replacing America’s bridges wouldn’t just keep Americans moving. It would also provide millions of family-supporting jobs for steel and cement workers, while also boosting the building trades and other industries.

With bridges across the country close to failure and millions unemployed, America needs a major infrastructure campaign now more than ever.

 

More ...

There is Dignity in All Work

There is Dignity in All Work