Unocal adopts company-wide principles
Date: 15 Mar 2003
Unocal Corporation has announced the adoption of new corporate principles covering fundamental rights, such as freedom from discrimination in employment, the elimination of child labour and freedom of association and collective bargaining.
The move was welcomed by the Amalgamated Bank, which was one of the company's investors that had urged the company to take the step in a shareholder resolution that won 32.8 percent support at the company's AGM - at the time the largest ever such vote of support recorded for a human rights motion.
Amalgamated Bank Chairman Bruce Raynor said: "The real test for Unocal now is to implement its policy -- which will require drastic steps given their operations in Burma, where oppression in the workplace is rampant and the government is complicit."
Raynor went on to say that he believed the pressure on the company would continue through the next steps - implementation and enforcement of the new principles.
Unocal has been the focus of criticism due to its business activities in Myanmar - particularly alleged complicity with the actions of security services who committed various human rights violations.
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In a recent article, the BBC's economics editor Robert Peston highlighted the fact that in 2012 the chances are that the economy - punch drunk as it is from the various flavours of debt crisis it has been pummelled with over the course of the year - will be hit by the collapse of a major bank and / or government.
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