(MENAFNEditorial)
SEC SUPPORTS HOLY LAND PRINCIPLES
Rules Intel Cannot Exclude Resolution
CAPITOL HILL. FEBRUARY 11 2014— In a significant boost to the Holy Land Principles campaign the SEC (Securities and Exchange Commission) has ruled that Intel cannot exclude the Holy Land Principles shareholder resolution/proposal.
The SEC’s verdict was issued on February 11 2015:
“Response of the Office of Chief Counsel Division of Corporation Finance
Re: Intel Corporation
The proposal requests that the board make all possible lawful efforts to implement and/or increase activity on each of the eight principles specified in the proposal. We are unable to concur in your view that Intel may exclude the proposal under rule 14a-8(c). In our view the proponent has submitted only one proposal. Accordingly we do not believe that Intel may omit the proposal from its proxy materials in reliance on rule 14a-8(c).
We are unable to concur in your view that Intel may exclude the proposal under rule 14a-8(i)(7). Accordingly we do not believe that Intel may omit the proposal from its proxy materials in reliance on rule 14a-8(i)(7).
Sincerely
Evan S. Jacobson Special Counsel Division of Corporation Finance
United States Securities and Exchange Commission Washington D.C. 20549”
For publicly held corporations the submission and handling of resolutions is regulated by the Securities and Exchange Commission (SEC) a US government agency.
Fr. Sean Mc Manus— president of the Capitol Hill-based Holy Land Principles Inc. and Irish National Caucus— said:” This is a very important victory for Holy Land Principles Inc. No American company doing business in the Holy Land ought to try to exclude the eminently fair just and reasonable Holy Land Principles. Indeed all companies should be eager to sign the Principles which are pro-Jewish pro-Palestinian and pro-company. Intel did itself a disservice— and its Shareholders— by trying to get the SEC to exclude our Resolution which Harrington Investments Inc. of California—a leader in Socially Responsible Investing and Shareholder Advocacy — very generously submitted on our behalf."
Fr. Mc Manus continued: “ Initially American companies resisted signing our Mac Bride Principles (for Northern Ireland) on which the Holy Land Principles are based. But eventually the inherent decency and intrinsic fairness of the Principles prevailed and 116 companies doing business in Northern Ireland signed up. And now it is universally accepted that the Mac Bride Principles were a real force for good. Equally I know that all the 545 American companies doing business in Palestine-Israel will also see the light and do the right thing by signing the Holy Land Principles.”
Fr. Mc Manus concluded:“Now we must get our Intel resolution passed at the Intel Annual Meeting on May 21 2015. We appeal to all fair -minded investors to vote for our Resolution.”
Fr. Sean Mc Manus
President
Holy Land PrinciplesInc.
P.O. BOX 15128
Capitol Hill
Washington DC 20003-0849
Tel. 202-488-0107
Fax. 202-488-7537
Sean@HolyLandPrinciples.org
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