US investors put pressure on Sochi sponsors over Russian anti-gay law
US investors with combined assets of hundreds of billions of dollars have urged corporate sponsors of the Sochi 2014 Winter Olympics to speak out against Russia’s anti-gay laws.
Russian President Vladimir Putin in June signed into law a bill to make it illegal to promote homosexuality to minors, causing an international outcry over the games set to take place in February.
Writing in a letter to Sochi sponsors, on behalf of the investment group which oversees a $160 billion (£98 billion) retirement fund, New York State Comptroller Thomas DiNapoli said: “Taking a stand against these prejudicial laws and policies is not just the right thing to do, it protects shareholder interests and corporate reputations.”
Twenty other investment funds, and other groups managing £327 billion (£200 billion) joined DiNapoli in pushing for action to be taken by sponsors, which include Coca Cola, McDonald’s, Panasonic, Samsung and Procter and Gable.
Since, and despite a campaign by AllOut, neither of the two main sponsors, McDonald’s or Coca Cola have responded with saying they will take action.
IOC Co-ordination Committee Chairman Jean-Claude Killy dismissed concerns over Russian anti-gay legislation. “As long as the Olympic Charter is respected, we are satisfied,” he said.
