As the world collectively tries to figure out how to combat the COVID-19 (coronavirus) pandemic, what do Fortune 500 companies have that the rest of us would-be do-gooders lack? Money? Power? Clout? All of the above?
The San Francisco Employees Retirement System (SFERS) has issued a call to action urging the S&P 500 to make themselves accountable and turn their manufacturing efforts to assist in the COVID-19 pandemic. They should be reporting what action they are taking in the COVID-19 fight and replying via social media with the hashtag #sp500covidfight.
Whether they were answering the call or otherwise, several companies have already stepped forward, such as Microsoft, Apple and Amazon. Companies beyond the index can join the effort as well, using the same hashtag to note their efforts.
From the SFERS press release:
“Hotels and sporting venues may be able to provide facilities for patients and health care professionals. Businesses can divert raw materials, repurpose manufacturing lines, or ramp up production to produce testing equipment, respirators, ventilators, gloves, masks, hand sanitizer, sanitary wipes, swabs, soap, surgical gowns, sponges, cleaning materials, compounds for pharmaceuticals, therapies and treatments for patients and our health care professionals. All of these supplies are needed urgently and in high volume throughout the country.
SFERS is also asking all pension plans, many of whom represent healthcare professionals and first responders, foundations, family offices, mutual funds, and endowments, especially those that support hospitals, to publicly join us. As institutional investors we are invested in many, if not all, of the same companies. We ask that you publicly make the same request of companies listed in the S&P500 index.”
The campaign has been covered by the Wall Street Journal and the San Francisco Labor Council is urging its members to take up the fight.
Read the full SFERS press release here.