It’s not just gay people – or heck, anyone with a brain – who’s incensed at Target for donating to a fund that supports the re-election of a homophobic state legislator in Minnesota.
Now, big institutional investors are lashing out at Target for its boneheaded decision, the LA Times reports.
“Imprudent donations can potentially have a major negative impact on company reputations and business if they don’t carefully and fully assess a candidate’s positions,” said Tim Smith, a senior vice president at Walden Asset Management, one of three asset management firms that this week filed a resolution asking the retail giant to overhaul its campaign donation policies. He cautioned that funding ballot initiatives, as many corporations have done, “can similarly backfire.”
