Johnson & Johnson Shareholders Reject South Africa Pullout
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NEW BRUNSWICK, N.J. — Johnson & Johnson’s shareholders have voted against pulling the company’s holdings out of racially segregated South Africa despite warnings of a possible consumer boycott.
By a 12-1 ratio on Thursday, shareholders defeated a resolution to stop doing business in South Africa, which accounts for less than 1% of Johnson & Johnson’s $7 billion in annual revenue.
Directors had opposed the proposal, which came from a coalition of stockholders including the U.S. Presbyterian and Baptist churches, the New York state public employees’ pension fund and 3,500 Amalgamated Clothing and Textile Workers Union members.
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