FOR IMMEDIATE RELEASE

CONTACT:
Sydney Levy (Jewish Voice for Peace) 415-994-4854
Noura Erakat (US Campaign to End the Israeli Occupation) 510-847-4239
Matt Gaines (STOP CAT) 312-804-2822

Controversy over sales to Israel completely dominates CAT shareholder meeting for 3^rd year in a row
Proponents of Caterpillar shareholder resolution claim victory with 27% vote

Full press kit available online at:   http://www.catdestroyshomes.org/article.php?id=518

Photos:
http://www.jewishvoiceforpeace.org/publish/article_632.shtml


April 14, 2006 – A shareholder resolution calling for Caterpillar to separate the roles of CEO and board Chairperson received a 27% vote (subject to validation) at the annual shareholder meeting today in Chicago, winning the support of mainstream investors such as CalPERS, the world’s largest pension fund.

A coalition of Jewish and Christian institutional investors-- Jewish Voice for Peace, Sisters of Loretto, Mercy Investment Program, Sisters of Mercy, Maryknoll Sisters and Maryknoll Fathers and Brothers--*introduced the resolution to increase corporate accountability, and to help ensure that *the Board addresses environmental, health and social impacts of its business.

Michael Passoff, Director, Corporate Social Responsibility Program, As You Sow Foundation, said,"The fact that CAT has become synonymous with human rights abuse shows that the board and CEO should be separate to enable them to focus on their own areas of responsibilities."

Howard Lenow, Jewish Voice for Peace said, “The 27% vote far exceeded our expectations. It shows that many investors agree that Caterpillar’s refusal to examine its sale of bulldozers that violate human rights is simply bad business. This issue has dominated the annual meeting for 3 years in a row, and we’ll continue to come back until Caterpillar decides to become a good corporate citizen.”

Cindy and Craig Corrie, parents of Rachel Corrie who was killed by a Caterpillar bulldozer*, “Why would we pay for our own homes with the destruction of other people’s homes? Why would we fund our retirements with the destruction of other people’s olive groves…[Caterpillar shareholders] should know there are good and decent people in Israel, in Palestine and in Peoria and [shareholders] should support them and not support violence.”

Noura Erekat, US Campaign to End the Israeli Occupation said "Caterpillar profits from each home its bulldozers help Israel to demolish, each centimeter of the Annexation Wall its bulldozers help Israel to build, each olive tree its bulldozers help Israel to uproot. Our presence here today is a message to Caterpillar that its complicity in war crimes amounts to culpability pursuant to the Nuremberg Principles and international law."

Caterpillar is the most visible target of a divestment campaign waged by Christian institutional investors representing over 1/2 billion people, including the Presbyterian Church USA, the World Council of Churches, the Church of England and the Church of Scotland. CAT is facing a global surge in negative coverage about the company’s complicity and cooperation in Israel’s razing of civilian homes and has responded to negative publicity by launching a multi-million dollar public relations campaign to minimize brand risk.

Caterpillar has also come under fire from the international human rights community, in which there is near-universal condemnation of the company’s policy of supplying bulldozers as weapons to Israel’s military. *CAT is also facing charges of war crimes in a lawsuit filed by the parents of a young American woman Rachel Corrie who was killed by a Caterpillar bulldozer while trying to protect a Palestinian home.

Photo: http://www.catdestroyshomes.org/img/original/Caterpillar%20Freeway%20Sign.jpg
PHOTO CAPTION: June 14, 2006: National Day of Action against Caterpillar Corporation. This action coincides with Cat's shareholder meeting.
Location is 18th St. pedestrian overpass (US 101) in San Francisco, CA. 8:00am, June 14, 2006 . Photo by Jim Haber