FFC Supports Transparency Through GMO Labeling

November 22, 2013

FFC, as part of a group of investors representing $11 billion in assets under management, is calling for companies to cease using treasury funds to oppose legislation mandating the labeling of foods containing genetically modified organisms (GMOs). Despite industry assurances that current labeling requirements suffice, the increase in public and consumer demand for GMO transparency has made GMO labeling a highly controversial public policy issue. A July 2013 New York Times poll reveals that 93% of Americans favor the labeling of products containing GMOs, and an October 2010 Harris Poll indicates that nearly half of respondents, in learning a business they patronized had contributed to a candidate or cause that they opposed, would shop elsewhere as long as alternative options were available. Companies perceived as opposing transparency and the consumer’s right-to-know face substantial business risks, and indeed, many companies that contributed to anti-Prop 37 (California) efforts experienced significant social-media scrutiny and consumer boycotts. In Washington, I-522 attracted extensive media coverage, and the recent victory claim made by the anti-labeling campaign No on 522 is expected to warrant further public and consumer backlash. Bills that would require labeling of foods containing GMOs have been approved in Vermont and Connecticut, and introduced in over 20 states. Scott Faber, Vice President of Environmental Working Group, says “American consumers simply want the same rights as consumers in 64 other nations that require GMO labeling.” FFC is concerned that companies actively fighting disclosures favored by a vast majority of consumers risk compromising their reputations.  Therefore we support GMO labeling transparency both for the consumer’s right-to-know as well as for business reasons. To view the letter, click here