There Goes Ruger......

[Speedo66]

A group of shareholding nuns at a shareholders meeting yesterday persuaded other shareholders to implement a company policy requiring Ruger management to start developing "safe" guns and for the company to start tracking violence committed with Ruger guns.

They were able to convince the largest shareholder, BlackRock, an assets manager, to join them in the issue.

Company management was against the proposal.
"Christopher J. Killoy, Ruger’s chief executive, was defiant after the vote, saying that Ruger would not “adopt misguided principles by groups that do not own guns and do not understand guns.”

“This proposal requires Ruger to prepare a report,” Mr. Killoy said. “That’s it, a report.”

The nuns also bought shares in Dick's Sporting Goods and American Outdoor Brands, parent company of S&W, hoping to influence them in the same direction.

Hopefully, investors will put pressure on Blackrock to cease and desist as it seems that actions like that will decrease the value of their investment as gun buyers may shy away from Ruger.

Here's the article: https://www.nytimes.com/2018/05/09/business/sturm-ruger-shareholders-activists.html?module=WatchingPortal&region=c-column-middle-span-region&pgType=Homepage&action=click&mediaId=thumb_square&state=standard&contentPlacement=11&version=internal&contentCollection=www.nytimes.com&contentId=https://www.nytimes.com/2018/05/09/business/sturm-ruger-shareholders-activists.html&eventName=Watching-article-click

 

[Ohen Cepel]

I place no value in what the nyt has to say. Ruger has put out there response and they are not changing anything. This is activist investors, nothing more.

The nuns need to have their tax status evaluated and likely changed if they are still tax free as this is political activity.

 

[NIGHTLORD40K]

I place no value in what the nyt has to say. Ruger has put out there response and they are not changing anything. This is activist investors, nothing more.

The nuns need to have their tax status evaluated and likely changed if they are still tax free as this is political activity.

Sounds like they are being fiscally irresponsible with their diocese or congregation's money too, assuming its not their personal fund.

 

[buck460XVR]

Sounds like they are being fiscally irresponsible with their diocese or congregation's money too, assuming its not their personal fund.

....now we've lowered ourselves to dissing nuns?

Maybe we need to dis the majority of Ruger stockholders. A quote from the linked article......

Their proposal on Wednesday was backed by a majority of shareholders, including the asset manager BlackRock, Ruger’s largest investor.

People invest money to make money. In the case of the nuns and their fellow advocates, they also invested with the hopes of changing the direction of the company. Something that happens all the time. Their moneies, their choice. The scary thing is, they are being backed, again, by the majority of stockholders.

 

[Hasaf]

Sounds like they are being fiscally irresponsible with their diocese or congregation's money too, assuming its not their personal fund.

The financing of some convents is a bit complicated. One sisterhood that my daughter looked into finances itself through the hostels it operates (she declined a vocation for other reasons). This sisterhood is not in the US; however, church financing can be a complicated issue.

I can see why they took on this issue, even though I happen to think they are mistaken. As far as tax status, churches are, typically, given a lot of latitude in areas that they consider to be "moral positions." Again, I happen to think they are mistaken; however, I think they are within their rights to speak. Forms of "you don't have a right to speak on this" are tactics that are frequently used against pro gun owners rights activists. We should not legitimize those tactics. It has to be about more than, ". . . whose ox is being gored."

All that being said, as was mentioned above, there is no way this group is a majority shareholder and their proposal, after being politely listened to, should be ignored. You make an interesting point about BlackRock. However, what they pay lip-service to and what they actually vote for may be different thing, Organizations like BlackRock are a bit too mercenary to intentionally damage an investment.

. . . It would be an interesting anti gun owner rights idea, to go about purchasing a controlling interest in the manufacturers and, as owners, force them to go about turning their swords into plowshares. Of course, it wouldn't work. In all, tooling up for firearms manufacture isn't that hard, It would turn into an expensive game of wack-a-mole for the anti's. Even purchasing major patents wouldn't work as many firearms are out of patent protection. . . They could try a Disney/Bono idea of purchasing a few congressmen and trying to extend the patents into perpetuity. . . but I digress. . .

 

[Zaydok Allen]

"Dissing nuns" ?

Nuns are human beings and subject to the same influences and predilection for corruption as anyone else. There's good ones and bad ones. Wearing a particular outfit and a symbol does not a holy person make.

In my eyes, churches of all kinds are and have always been politically active entities. They can try to influence whoever they like. Ruger issued a statement addressing these worries.

The NYT is a propaganda machine and not to be trusted.

 

[VoodooMountain]

Why do nuns have shared in ruger?

 

[buck460XVR]

Why do nuns have shared in ruger?

For the sole purpose of trying to influence the views and opinions of other shareholders. Like many other advocacy groups.

"Dissing nuns" ?

Nuns are human beings and subject to the same influences and predilection for corruption as anyone else. There's good ones and bad ones. Wearing a particular outfit and a symbol does not a holy person make.

True, but why is it folks cannot argue on issues and points, but immediately have to attack character. Churches have always been a source of corruption. Look at the raping of Central and South America under the guise of "civilizing" them. still, Sisters for the most part are compassionate and loving people. They are not crooks or irresponsible. Odds are there are lawyers in their advocacy group too, so trying to make the impression they are taking monies from the offering plate, under the table, to invest in Ruger, to increase their own financial status is absurd.....

 

[Steve S.]

Religion will behave like a business because it is a business.

 

[AlexanderA]

Ruger has been on this "safe guns" kick for a long time. The liability lawyers, and not a group of nuns or anyone else, have been behind this. I know that the quest for "safe guns" has made the Mark series less than optimal (heavy trigger pulls, magazine safeties, loaded-chamber indicators, etc.). Fortunately most of these features are reversible, and a whole cottage industry has sprung up to help owners reverse them.

 

[Walkalong]

This is not an investment forum, and we don't do religion. Good on Ruger for saying shove off.