BOSTON–(BUSINESS WIRE)–March 31, 2006–The newly published proxy statement for CVS Corp., to be voted upon by shareholders at the May 11, 2006 annual meeting, includes a proposal that asks the company to take a series of steps to improve the safety of cosmetics sold at CVS stores. The proponents of the shareholder resolution–Boston Common Asset Management and Citizens Advisers–are concerned that a range of ingredients present in cosmetics products commonly sold at CVS and most other cosmetics retailers can pose an array of health hazards to consumers.
Lauren Compere, Director of Shareholder Advocacy at Boston Common Asset Management, the primary filer of the resolution, also takes a strong shareholder position against these chemicals in cosmetics, saying, “Several years ago, CVS showed leadership in the area of human health and exposure to toxic chemicals by taking off the shelf all thermometers that contained mercury after scientific research linked even small exposure to mercury with extreme human health consequences.
We, as shareholders are asking CVS to take this leadership role further by committing to remove other materials from products sold in its stores. We believe promoting safer cosmetics can be a good business move for CVS.”
The shareholder resolution asks CVS to report to shareholders on the feasibility of establishing a policy to:
a) Reformulate all CVS brand cosmetics products to be free of chemicals linked to cancer, mutations or birth defects;
b) Inventory product ingredients for suspected carcinogens, mutagens, and reproductive toxins, and for chemicals that affect the endocrine system, accumulate in the body or persist in the environment;
c) Proactively seek safe alternatives for these chemicals;
d) Publicly report on their progress; and
e) Encourage manufacturers or distributors of cosmetics products sold in CVS to do the same.
Vesela Veleva, a Social Research Analyst at Citizens Advisers, takes the risks of these chemicals seriously. Dr. Veleva, who holds a doctorate degree in pollution prevention, explained “There is good reason, as shareholders as well as consumers, to be concerned about toxic chemicals in cosmetics. Under the current voluntary controls, many dangerous chemicals have been found to make their way into cosmetics and personal care products–from nail polish, to makeup, to shampoo. The threats to health may include cancer, and harm to developing fetuses and infants exposed to the chemicals through baby products or their mother’s cosmetics use. Most consumers are not aware the FDA does not require testing of cosmetic ingredients before a product goes to market. We believe companies like CVS need to be more proactive to ensure the products they are selling to the general public are safe.”
Copyright Business Wire 2006
