The recent corporate resignations from the U.S. Chamber of Commerce have played in the media as a case of enlightened corporate stewardship vs. blinkered old businesses. But there's far more to this story—not least the way that Apple and Nike are putting green political correctness above the long-term interests of their own shareholders.
The Chamber needs "a more progressive stance on this issue" of climate change, declared Apple Vice President Catherine Novelli in a letter of resignation from the business lobby on October 5. Added Nike, announcing its resignation on September 30 from the Chamber board though retaining its membership: "US businesses must advocate for aggressive climate change." Both decisions were ostentatiously leaked to the media.
The first point to understand is the role of Al Gore, who is a member of the Apple board and perhaps the leading supporter of President Obama's cap-and-tax anticarbon legislation. Mr. Gore has also invested in renewable energy technologies that could make him even richer than he already is if new climate rules make renewables more competitive with carbon energy.
Meanwhile, Apple's Chief Operating Officer Tim Cook happens to sit on the board of . . . Nike. We're told that Nike CEO Mike Parker didn't discuss the Chamber move with his full board of directors before it was announced, and Nike didn't return our phone call asking for comment. In any case, we doubt it's an accident that Nike and Apple acted against the Chamber at the same time—and just when Democrats are trying to build new momentum for cap and trade in the Senate.
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