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| CCA denounces shareholder resolution on re-entry programs |
| By tennessean.com- Jamie McGee |
| Published: 01/13/2015 |
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To Alex Friedmann, a former prisoner and an associate director of the Human Rights Defense Center, Nashville-based Corrections Corporation of America is falling short in its commitment to help reduce recidivism rates. To move the needle in the number of repeat offenders, the company should dedicate an additional 5 percent of its net income to related programs and services, he proposes. As a shareholder of the for-profit prison owner and operating company, Friedmann has written a resolution requesting a spending increase, a proposal that CCA opposes. On Jan. 9, CCA filed a formal objection with the Securities and Exchange Commission, seeking to keep the resolution out of the proxy materials it sends to shareholders. The company says it is already dedicated to reducing recidivism rates and describes Friedmann's resolution as "activist gamesmanship." "(What) Mr. Friedmann fails to realize is that providing reentry programming and reducing the recidivism rate is aligned with our business model because it's what our customers want," CCA spokesman Steve Owen said in an emailed statement. "CCA is investing in reentry programming and reducing recidivism, and we do not believe our strategy should be dictated by a professional activist with explicit, well-known prejudice against our company." Read More. |
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