Leggett shareholder seeks nondiscrimination amendment

Boston-based Walden Asset Management, a Leggett shareholder for 15 years with 260,200 shares, has asked the company to include the phrase because Walden and its clients consider not including it to be a “long-term business concern,” said Walden research associate Meredith Benton.

“Leggett & Platt is very much behind the curve of the way corporate America is going,” Benton said. “The concern is that if they don’t have procedures and policies in place that are comprehensive and cohesive, then they are increasing their liabilities.”

But Leggett & Platt’s board of directors say they disagree and, in the company’s March proxy statement, recommended shareholders vote against the policy change when it comes before them at the May 10 annual meeting.

“We believe this proposal is unnecessary because, in our policies and practice, Leggett is already an equal opportunity employer with a firm and long-standing commitment to preventing discrimination in the workplace,” the statement said.

Leggett spokesperson Susan McCoy said the company could not comment outside of statements made in the filing.

While Leggett officials fear adding sexual orientation would open the door to adding more nondiscrimination categories other than those required by law, Benton said sexual orientation stands more important than other outside categories.

“It’s a well-established class against which there is pervasive discrimination,” she said. “There are no hate crime statistics on left-handed people, (but) you hear about that with sexual orientation.”

Leggett says it is not aware of any charges of discrimination based on sexual orientation filed at the company, “nor has the company received notice from any employee, customer or supplier that its employment policies or practices jeopardize its relationship with them,” according to the statement.

Leggett also argues that adding sexual orientation could increase company costs, as it could “encourage frivolous lawsuits” and lead to employees asking for domestic partner benefits.

Benton said Walden has not made any effort to push for partner benefits.

If the resolution is rejected at the meeting, a 10 percent approval will allow Walden to refile its resolution next year, and Benton said there are plans to do so.

Leggett has about 33,000 employees and 182.4 million outstanding shares.[[In-content Ad]]