Monsanto Shareholders Reject Study on Crop Risks

ST. LOUIS - Shareholders of Monsanto Co. on Tuesday voted down a proposed study of how the company's genetically engineered crops, or GMOs, may pose financial and legal risks to the seed giant. They also reelected four of the company's directors...

January 24, 2012 | Source: CBS News | by

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ST. LOUIS – Shareholders of Monsanto Co. on Tuesday voted down a proposed study of how the company’s genetically engineered crops, or GMOs, may pose financial and legal risks to the seed giant. They also reelected four of the company’s directors and approved compensation packages during the annual meeting.

Napa, Calif.-based Harrington Investments had put up for shareholder vote a request to study “material financial risks or operational impacts” of the chemicals and genetically modified crops that Monsanto sells.

Monsanto’s seeds are engineered to withstand the weed killer Roundup, allowing farmers to reduce the use of other chemicals and limit the practice of tilling fields to kill weeds. The company’s seeds dominate corn, soybean and sugar beet production in the U.S.

Harrington Investments CEO John Harrington said in a statement that he is concerned about the possible environmental and economic impacts of Monsanto’s engineered crops. The plants have patented genes inside them, and some countries, particularly in Europe, block U.S. crop exports if traces of those genes are present.

Harrington said he is concerned that “genetic drift” from engineered crops could contaminate farmers’ organic crops and prohibit those crops from being sold to markets in Europe, China and Japan.

“The potential legal implications for Monsanto are staggering,” Harrington said.