by Mari Schwartzer

Good morning. My name is Mari Schwartzer, from NorthStar Asset Management and we are the beneficial owners of 8,577 shares of First Solar. I am here today to ask for your support in creating a report assessing the financial impact on our Company, its brand reputation, and shareholder value caused by the boycotts and public outrage over Arizona’s immigration bill, Senate Bill 1070.

As shareholders and socially responsible investors, we are concerned that Senate Bill 1070, entitled “Support Our Law Enforcement and Safe Neighborhoods Act” and other subsequent legislation regarding stringent immigration laws may negatively affect our Company and its potential growth. When it was signed into law a year ago, SB 1070 quickly caused boycotts across the entire state of Arizona, resulting in a loss of at least 253 million dollars of revenue and 2,800 jobs in Arizona. A new study released in March by the Center for American Progress states that Arizona’s currently punitive immigration policy “is economically self-destructive.” SB 1070 creates a chilling effect on the business environment through overextension of the “enforcement [of] the public policy of all state and local government agencies in Arizona” into the arena of racial profiling and discrimination.

In response to First Solar’s recent announcement that it will build a new plant in the Phoenix suburb of Mesa for the manufacturing of thin-film solar panels, Governor Jan Brewer claimed that “First Solar [‘s…] commitment to Arizona today further cements this state’s reputation as a magnet for solar investment.” In turn, First Solar stated that Arizona’s “supportive business climate” lead to the choice of location in the state. This close relationship between First Solar and Arizona directly ties future growth of First Solar to the strength and reputation of the Arizona business environment.

Arizona business leaders are worried about the harmful impact of Arizona’s immigration policy. This month a coalition of 60 leading executives from major farming companies, hospitals, construction and technology companies and other major businesses sent a letter to Republican Senate President Russell Pearce expressing their concern that the “unintended consequences” of S.B. 1070 and the harsh rhetoric of its proponents are “adversely impacting our already struggling economy and costing … jobs. … It is an undeniable fact that each of our companies and our employees were impacted by the boycotts and coincident negative image.” [quotes]

For a company striving to be a global leader in renewable and alternative energy resources, First Solar ignores global opinion to its detriment and the detriment of its shareholders. And so, as the debate of immigrant rights goes on in Arizona, with local and state law makers listening to constituent opinions and needs, we believe that First Solar should undertake a study to assess the total financial impact of SB 1070 that includes quantification of the negative impact on brand reputation that goes beyond the borders of Arizona.

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