US shareholder group 50/50 Climate Project merges with firearms-focused Majority Action – Responsible Investor

The 50/50 Climate Project has joined forces with Majority Action:

Influencing large asset managers has also been a focus of the group. Kasargod-Staub explained: “We will also focus on the engagement and voting behaviour of asset managers who have outsize influence – that was part of 50/50 Climate Project’s work and it will continue as part of Majority Action’s work. As we have argued, some of the largest asset managers have not been using their power responsibly to advance the interests of their institutional and retail clients around critical long-term investor issues like climate change. In addition to votes on shareholder resolutions, we emphasize asset manager voting records for or against directors, because these votes are the most direct and concrete way for investors to demonstrate whether they believe that a company is acting responsibly or not yet on track.” Proxy advisory firm Glass Lewis has already cited the group’s research over the governance issues at American Outdoor Brands, and, now that it is moving into advocacy on climate change, other programmes will be coming online. As Minow concluded: “The fact that the government has gone AWOL on issues like climate change really creates an opportunity for private action that we should recognise and take advantage of. You can’t wait for the EPA; the market has to respond to the abdication of leadership.”

Source: US shareholder group 50/50 Climate Project merges with firearms-focused Majority Action – Responsible Investor

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