The 2022 proxy season is a record breaker for ESG proposals, with Michael Passoff, CEO of Proxy Impact and co-author of a new report, saying ‘you can feel the momentum building for real corporate change.’ Commenting on the 529 ESG proposals that have been filed this year, Passoff says there is ‘unprecedented support for environmental…
Tag: shareholder proposals
Thanks to ExxonMobil for Opposing Anti-Shareholder Proposal from Oil Industry Shill Steven Milloy
Unsurprisingly, even with the insurgent candidates added to its board last year, ExxonMobil recommends votes against all of the shareholder proposals on its proxy this year, including proposals on plastic production, scenario analysis, low carbon production, political spending, and executive perquisites. We recommend votes in favor of all of these proposals. But we have to…
Say on Climate: Investor Distraction or Climate Action? – MSCI
Investor engagement on climate change increased markedly in 2021. One key development was the emergence of say-on-climate votes: management-backed resolutions that ask shareholders to approve a company’s climate plan or climate-action report proactively, either on a one-time or recurring basis. In most cases, say-on-climate votes are nonbinding and advisory; even if a vote fails, the…
Shareholder Commons on the Upcoming Proxy Season
No one is doing more thoughtful work on shareholder engagement than The Shareholder Commons and we appreciate their discussion of their slate of shareholder proposals this year. Externalities Analyses: Shareholder Proposals for System Stewardship Our 19 proposals focus on systematic risks, including antimicrobial resistance, declining public health, poverty wages, misinformation, climate change, and more….
Agenda – Investors Turning Up Heat on Political Spending
Companies heavily ramped up disclosures on political spending policies and oversight in 2021 as investors received massive support on shareholder proposals on the subject, according to an analysis of proxy voting trends. This year, boards should expect that pressure to rise even higher. With the midterm elections looming, boards need to ensure that directors have…
Agenda – Investors Share Plans for Next Proxy Season’s ESG Blitz
After a rousing engagement season this fall, investors and other governance observers are anticipating robust support for environmental, social and governance issues at next year’s annual meetings. Shareholders are focusing more keenly on environmental and social issues in engagement sessions than ever before, according to Agenda’s most recent reader survey. As investors zero in on…
SEC Resets the Shareholder Proposal Process
Sanford Lewis of the Shareholder Rights Group, has an excellent article on the SEC’s new guidance broadening the scope of (advisory) shareholder proposals, with a detailed history to provide context. His conclusion: Ultimately, the ability of a shareholder proposal to produce beneficial change at a corporation is grounded in a fundamental test—whether shareholders vote in…
SEC Rescinds Trump-era Policy, Eases Path for Shareholder Proposals on Environmental, Social Issues – WSJ
The Securities and Exchange Commission reversed a Trump-era policy and acted Wednesday to streamline the process for shareholders to propose resolutions on environmental or social issues during the coming proxy season. The SEC rescinded guidance that since 2017 helped company managers to exclude some shareholder proposals from their annual proxy statements. The change reflects the…
Tesla’s Growing Investor Revolt | Morningstar
Tesla (TSLA) shares have skyrocketed by more than 1,400% over the past three years, but that doesn’t mean its shareholders are entirely happy with the company’s management. There’s a growing shareholder revolt around Tesla’s handling of employees, diversity, and its board of directors that played out at its most recent company meeting. If it weren’t…
Amicus Brief from Shareholder Commons in Challenge to the Shareholder Proposal Rule
The Shareholder Commons has filed an amicus brief in the challenge to the SEC’s rule restricting shareholder proposals. An excerpt: Plaintiffs are asking this Court to vacate and set aside the Amendments. Plaintiffs argue that the Commission failed to quantify the impact of the Amendments on the number of proposals that will be filed, otherwise…
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