Shareholders File More Than 500 ESG-Related Resolutions in Record-Breaking Year, Despite Political Attacks

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MEDIA CONTACT: Stefanie Spear, sspear@asyousow.org, 216-387-1609

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Climate change, corporate political influence, racial justice, and reproductive and worker rights are leading concerns.

BERKELEY, CA—MARCH 22, 2023—Today, As You Sow, Sustainable Investments Institute (Si2), and Proxy Impact, released Proxy Preview 2023, which takes a comprehensive look at another record-breaking year, with more than 542 shareholder resolutions filed on environmental, social, and sustainable governance (ESG) issues. Hundreds of these resolutions are heading for votes at spring and summer corporate annual general meetings.

Politicians are wrangling over the definitions and merits of ESG investing. But proxy season continues to offer ideas for how companies can manage growing systemic risks from accelerating climate change disruption and political dysfunction.  

A mandatory climate disclosure rule is coming, reflecting long-term support from investors, who this year will consider even more proposals asking for net-zero greenhouse gas goals and reporting on the management of climate risks and opportunities. Proponents have new ideas for accurate corporate carbon accounting and ensuring a “just transition” for workers affected by economic shifts.  

Fair pay and treatment at work, paid sick leave, and the right to organize are also featured in shareholder proposals. Early success for the 2023 season includes companies agreeing to disclose more on gender and racial pay disparities (Visa) and report on union rights (Apple).  

More proposals ask companies to protect Americans’ digital privacy to safeguard reproductive and maternal health care rights. Rhia Ventures is coordinating an investor response to proliferating state abortion bans in the wake of the June U.S. Supreme Court decision that struck down Roe v. Wade. An early victory for proponents came when HCA Healthcare, responding to the confusing and evolving legal landscape for abortion, clarified publicly that its member hospitals are prepared to provide abortions in medical emergencies.

A host of other issues include questions about how and why companies spend to influence politics, whether they comply with a new corporate tax accountability standard, and how they address human rights risks at home and abroad.  

Company efforts to block shareholder proposals at the U.S. Securities and Exchange Commission (SEC) are down about 30%, responding to a late 2021 interpretive shift at the SEC.

“Complex environmental and social challenges are not going away just because they prompt controversy,” said Heidi Welsh, executive director of Si2 and co-author of Proxy Preview 2023. “Proxy season will give companies feedback on reform ideas, but there’s no indication attacks on ESG investing are going to dampen investor appetite for facts and disclosure, which make the capital markets work better.”    

“Shareholders continue to work closely with company executives and boards to address material risk for all stakeholders,” said Andrew Behar, CEO of As You Sow and report publisher. “The extractive economy is winding down; a new economy based on justice and sustainability is emerging. Leading corporations understand that now we are finding solutions, not hiding from big systemic risks like climate change and racial injustice. Companies will outperform if they embrace innovative ideas in these shareholder resolutions.” 

“The attacks on ESG appear to be in large part a response to investors’ increasing demands for corporate action on the climate crisis,” said Michael Passoff, CEO of Proxy Impact and co-author of Proxy Preview 2023. “Shareholder resolutions have always been at the forefront of this effort — first by educating companies and investors about climate risk and solutions, and more recently by calling for quantitative metrics on greenhouse gas emissions reduction targets, alignment with science-based targets, and incorporating climate-risk mitigation into executive compensation packages and company-wide business strategies.”

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Proxy Preview 2023 has commentary from more than 30 experts, describing this year’s top ESG issues and the risks, and opportunities facing investors and corporate executives.

As You Sow is the nation’s leading shareholder advocacy nonprofit, with a 30-year track record promoting environmental and social corporate responsibility and advancing values-aligned investing. Its issue areas include climate change, ocean plastics, pesticides, racial justice, workplace diversity, and executive compensation. Click here for As You Sow’s shareholder resolution tracker

Proxy Impact provides shareholder engagement and proxy voting services that promote sustainable and responsible business practices.

Sustainable Investments Institute (Si2) gathers data and provides impartial analysis for institutional investors to make informed, independent choices on social and environmental shareholder proposals.

In Historic Year of Filings, ESG Shareholder Resolutions Continue to Define Corporate Risk

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MEDIA CONTACT: Stefanie Spear, sspear@asyousow.org, 216-387-1609

34 majority votes show enduring investor support

BERKELEY, CA—JULY 13, 2022—The Proxy Preview team today released highlights of the unprecedented 2022 proxy season, which so far has seen a record-breaking 282 votes and 34 majorities votes favoring disclosure and action on environmental, social, and sustainable governance (ESG) shareholder resolutions.

The number of majority votes for these proposals is the same as last year at this point. Six of the majorities — including five on climate change — came when companies did not voice opposition. At least two dozen more votes are possible by year’s end and more majorities are likely. 

“Shareholder concern on racial justice reached new heights, with eight majorities supporting audits on racial justice and civil rights regarding company operations and impacts,” said Michael Passoff, CEO of Proxy Impact and co-author of the Proxy Preview. “That’s very rare for a new issue — these resolutions were first filed only last year. Last year’s strong support for fair pay and treatment, including workplace harassment and discrimination, continued unchanged.”

“It was a blow-out year for resolutions, with a nearly 60% increase in votes,” said Heidi Welsh, executive director of the Sustainable Investments Institute and co-author of Proxy Preview. “There was a precipitous drop in the number of proposals blocked by company challenges at the U.S. Securities and Exchange Commission (SEC), because of an interpretive shift last November. Investors and companies also found lots of common ground, in the same proportions as the past. The number of majority votes on the environment and diversity stayed the same or rose, but there was a notable drop in majorities for corporate political influence disclosure because the mix of resolutions changed. Many companies already have board oversight and disclosure and there’s more focus now on whether supported candidates hold views consistent with expressed corporate values.” 

“This year's record-breaking number of filings and continued strong votes demonstrate that investors truly care about environmental and social risks. This aligns with new polling that 85% of Americans agree that companies must disclose more about their business practices and impact on society,” said Andrew Behar, CEO of As You Sow and Proxy Preview publisher. “The polling also shows nearly universal agreement that America’s largest companies affect society deeply. Shareholder advocates continue to provide innovative ideas for how companies can avoid risks to employees, customers, communities, and supply chains, and create prosperity and justice.”

Top Votes

Support for fairness: Investor sentiment strongly favored more corporate self-scrutiny about diversity, equity, and inclusion:

• Eight majorities supported racial justice and civil rights audits at a wide range of companies — from the biggest tobacco company, Altria (64.2%), to Apple (62.2%), Home Depot (62.8%), Johnson & Johnson (62.6%), government services company Maximus (64.2%), McDonald's (55.8%), and waste management firms Stericycle (60.6%) and Waste Management (55%).  

• Investors want fair pay and treatment. There were four majorities supporting reports on using concealment clauses, which can hide misconduct including sexual harassment and discrimination. Solar panel firm Sunrun endorsed its resolution, producing a 98.2% result, but other votes were strong — 68.9% Twitter, 64.7% at IBM, and just above 50% at Apple.

The long-running effort to persuade companies to report on pay disparities on the basis of gender, race, and ethnicity notched two wins:  59.6% at Walt Disney and 58% at Lowe’s.

Guns: In the face of continued and widespread gun violence, investors at Sturm, Ruger voted two-thirds of their shares (68.5%) in favor of a human rights risk assessment.

Climate and environment: Nearly all the much-expanded slate of proposals about climate change focused on plans, goals, and reporting on how to achieve net-zero greenhouse gas emissions. This prompted no management opposition at five companies and votes over 90% for reporting on methane reduction targets at Chevron, reporting on carbon footprint reduction plans at Caterpillar and Boeing, and for adopting net-zero carbon reduction targets at food distributor US Foods Holding and construction supplier Builders FirstSource.  

Proponents saw several more key climate wins at resolutions management opposed:

• At Jack in the Box, the vote was 95.4% in favor of reporting on plastic packaging use; this is the highest ever for a proposal opposed by management. In the same vein, a vote for more reporting at plastics producer Phillips 66 was 50.4%.

• At ExxonMobil, 51% of shares supported a formally audited climate plan, underscoring keen investor interest in reliable numbers and projections affirmed by outside parties, not just voluntary reports that may not hold up to close scrutiny. This could prove a critical piece of evidence in the debate over a proposed new SEC climate disclosure rule.

• First-time majorities for reporting on fossil fuel project underwriting occurred at Chubb (72.2%) and Travelers (55.8%), even though some large investors characterized as “too prescriptive” other proposals that asked banks and insurers to end (and not just disclose) fossil financing and underwriting. 

• In addition to the majorities prompted by management support noted above, an early win at the end of January occurred at Costco Wholesale, with 70% support for adopting net-zero greenhouse gas emissions reduction targets. A similar proposal at Dollar Tree received 54.8% at the end of June, bookending the season. Further, a stranded asset risk report proposal about natural gas assets at Dominion Energy earned 80%.

• Finally, while Home Depot has had a policy about sustainable wood sourcing since 1999, a vote of 64.7% seeking more clarity on deforestation impacts evinced considerable skepticism that the policy goes far enough.

Political influence spending: There were fewer proposals about general oversight and disclosure of election spending and lobbying, but four majorities — two coordinated on elections (57% at Dollar General and 53.4% at Twitter) and two on lobbying (60.4% at Netflix and 52.7% at Travelers). 

Most notable this year, however, were resolutions that trod new ground, seeking not just oversight and disclosure but the assessment of misalignment between stated company policies and actions taken by politicians the companies support. An entirely new proposal about lobbying and values earned the fifth political influence majority — 50.2% at Gilead Sciences — and 43.3% at Johnson & Johnson. Six more lobbying disclosure proposals earned 40% to 49%, as did one more on election spending.

It’s clear companies will face increased scrutiny of their election spending as the fall midterms approach and public policy debates roil the country. One key example from proxy season is proposals coordinated by Rhia Ventures that noted company support for diversity and inclusion despite heavy support for state politicians who are rolling back reproductive health rights. There were high votes at AT&T (44.1%) and Home Depot (42.6%). With Roe v. Wade overturned by the U.S. Supreme Court, many similar values congruency resolutions are likely in 2023. Access to reproductive health benefits and risks to companies posed by new abortion bans in half the country spurred votes of 32.2% at Lowe’s and 30.2% at TJX — also giving a foretaste of what to expect next year.

Proxy Preview is a unique collaboration between As You Sow, the Sustainable Investments Institute (Si2), and Proxy Impact. Proxy Preview provides the most comprehensive free data on hundreds of ESG shareholder resolutions on environmental, corporate political influence, human rights, diversity, and sustainable governance issues.

Note: Voting results are based on the SEC calculation method of dividing shares cast in favor by those cast in favor or against, excluding abstentions. Companies may report different results by including shares cast in abstention or those not voted by brokers.

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As You Sow is the nation’s leading shareholder advocacy nonprofit, with a 30-year track record promoting environmental and social corporate responsibility and advancing values-aligned investing. Its issue areas include climate change, ocean plastics, pesticides, racial justice, workplace diversity, and executive compensation. Click here for As You Sow’s shareholder resolution tracker.

Proxy Impact provides shareholder engagement and proxy voting services that promote sustainable and responsible business practices.

Sustainable Investments Institute (Si2) provides impartial analysis for institutional investors to make informed, independent choices on social and environmental shareholder proposals.

Proxy Preview 2022: Record-Breaking 529 Shareholder Resolutions Filed Despite New SEC Restrictions

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MEDIA CONTACT: Stefanie Spear, sspear@asyousow.org, 216-387-1609

BERKELEY, CA—MARCH 17, 2022—Proxy Preview 2022, today released by As You Sow, the Sustainable Investments Institute (Si2), and Proxy Impact, takes a comprehensive look at a record-breaking 529 shareholder resolutions on environmental, social, and sustainable governance (ESG) issues. More than 300 resolutions could see votes at spring and summer corporate annual general meetings. Filings are up 20% compared to a year ago overcoming new SEC rules designed to restrict shareholder voices.

Shareholders have already earned five majority votes (see table below) on sustainable packaging, net-zero emissions, gender/minority pay disparity, and racial justice, suggesting last year’s record-breaking 39 majority votes will be surpassed. Many more proposals this year seek quantitative reporting on climate change and diversity, implying companies must work harder to satisfy increasingly insistent stakeholders. Proponents are focused on how companies can cut greenhouse gas emissions to zero, and how they influence politics, combat systemic racism, and treat workers.

A new direction at the U.S. Securities and Exchange Commission (SEC) means more company efforts to block proposals are failing. Proponents are hopeful that withdrawal agreements may increase given last year’s high votes. Also in play is a lawsuit seeking to overturn a 2020 rule change that makes it harder to file and resubmit proposals — even though the new restrictions seem only to have spurred more proposals.

“Shareholder proponents want specific plans for carbon neutrality, but they also see big problems with exposure to the rancorous social policies pursued by company-supported lawmakers, especially in statehouses,” said Heidi Welsh, executive director of the Sustainable Investments Institute and co-author of Proxy Preview 2022. “Gauzy promises clearly are not sufficient. With some companies releasing more details on diversity and environmental impacts, those that don’t really stand out.”  

Proxy Preview 2022 has commentary from more than 33 experts, describing this year’s top ESG issues and the risks and opportunities facing investors and corporate executives. Other articles discuss the changing landscape of proxy voting. This includes SEC rule changes, new proxy voting approaches for retail investors that can usher in a fresh wave of voters, recent SEC approval of “universal proxy” ballots for contested elections that could democratize proxy board fights such as last year’s unprecedented election of three dissident directors at ExxonMobil, and a new theory on how social and environmental issues raise systemic risks that mean long-held investment strategy is inadequate. 

“Shareholders continue to drive broad changes in how the capital markets address stakeholder needs,” said Andrew Behar, CEO of As You Sow and report publisher. “We are at a major inflection point where every company must choose between thriving in an emerging regenerative economy based on justice and sustainability, or preparing to wind down the extractive economy. Investors, customers, and employees are all watching to see which direction company directors choose.”

“There is unprecedented support for environmental and social shareholder proposals,” said Michael Passoff, CEO of Proxy Impact and co-author of Proxy Preview 2022. “Last year there were a record number of majority votes on ESG issues, this year there is a record number of ESG proposals filed. You can feel the momentum building for real corporate change as more investors engage management, file resolutions, and vote their proxies on these critical issues.”

Key ideas, many of them new, raised in 2022 proposals include formal audits for climate change plans, environmental justice assessment, chemical footprinting, misalignment between stated corporate values and political influence spending, liability from misclassified workers in the U.S. supply chain, more comprehensive workplace diversity program reports, and the long-term impact for investors of shifting costs from balance sheets to society at large.  

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As You Sow is the nation’s leading shareholder advocacy nonprofit, with a 30-year track record promoting environmental and social corporate responsibility and advancing values-aligned investing. Its issue areas include climate change, ocean plastics, pesticides, racial justice, workplace diversity, and executive compensation. Click here for As You Sow’s shareholder resolution tracker.

Proxy Impact provides shareholder engagement and proxy voting services that promote sustainable and responsible business practices.

Sustainable Investments Institute (Si2) provides impartial analysis for institutional investors to make informed, independent choices on social and environmental shareholder proposals.

Record Breaking Year for Environmental, Social, and Sustainable Governance (ESG) Shareholder Resolutions

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MEDIA CONTACT: Stefanie Spear, sspear@asyousow.org, 216-387-1609

Nearly three dozen majority votes highlight historic increase in shareholder support.

BERKELEY, CA—JUNE 24, 2021—The Proxy Preview team today released highlights of the unprecedented 2021 proxy season, which saw nearly three dozen majority votes for disclosure and action on environmental, social, and sustainable governance (ESG) shareholder resolutions.

To date, there have been 34 majority votes for ESG proposals, shattering last year’s record of 21. More are likely by year’s end. Last year, only two votes broke 70%, while this year 17 did.  Eight were in the 80s and six saw more than 90% support. Four of the six that received more than 90% were supported by management — a first for U.S. environmental and social resolutions. More importantly, other high-scoring proposals were opposed by management but still earned huge support.

“This has been an extraordinary year with record high votes for climate change, diversity and political spending issues,” said Michael Passoff, CEO of Proxy Impact and co-author of the Proxy Preview. “Shareholder proposals about the COVID-19 pandemic and sexual harassment also received majority votes, while new proposals on racial justice gained unusually high support.”

“The slew of majority votes suggests investors at large see ESG as material,” said Heidi Welsh, Executive Director of the Sustainable Investments Institute (Si2) and co-author of Proxy Preview. “Evidence from the financial markets seems to contradict the intent of new SEC rules that will make it harder to file and resubmit shareholder proposals in 2022,” Welsh added, noting that the SEC’s own analysis showed most individuals will not be able to sponsor proposals at all.

“Looking ahead, the question now is how companies will implement changes to their policies and practices in response to these high votes, and how investors respond if they don’t,” said Andrew Behar, CEO of As You Sow and report publisher. “This year we saw three out of four dissident directors elected at ExxonMobil after shareholders lost patience with its inaction on climate change. All boards have been put on notice this could happen to them.”

Top votes include:

Political Spending: Proposals about the ways in which companies influence the political system accounted for the largest group of majority votes — 14. The top votes were for more election spending oversight and disclosure with 80.6% at Netflix and 80.1% at Chemed. A resolution asking for a report about climate change lobbying and advocacy, both directly and indirectly through trade and other associations, won 76.4% at Norfolk Southern, while the top vote for more generalized disclosure on lobbying was 66.3% at GEO Group.

Climate and environment: Eight climate change proposals earned more than 50% and resulted in the two highest votes of the year. Investors gave 98.8% support for reporting on supply chain deforestation impacts at Bunge and 98% for reporting on net-zero GHG goals at General Electric — though management supported both. Yet votes were extraordinary even with management opposition, hitting 81.2% in favor for more disclosure on plastics pollution at DuPont de Nemours, 80.3% for adopting greenhouse gas (GHG) emission goals at Phillips 66, 76.2% for reporting on deforestation in the supply chain of Bloomin Brands, and 60.7% for cutting GHG emissions from oil and gas products sold by Chevron.

Diversity: The national debate over racial justice made itself known in proxy season by many more proposals about diversity in the workplace and executive suite, and on boards, with nine majorities. At the top were a resolution asking IBM for details on the effectiveness of diversity, equity, and inclusion programs (94.3% with management support), one asking Paycom Software about executive diversity (93.7% after management did not take a position), and 91.2% for more board diversity at First Solar despite a recommendation against it by the board. Board diversity also received 85.3% at Badger Meter, while a call for EEO-1 data disclosure earned 86.5% at Union Pacific, where a request for diversity program data also received 81.4%.

COVID-19: Concerns about the pandemic were at the heart of the third highest vote this year. Although Wendy’s tried to keep a proposal about reporting on pandemic worker safety off the proxy ballot with an SEC challenge, it failed and in the end the company supported the proposal—prompting a 95.2% vote.

Sexual Harassment: A resolution on mandatory arbitration­–which can hide sexual harassment problems–received 53.2% at Goldman Sachs and even more (59.4%) at solar panel maker Sunrun.

Racial Justice:  Although they did not receive majority support, two new proposals about conducting racial justice audits received unusually high support for first-year resolutions, with 44.2% at Amazon.com and 40.5% at JPMorgan Chase.

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Proxy Preview is a unique collaboration between As You Sow, Sustainable Investments Institute (Si2), and Proxy Impact. Proxy Preview provides the most comprehensive free data on hundreds of ESG shareholder resolutions on environmental, corporate political spending, human rights, diversity, and sustainable governance issues.

Proxy Preview 2020 Shows Jump in ESG Shareholder Proposals as SEC Prepares to Restrict Shareholder Rights

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MEDIA CONTACT: Stefanie Spear, sspear@asyousow.org, 216-387-1609
JOIN OUR WEBINAR: Thursday, March 19 at 2 p.m. EDT. REGISTER HERE.

Climate, Political Spending, Women Lead Roster of Critical Issue for Corporations

BERKELEY, CA—MARCH 19, 2020—Proxy Preview 2020, released today by As You Sow, the Sustainable Investments Institute, and Proxy Impact, offers a comprehensive look at more than 400 shareholder resolutions filed on environmental, social, and sustainable governance (ESG) issues. Out of 429 filings, more than 300 are headed for votes at corporate annual meetings this spring.

While the SEC is poised to restrict future proposals with new rules expected this spring, investors have doubled down on requests for more oversight and transparency about corporate spending on political influence, climate change, and fair treatment for women on boards and in the workplace. Two-thirds of the proposals address these issues. Shareholder proponents also want action on human rights and links between executive pay and performance on a wide range of environmental and social issues.

“The SEC is about to clamp down on shareholder proposals that ask companies to explain how they will respond to some of their biggest challenges,” Heidi Welsh, executive director of the Sustainable Investments Institute and co-author of Proxy Preview 2020, said. “Companies who don’t want to publicly air these matters on their proxy ballots may get what they want in the rule this spring, but curtailing shareholder rights doesn’t mean these risks will evaporate. The ultimate outcome will depend on litigation and the 2020 election results.” 

The jury is still out on whether major mutual funds will vote for more environmental and social policy shareholder resolutions, which largely ask for more disclosure. When funds vote in favor, majority votes result, and most companies act. In the last two years, this has happened with resolutions about diversity, the opioid epidemic, corporate political influence spending, and gun control—with 20 unprecedented majority victories. 

“Fifty years of shareholder advocacy for employees, communities, supply chain, customers, and shareholders have helped to prompt the World Economic Forum and Business Roundtable to finally adopt and endorse the idea of stakeholder capitalism,” Andrew Behar, CEO of As You Sow, said. “But the 2020 proxy season will test if investors and companies will help define a new economic paradigm or if these endorsements are just empty words.”

Average support for shareholder resolutions continues to climb, while shareholder proponents and companies are reaching even more agreements. 

“Shareholder resolutions continue to move companies to action” Michael Passoff, CEO of Proxy Impact and co-author of Proxy Preview 2020, said. “In the last few months alone Starbucks agreed to shift from single-use packaging to reusable packaging. It also agreed to provide unadjusted pay gap data which will help raise the bar on pay equity disclosure. Verizon agreed to conduct a child risk assessment to help protect kids from sexual predators online, and it also agreed to increase its renewable energy goal from 2 percent to 50 percent. 

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As You Sow is a nonprofit organization that promotes environmental and social corporate responsibility through shareholder advocacy, coalition building, and innovative legal strategies. See our resolutions here.

Proxy Impact provides shareholder engagement and proxy voting services that promote sustainable and responsible business practices.

The Sustainable Investments Institute provides impartial analysis that enables institutional investors to make informed, independent choices on social and environmental shareholder proposals.

Proxy Preview 2019 Reveals Intensified Shareholder Pressure on Corporations Across a Wide Range of ESG Issues

Join our webinar: Tuesday, March 12 at 2 p.m. EST. Register here. 
MEDIA CONTACT: Stefanie Spear, sspear@asyousow.org, 216-387-1609

Climate, Political Spending, Women Lead Roster of Critical Issue for Corporations

Oakland, CA—March 12, 2019—Proxy Preview 2019, released today by As You Sow, Sustainable Investments Institute (Si2), and Proxy Impact, offers a comprehensive look at nearly 400 shareholder resolutions filed on environmental, social, and sustainable governance (ESG) issues. Of the 400, 303 are now headed for votes at corporate annual meetings this spring.

Corporate political influence spending and climate change top investors’ concerns in about half the proposals filed. Yet investors also want more diverse boards of directors, better sustainability disclosure, more transparency, and action on human rights, fair pay, and equitable working conditions. Investors this spring also will get to cast votes on corporate connections to contentious immigration practices, digital privacy, hate speech, and the opioid crisis.

“Shareholder proposals challenge corporate boards and give investors a chance to weigh in on how their companies can respond to the biggest issues of our time,” Heidi Welsh, executive director of the Sustainable Investments Institute (Si2) and co-author of Proxy Preview 2019, said. “This year underscores that neither political dysfunction nor a lighter regulatory approach in Washington mean companies can ignore the views of investors.” 

Starting in 2017, several major mutual funds that own influential stakes in nearly every corner of the American financial markets started to support shareholder requests for better climate change disclosure, pushing up votes. In 2018, they also lent support for more transparency about possible culpability in the opioid epidemic as well as gun control — prompting 12 unprecedented 50-percent plus victories. A key question this year is where the big funds will weigh in next.

“As every environmental and social system reaches a breaking point, corporate executives and boards listen carefully to shareholders who want collaborative action on the path to a safe, just, and sustainable future,” Andrew Behar, CEO of As You Sow, said. “The 2019 shareholder resolutions offer a roadmap that will help companies and their investors lead the way.”

Record high shareholder votes in the last two years and growing acceptance of the importance of sustainability issues by mainstream investors have provoked a backlash from some politicians and industry groups. They want to limit shareholders’ right to speak through these resolutions. It’s not yet clear if the U.S. Securities and Exchange Commission rules will be changed, but the 2019 proxy season will certainly provide more fodder for the debate.

“Shareholder rights are under attack,” Michael Passoff, CEO of Proxy Impact and co-author of Proxy Preview 2019, said. “Shareholder proposals were designed as a formal communication channel between investors and management. For more than 40 years shareholder proposals have successfully identified risk and opportunities that have improved corporate policies and practices.”

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As You Sow is a nonprofit organization that promotes environmental and social corporate responsibility through shareholder advocacy, coalition building, and innovative legal strategies. See our resolutions here.

Proxy Impact provides shareholder engagement and proxy voting services that promote sustainable and responsible business practices.

The Sustainable Investments Institute (Si2) provides impartial analysis for institutional investors to make informed, independent choices on social and environmental shareholder proposals.