Charles Schwab chronicles the history of his namesake firm in Invested: Changing Forever the Way Americans Invest. I knew he led a technological revolution and was among the first to slash prices. From A Nation of Small Shareholders, I also knew Schwab was on a long-term mission to have every American share in our growing […]
LGBTQ CorVel (CRVL) workplace equality advocates celebrate a significant victory in the midst of a historic Pride month representing the 50th anniversary of the Stonewall riots. Shareholders will have a voice on CorVel’s EEO policy. (more…)
Proxy Preview 2019 reveals intensified shareholder pressure on corporations across a wide range of ESG issues from climate and political spending to women. Investors with a conscience; we are having a bigger impact every year. Download the report and/or watch webinar here. (more…)
NAM Board Targeted Investors led by Walden Asset Management, New York Common and the California State Teachers’ Retirement System (CalSTRS) called on 45 companies sitting on the Executive Committee and Board of the National Association of Manufacturers (NAM) to end the trade association’s attacks on shareholders. The investors’ letter asks the companies to distance themselves […]
SEC Proxy Process Video: November 15, 2018 In the interest of documenting important events in corporate governance, I am here bookmarking the SEC Proxy Process Video from November 15, 2018, for future reference. Read transcript by downloading the following pdf: SEC TranscriptShareholderProposalsRoundtable. (full day) SEC Proxy Process Video (Click to View) (more…)
The first part of an in-depth look at Virtual-Only Shareholder Meetings, a new front in corporate-investor engagement. Scenario 1: In-Person Shareholder Meeting A shareholder proposal calling for the chairman’s resignation is coming up for vote at the physical annual meeting of Acme Inc. In the packed hall, a supporter of the proposal rises to her […]
Conoco’s virtual only annual meeting is the target of a shareholder proposal by the Sisters of St. Francis of Philadelphia. A similar proposal was filed at Comcast. The Conoco resolution has already been cofiled by the Church of the Brethren Benefit Trust and the Needmor Fund, a Walden client. As responsible shareholders, we believe good corporate governance […]
Walden Asset Management has engaged a number of investment managers and mutual funds on their proxy voting practices, specifically challenging voting records on shareholder resolutions addressing significant social and environmental issues. I see this as a major victory. However, more Vanguard shareholders need to speak out to ensure momentum continues. Contact Vanguard. In 2017, Walden filed […]
Publisher’s Note: The following guest post from Timothy Smith reproduces a recent investor letter to the BRT (Business Roundtable) concerning the importance of shareholder resolutions. I added title, graphics, changed some of the formatting and added a note about the BRT for background. See also previous posts: Financial CHOICE Act: From too big to fail, to […]
A proposal seeking protections for LGBT employees at The CATO Corporation (CATO), a women’s clothing retailer headquartered in Charlotte, North Carolina, will not appear on the corporate proxy thanks to what I believe are misleading statements from the company and acquiescence from SEC staff. Sometimes a no-action win can end up as a loss for […]
Walden Moves BlackRock: Background A number of investors, led by Walden moves BlackRock on climate Risk. Walden Asset Management and the Center for Community Change, along with the City of Seattle Employees’ Retirement System and First Affirmative Financial Network, filed a shareholder resolution requesting a review of BlackRock’s proxy voting process and record on climate […]
New policy responds to investor requests for greater transparency at Allergan, including spending at the state and local levels and participation in industry trade associations. (more…)
Walden seeks co-filers for resolutions asking Vanguard to review and report on its proxy voting policies and practices related to climate change. It is rare when investors file a resolution with a mutual fund since most funds don’t hold regular annual meetings. Nonetheless the act of filing puts the fund on notice that participants are […]
Shareholders of Wells Fargo $WFC and members of the Interfaith Center on Corporate Responsibility today announced that they have filed multiple resolutions as a result of fraudulent activities uncovered by the Consumer Financial Protection Bureau (CFPB). Wells Fargo recently reported a $185 million settlement with the CFPB due to widespread and systemic illegal acts of […]
On September 29, 2016 Tim Smith, Walden Asset Management’s director of ESG Shareowner Engagement, will be honored at the annual event of the Interfaith Center for Corporate Responsibility (ICCR) for his decades-long, indefatigable leadership shaping the landscape of shareholder advocacy for more just and environmentally sound business policies and practices. Tim is the first secular […]
T. Rowe Price Group Inc (NASD:TROW, $TROW) is a financial services holding company. It is one of the stocks in my portfolio. Their annual meeting is coming up on April 26, 2016. ProxyDemocracy.org had collected the votes of three funds when I checked. I voted AGAINST the pay plan, compensation committee and directors with no shares. I voted FOR the auditor […]
International Business Machines Corp. (NYSE:IBM, $IBM) provides information technology (IT) products and services worldwide. It is one of the stocks in my portfolio. Their annual meeting is coming up on April 26, 2016. ProxyDemocracy.org had collected the votes of four funds when I checked. I voted AGAINST the pay plan, and most of the directors. I voted FOR the report […]
Shareholders have been urging companies to fully disclose the lobbying they do directly and through trade associations and third parties for six years now. This year 66 investors joined in filing resolutions with 50 companies seeking expanded lobbying transparency. Twinned with calls for disclosure of political spending aimed at affecting elections, this effort has had a […]
CLARCOR Inc. (CLC) hosted its Annual General Meeting on March 29, 2016. A shareholder proposal led by Walden Asset Management for environmental, social and governance (ESG) reporting received 61% support from shareholders, excluding abstentions. With this result, CLARCOR joins a small minority of companies to ever experience a majority vote in support of on an environmental […]
Lobbying disclosure is sought by shareholder resolutions filed at 50 companies by 66 institutional and individual investors. Corporate lobbying disclosure remains a top shareholder proposal topic for 2016. At least 66 investors have filed proposals at 50 companies asking for lobbying reports that include federal and state lobbying payments, payments to trade associations used for […]
Sustainability Reporting Resolutions Receive Strong Support Sustainability reporting, as an issue, came out strongly this season on February 4, 2016, when ESCO Technologies hosted its Annual General Meeting (AGM). A shareholder proposal by Walden Asset Management requesting a comprehensive sustainability report, including greenhouse gas (GHG) emissions reduction goals, received 43.5% support, excluding abstentions. I was […]
I don’t hold shares of JPMorgan Chase (JPM) in my portfolio but the shareholder proposals that will be voted this year deal with crucial issues that will come up at many other companies this proxy season. I received the following letter from shareholders urging readers to vote for a proposal requesting a report on lobbying at JPMorgan Chase […]
Missing from the preliminary proxy statements of Illinois Tool Works $ITW and Huntington Ingalls Industries $HII are special meeting proposals from William Steiner, even though the SEC months ago withdrew no-action letters previously issued to the companies. (Illinois Tool Works and Huntington Ingalls Industries) Shareowners of these companies might want to inquire as to why the proposals […]
The following on shareholder rights by Timothy Smith, Director of ESG Shareowner Engagement at Walden Asset Management, originally appeared in the Summer 2014 Edition of Walden’s Values Newsletter, which included the usual disclaimer at the bottom. I’ve added the links and have tacked on some additional reformatted comments from Timothy Smith regarding the role of individual investors in prompting reform. […]
Google Inc, $GOOGL, is one of the stocks in my portfolio. Their annual meeting is coming up on 5/14/2014. ProxyDemocracy.org had collected the votes of three funds when I checked and voted on 5/8/2014. As I post this, I see they now have voting for five funds. I voted with management 41% of the time. View Proxy Statement. Warning: Be sure to vote […]
Here’s an example of classy questioning at an AGM. Thanks to Ms. Soumerai for allowing me to reprint here. Good morning Mr. Tucci, members of the board, and fellow shareholders. My name is Heidi Soumerai and I am the Director of ESG Research at Walden Asset Management, a division of Boston Trust & Investment Management […]
It is wonderful to have supportive friends, especially when they represent socially responsible investors and advisors. John Chevedden, Myra K. Young and James McRitchie extend sincere thanks to the following for sending letters of concern regarding their recent lawsuits against us to: EMC Corp, Omnicom, Express Scripts, Chipotle Mexican Grill, Inc.: (more…)
The deadline for submitting comments on the SEC’s proposed pay ratio disclosure is coming up quickly on December 2, 2013. SEC general comment instructions. Submit Comments on S7-07-13 Pay Ratio Disclosure. Get your comments in soon, before Thanksgiving. Another advantage to earlier submittal is that those who wait for the deadline are likely to borrow from previous […]
Climate Change Portfolio Exposure Boston Common Asset Management has a proposal that will appear on the proxy of PNC Financial Services ($PNC) requesting that it report to shareowners on the greenhouse gas emissions resulting from its lending portfolio and its exposure to climate change risk in its lending, investing, and financing activities. Watch for your proxy. The […]
Last week, investors announced filing shareholder resolutions at more than 50 corporations as part of a 2013 proxy season initiative asking companies to annually report their federal and state lobbying, including any payments to trade associations used for lobbying as well as support for tax-exempt organizations that write and endorse model legislation. Take Action: In his […]
My proposal to declassify the board at United Natural Foods, Inc. ($UNFI) passed by an overwhelming margin of 87.89%: 38,086,048 for 5,248,963 against See their 8-K filing. Text (pdf) of proposal and opposition. Of course, the margin would have been even higher without insider holdings and blank votes going to management. Have we turned the corner on declassification measures […]
I attended a virtual-only meeting of United Natural Foods, Inc. yesterday and was pleased that a majority of shares were voted in favor of my proposal to declassify the board. That, combined with a move to majority vote requirements for directors a few years ago, helps move UNFI ($UNFI) into the center of the pack […]
Shareowners recognize that with more than 100 members the Chamber’s board is effectively ungovernable, leaving the door wide open for management. There are board committees on different issues, such as the environment, but committees do not govern, they recommend… A company’s obligation to its shareowners also goes beyond disclosure. Companies also have an obligation to […]
Many investors have been deeply concerned over a number of actions by the U.S. Chamber of Commerce, particularly lobbying and actions that undercut environmental and sustainability initiatives that are supported by numerous forward looking companies. Yet many of these same companies sit on the Board of the Chamber and participate in making and supporting their […]
Noteworthy What Will TARP Bring? (RMG, 11/24/08), see especially comments from Connecticut State Treasurer Denise Nappier Issues to Consider: Special Meetings to Authorize TARP Preferred Stock(TheCorporateCounsel.net Blog, 11/25/08). Most companies don’t have the authority to issue preferred shares under their charter and are scrambling to file preliminary proxy materials for a special meeting to obtain shareholder […]