| From | Jenna Belisle, As You Sow <[email protected]> |
| Subject | Shareholder Power More Necessary than Ever |
| Date | July 16, 2024 5:07 PM |
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Top stories in holding corporations accountable
[Image alt text: As You Sow® banner with logo, image of mountains and a lake, and text saying: The nation’s leading non-profit shareholder advocate, with a 30+ year track record of changing corporations for good] < [link removed] > Dear John,
Today we’re looking back at this year’s news coverage of shareholder advocacy and the right of shareholders to have a say in corporate behavior. But first, a summary of the Supreme Court’s devastating judgement overturning “Chevron deference.”
[Image alt text: Supreme court building]
Over the last week of its 2024 session, the Supreme Court dealt body blows to US regulatory protections, including overturning the 1984 “Chevron deference” decision, the most frequently cited case in American administrative law. In three days, the Roberts Court threw out decades of settled law, precedent, and common sense concerning how — or now, if —government agencies can regulate corporations to protect Americans’ wellbeing.
It all but eliminated agencies’ ability to enforce existing regulations and severely undermined their authority to make or defend new regulations. These decisions have “the potential to devastate the functioning of the federal government,” as Justice Jackson noted in a dissent.
As the Supreme Court systematically destroys regulatory guardrails, the strongest force remaining to hold corporate power in check are shareholders. As You Sow’s work with corporations is more necessary than ever. For more details, see our press release < [link removed] > , or reach out to us anytime.
Our work in the news
As You Sow is regularly quoted in mainstream, financial, and industry press, which elevates the issues in the public’s mind and creates another vector of pressure on the companies we engage. Here are a few top stories from the first half of 2024:
[Image alt text: Fortune logo] < [link removed] >
Big Tech employees missed out on $5.1 billion in 401(k) gains over the last decade because of fossil fuels, new research finds < [link removed] >
New research conducted at the University of Waterloo (Canada) in partnership with the shareholder organization As You Sow looked at the 401(k) plans of 12 tech-sector companies, including Amazon, Apple, Google, Meta, Microsoft, and Netflix. On average, investments in fossil-free portfolios did 8.9% better over 10 years. Not subscribed to Fortune? Read our press release. < [link removed] >
[Image alt text: Fast Company logo] < [link removed] >
“ESG cartels”: Anti-woke Republicans are weaponizing antitrust law < [link removed] >
Always spoiling for new ways to kneecap their formidable foe, ESG investing, a group of congressional Republicans widened their attack. The GOP-controlled House Judiciary Committee has subpoenaed documents from a prolific pro-climate investor advocacy group, As You Sow. The advocacy group posted a long, threatening letter it received from committee chair Jim Jordan.
[Image alt text: Grist logo] < [link removed] >
A new report looks at major companies’ efforts to address plastic waste — and finds them lacking < [link removed] >
“Every company can be doing more,” said Kelly McBee, Circular Economy Manager at As You Sow and one of the report’s co-authors. In particular, she said corporations should place more emphasis on reducing the plastic they use, rather than replacing virgin plastic with recycled content.
[Image alt text: CNN logo] < [link removed] >
What is ESG investing? < [link removed] >
Collect the stock or fund symbols for the holdings in your retirement accounts and investment portfolios. Then, run those symbols through the Invest Your Values < [link removed] > assessment tool at As You Sow, a nonprofit that provides consumer-friendly snapshots of ESG rankings and data
[Image alt text: Politico logo] < [link removed] >
Driving into the deep-sea debate < [link removed] >
Tesla and GM investors will vote next month on shareholder resolutions calling on the companies to disclose where they stand on the issue [of deep-sea mining], which has caused divisions both between governments and corporations. “Americans are behind. We think it puts companies at a competitive disadvantage globally, said Danielle Fugere, As You Sow’s president and chief counsel. “What we do is bring these issues to the board’s attention and let shareholders weigh in.”
[Image alt text: Forbes logo] < [link removed] >
Fossil Fuel Could Power Energy Transition Through Biden Subsidies < [link removed] >
“We’re putting that much money into a dirty carbon climate-harming type of energy…why?” said Danielle Fugere, President and Chief Counsel of As You Sow, which works with companies to advance clean energy and sustainability goals. Transitioning fossil fuel subsidies to the clean energy sector can be as easy as setting the national intention,” she said.
[Image alt text: Kiplinger logo]
How Does Your Pay Compare to Elon Musk’s? < [link removed] >
“Excessive CEO compensation is the root cause of dissatisfaction with the economy and certainly the perception of the economy,” said Andy Behar, CEO of As You Sow. “It defines this (feeling of) lack of equity and really polarizes society. When you see Elon Musk on the front page of the newspaper getting a $40 billion, $50 billion package, or what it would take the median worker to earn in three centuries, it’s disturbing and disorienting.”
[Image alt text: Wall Street Journal logo] < [link removed] >
Some Corporations Seek to Silence ‘Trojan Horse’ Activists < [link removed] >
“Shareholders need to have a voice because management doesn’t always get it,” said Danielle Fugere, president of As You Sow.
“Boards are not always focused.” As You Sow put forward more than 80 shareholder proposals this year, including one on alleged employee harassment at carmaker Tesla and another on competitor General Motors’ policies on deep-sea mineral mining.
[Image alt text: Democracy Now! logo] < [link removed] >
ESG Funds Under Attack: Why Republicans Are Targeting Socially Responsible Investing < [link removed] >
Republicans are on a “crusade” against responsible investing, says Andrew Behar, CEO of the nonprofit group As You Sow that promotes corporate responsibility through shareholder advocacy. His group was subpoenaed to testify before the House Judiciary Committee this week as Republicans probe whether investments that take into account environmental, social and governance (ESG) concerns violate antitrust laws.
The ongoing attacks against As You Sow and the Supreme Court’s shocking decisions are only strengthening our resolve to hold corporations accountable, elevating shareholder power to the national stage. We are standing strong and are grateful for your continued support. [Image alt text: Photo of Jenna Belisle] Jenna L. Belisle
Director for Charitable Giving
P.S. Check out As You Sow CEO Andrew Behar’s new "Fiduciary Future" column on Impact Alpha –
- “An Open Letter to Our Alleged Co-Colluders” < [link removed] > (June 3)
- “On Hearings and Being Heard” < [link removed] > (June 18)
- “Milton Friedman’s Economic Doctrine Failed. Get Over it” < [link removed] > (July 1)
- “How Oil Barons and Right-Wing Billionaires Manipulate the Free Market” < [link removed] > (July 15)
Donate < [link removed] >
As You Sow < [link removed] > is the nation’s leading shareholder representative, 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, toxins in the food system, biodiversity loss, racial injustice, lack of workplace diversity, and excessive executive compensation. See As You Sow’s shareholder resolution tracker < [link removed] > . < [link removed] > < [link removed] >
< [link removed] > < [link removed] >
As You Sow
Main Post Office
PO Box 751
Berkeley, CA 94701
[Image alt text: Charity Navigator Four Star emblem and Candid Platinum emblem]
DISCLAIMER: As You Sow is not an investment advisor, nor do we provide financial planning, legal or tax advice. The content of our programming, publications and presentations is provided for informational and educational purposes only, and should not be considered as information sufficient upon which to base any decisions on investing, purchases, sales, trades, or any other investment transactions. We do not express an opinion on the future or expected value of any security or other interest and do not explicitly or implicitly recommend or suggest an investment strategy of any kind.
Copyright © 2024, All rights reserved.
Did you receive this email from a friend? Sign up here to receive updates from As You Sow. < [link removed] >
You're getting this email because you've signed up for email updates.
Update your preferences < [link removed] > or unsubscribe from all < [link removed] > .
[Image alt text: As You Sow® banner with logo, image of mountains and a lake, and text saying: The nation’s leading non-profit shareholder advocate, with a 30+ year track record of changing corporations for good] < [link removed] > Dear John,
Today we’re looking back at this year’s news coverage of shareholder advocacy and the right of shareholders to have a say in corporate behavior. But first, a summary of the Supreme Court’s devastating judgement overturning “Chevron deference.”
[Image alt text: Supreme court building]
Over the last week of its 2024 session, the Supreme Court dealt body blows to US regulatory protections, including overturning the 1984 “Chevron deference” decision, the most frequently cited case in American administrative law. In three days, the Roberts Court threw out decades of settled law, precedent, and common sense concerning how — or now, if —government agencies can regulate corporations to protect Americans’ wellbeing.
It all but eliminated agencies’ ability to enforce existing regulations and severely undermined their authority to make or defend new regulations. These decisions have “the potential to devastate the functioning of the federal government,” as Justice Jackson noted in a dissent.
As the Supreme Court systematically destroys regulatory guardrails, the strongest force remaining to hold corporate power in check are shareholders. As You Sow’s work with corporations is more necessary than ever. For more details, see our press release < [link removed] > , or reach out to us anytime.
Our work in the news
As You Sow is regularly quoted in mainstream, financial, and industry press, which elevates the issues in the public’s mind and creates another vector of pressure on the companies we engage. Here are a few top stories from the first half of 2024:
[Image alt text: Fortune logo] < [link removed] >
Big Tech employees missed out on $5.1 billion in 401(k) gains over the last decade because of fossil fuels, new research finds < [link removed] >
New research conducted at the University of Waterloo (Canada) in partnership with the shareholder organization As You Sow looked at the 401(k) plans of 12 tech-sector companies, including Amazon, Apple, Google, Meta, Microsoft, and Netflix. On average, investments in fossil-free portfolios did 8.9% better over 10 years. Not subscribed to Fortune? Read our press release. < [link removed] >
[Image alt text: Fast Company logo] < [link removed] >
“ESG cartels”: Anti-woke Republicans are weaponizing antitrust law < [link removed] >
Always spoiling for new ways to kneecap their formidable foe, ESG investing, a group of congressional Republicans widened their attack. The GOP-controlled House Judiciary Committee has subpoenaed documents from a prolific pro-climate investor advocacy group, As You Sow. The advocacy group posted a long, threatening letter it received from committee chair Jim Jordan.
[Image alt text: Grist logo] < [link removed] >
A new report looks at major companies’ efforts to address plastic waste — and finds them lacking < [link removed] >
“Every company can be doing more,” said Kelly McBee, Circular Economy Manager at As You Sow and one of the report’s co-authors. In particular, she said corporations should place more emphasis on reducing the plastic they use, rather than replacing virgin plastic with recycled content.
[Image alt text: CNN logo] < [link removed] >
What is ESG investing? < [link removed] >
Collect the stock or fund symbols for the holdings in your retirement accounts and investment portfolios. Then, run those symbols through the Invest Your Values < [link removed] > assessment tool at As You Sow, a nonprofit that provides consumer-friendly snapshots of ESG rankings and data
[Image alt text: Politico logo] < [link removed] >
Driving into the deep-sea debate < [link removed] >
Tesla and GM investors will vote next month on shareholder resolutions calling on the companies to disclose where they stand on the issue [of deep-sea mining], which has caused divisions both between governments and corporations. “Americans are behind. We think it puts companies at a competitive disadvantage globally, said Danielle Fugere, As You Sow’s president and chief counsel. “What we do is bring these issues to the board’s attention and let shareholders weigh in.”
[Image alt text: Forbes logo] < [link removed] >
Fossil Fuel Could Power Energy Transition Through Biden Subsidies < [link removed] >
“We’re putting that much money into a dirty carbon climate-harming type of energy…why?” said Danielle Fugere, President and Chief Counsel of As You Sow, which works with companies to advance clean energy and sustainability goals. Transitioning fossil fuel subsidies to the clean energy sector can be as easy as setting the national intention,” she said.
[Image alt text: Kiplinger logo]
How Does Your Pay Compare to Elon Musk’s? < [link removed] >
“Excessive CEO compensation is the root cause of dissatisfaction with the economy and certainly the perception of the economy,” said Andy Behar, CEO of As You Sow. “It defines this (feeling of) lack of equity and really polarizes society. When you see Elon Musk on the front page of the newspaper getting a $40 billion, $50 billion package, or what it would take the median worker to earn in three centuries, it’s disturbing and disorienting.”
[Image alt text: Wall Street Journal logo] < [link removed] >
Some Corporations Seek to Silence ‘Trojan Horse’ Activists < [link removed] >
“Shareholders need to have a voice because management doesn’t always get it,” said Danielle Fugere, president of As You Sow.
“Boards are not always focused.” As You Sow put forward more than 80 shareholder proposals this year, including one on alleged employee harassment at carmaker Tesla and another on competitor General Motors’ policies on deep-sea mineral mining.
[Image alt text: Democracy Now! logo] < [link removed] >
ESG Funds Under Attack: Why Republicans Are Targeting Socially Responsible Investing < [link removed] >
Republicans are on a “crusade” against responsible investing, says Andrew Behar, CEO of the nonprofit group As You Sow that promotes corporate responsibility through shareholder advocacy. His group was subpoenaed to testify before the House Judiciary Committee this week as Republicans probe whether investments that take into account environmental, social and governance (ESG) concerns violate antitrust laws.
The ongoing attacks against As You Sow and the Supreme Court’s shocking decisions are only strengthening our resolve to hold corporations accountable, elevating shareholder power to the national stage. We are standing strong and are grateful for your continued support. [Image alt text: Photo of Jenna Belisle] Jenna L. Belisle
Director for Charitable Giving
P.S. Check out As You Sow CEO Andrew Behar’s new "Fiduciary Future" column on Impact Alpha –
- “An Open Letter to Our Alleged Co-Colluders” < [link removed] > (June 3)
- “On Hearings and Being Heard” < [link removed] > (June 18)
- “Milton Friedman’s Economic Doctrine Failed. Get Over it” < [link removed] > (July 1)
- “How Oil Barons and Right-Wing Billionaires Manipulate the Free Market” < [link removed] > (July 15)
Donate < [link removed] >
As You Sow < [link removed] > is the nation’s leading shareholder representative, 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, toxins in the food system, biodiversity loss, racial injustice, lack of workplace diversity, and excessive executive compensation. See As You Sow’s shareholder resolution tracker < [link removed] > . < [link removed] > < [link removed] >
< [link removed] > < [link removed] >
As You Sow
Main Post Office
PO Box 751
Berkeley, CA 94701
[Image alt text: Charity Navigator Four Star emblem and Candid Platinum emblem]
DISCLAIMER: As You Sow is not an investment advisor, nor do we provide financial planning, legal or tax advice. The content of our programming, publications and presentations is provided for informational and educational purposes only, and should not be considered as information sufficient upon which to base any decisions on investing, purchases, sales, trades, or any other investment transactions. We do not express an opinion on the future or expected value of any security or other interest and do not explicitly or implicitly recommend or suggest an investment strategy of any kind.
Copyright © 2024, All rights reserved.
Did you receive this email from a friend? Sign up here to receive updates from As You Sow. < [link removed] >
You're getting this email because you've signed up for email updates.
Update your preferences < [link removed] > or unsubscribe from all < [link removed] > .
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