As You Sow
The nation's leading non-profit shareholder advocate, changing corporations for good
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Dear John,

Generally when you hear about “overnight” success, a deeper look shows the work has been long in the making. As You Sow, along with our shareholder partners, donors, and allies, has been engaging with Exxon and Chevron for over a decade, including filing 39 separate shareholder resolutions. We’re not about to stop or even slow down, but it’s nice to be able to pause for a moment and report substantial progress —

May 26, 2021 will be remembered as one of the most significant days for climate change we’ve ever seen. On that day,
- Exxon shareholders elected three new board directors over management’s objections. Shareholder negotiations had already resulted in two new directors, with the promise of two more to be added in the next 12 months. A total of seven new directors will face the challenges of transformation and climate transparency
- An astounding 48% of Chevron shareholders voted in favor of our resolution requiring that carbon emission be audited just like financials. On an allied resolution, 61% of shareholders voted to require Chevron to account for its “Scope 3” emissions — the emissions caused by burning the oil and gas it sells. These linked ideas — required auditing that includes Scope 3 emissions — have the potential to transform every public company in the U.S.
- In the Netherlands, the courts required Shell to reduce carbon emissions from oil & gas production and sales by 45%
- Indonesia, the world's biggest coal-exporting country, made the stunning announcement that it will not allow any new coal power plants
- Ford launched an electric version of its massively popular F-150 pickup truck with the breezy slogan "Say goodbye to gas"

As the Washington Post puts it – “Change is coming, whether the oil industry likes it or not.”


Say on Climate — our inaugural majority vote!

The global Say on Climate initiative seeks to compel companies in the U.S., Canada, Europe, Australia, and Asia to establish robust net zero transition plans with an annual shareholder vote for accountability. As You Sow is implementing the plan in the U.S., and last week shareholders at Booking Holdings online travel firm returned our first Say on Climate majority vote! We sent letters to 75 companies asking for their net zero transition plans and filed 11 resolutions with nine different companies. We’ll be sending hundreds more letters seeking voluntary compliance and will continue to file formal resolutions with companies that refuse.

To reach the Paris Agreement climate goals, every company needs to do its part. The majority vote at Bookings is a good first step.


Nature Coming Back to Life

We’re pressuring food companies to reduce pesticide use in their agricultural supply chains. Last year General Mills committed to advance regenerative agriculture practices on a million acres by 2030.

After only one year the company is expanding the program to include more farmers and more crops!

Participating farmers are making more money, and in a call with General Mills, management told us how one farmer is starting to see birds on his land for the first time he can remember, as soil health improves and beneficial insects proliferate.


Recognition Promotes Progress

It’s refreshing when a company like General Mills recognizes the benefits of its relationship with us. When it’s good for the company, its suppliers, and the community-at-large, that truly is change for good. When a leading company reports success to its peers, we’re on the way to a large-scale solution. That’s our goal across the board.

Our work, grounded in research, expressed in data, and shaped into action is making powerful change, globally.


Yours for a just and sustainable future,
Andrew Behar
CEO



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As You Sow

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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.

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