As You Sow
The nation’s leading non-profit shareholder advocate, with a 30-year track record of changing corporations for good
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Dear John,

Even BlackRock’s CEO Larry Fink agrees with us – in his 2022 annual letter to CEOs, he said “Every company and industry will be transformed by the transition to the net-zero world. The question is, will you lead, or be led?”

As You Sow’s engagements are one way companies can make sure they’re leaders, not laggards. Our reports make it clear who’s doing the work and who isn’t, and more and more companies are taking advantage of our data and stepping up. Duke Energy is just the most recent example --
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Duke Emissions Commitment Signals Industry Shift

Duke Energy will expand its net-zero-by-2050 GHG reduction target to include upstream methane leakages, customer use, and purchased power emissions. These emissions can account for over half a utility’s emissions and currently are not included in the vast majority of industry climate targets. Duke’s move follows our recent shareholder resolution and engagement -- Daniel Stewart, Energy Program Manager, says, “As the country’s largest power producer, Duke’s announcement is momentous and demonstrates a shift in industry ambition. This is the sort of climate leadership investors want to see from the energy industry.”

Peer utilities began to make similar commitments in the last 12 months. With this added leadership, we look forward to similar commitments from other companies on our resolutions this year, including, DTE Energy, Dominion Energy, and Southern Company. Stay tuned!
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Massive Lack of “Truth in Labeling” in ESG (Environmental, Social, Governance) Funds

Turns out you really can’t believe what you read – certainly not with mutual funds. We analyzed 90 funds with “ESG” in their names and discovered virtually NO correlation between the fund name or its prospectus language, and its ESG rating. SIXTY of those 90 funds earned “F’s” in one or more of our seven Invest Your Values tools. So basically, you can’t tell the difference between a real ESG fund and a fund that’s greenwashing itself, even if you read the entire prospectus. [link removed]

Andrew Behar, As You Sow CEO, says “We see funds with ESG in the names getting F’s on our screening tools because they hold dozens of fossil fuel companies and coal-fired utilities. The intent of this study is to underscore the necessity for the creation of a common glossary of terms and fund classifications subject to SEC enforcement.” As You Sow recently met with the SEC to share the report and make recommendations for fixing this confusing and misleading naming and prospectus language.

As You Sow tapped students at the University of California, San Diego to conduct the research and data analysis. A results and methodologies summary is available in this press release; the full report is available on our website.
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This result amplifies recent findings from Bloomberg and Universal Owner that despite ESG branding, mutual funds continue to invest their beneficiaries’ capital in the most damaging fossil fuel companies.
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Shareholders Are Stepping Up Into their Power
For thirty years, As You Sow has been practicing shareholder advocacy. We are seeing our work move to “center stage” in the financial and investor community, as social, political, and cultural disruptions are leading to greater transparency and accountability. In 2019, the Business Roundtable and World Economic Forum shifted away from shareholder primacy to what has always been As You Sow’s core premise -- that the purpose of a corporation is rooted in stakeholder capitalism, creating long-term shareholder value that doesn’t harm people or the planet in the process. In 2021 we earned a record-breaking eight majority votes on our shareholder resolutions, and the 2022 proxy season is off to an historic start with the shareholder advocacy community filing over 500 resolutions seeking sustainability and justice as central to the business bottom line.

Together with you, our allies, partners, and supporters, we are excited to champion a just, sustainable world on a livable planet.
Thank you.

Yours for a long and sustainable future,
Betsy McMahon
​​​​​​​Director, Shareholder Relationships and Individual Giving


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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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