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Dear John,
Welcome to Week 1 of Proxy Preview’s ESG proxy vote alerts.
It is a record-breaking year for ESG shareholder resolutions, with more resolutions filed than ever. Even more significant is that more than 300 seem likely to be voted on, a nearly 60 percent jump over 2021.
For those new to our proxy season alerts, every week we will highlight a few upcoming ESG proxy votes that we think will be of special interest. This is not a comprehensive list, but aims to educate shareholders about critical issues and new resolutions. The alerts will be sent out a week before the actual votes.
Next week we will begin highlighting key ESG resolutions, but this week we focus on important changes for shareholder engagement and proxy voting which have shaped this record-breaking year.
New SEC Rules
The Trump administration pushed through SEC rule changes that aimed to curtail shareholder resolutions and these went into effect this year. Share ownership and resubmission thresholds are higher. But a new interpretation by the Biden SEC rescinded Trump era limits on what shareholders can ask of companies, paving the way for more resolutions seeking details about company responses to climate change and a host of other issues.
Shareholder Democracy
Efforts to give shareholders more of a voice are on the rise. Another new Biden SEC rule will make it easier for shareholders to vote for alternative candidates to the board of directors. Meanwhile, interest in proxy voting continues to increase, particularly among young, online retail investors, and the market is responding to those demands.
A 21st Century Investment Strategy
Investment firms generally follow a diversification strategy and the largest have become ‘universal’ shareholders in hundreds or even thousands of companies. But what about those companies that play a key role in causing climate change that threatens the planet. Or companies that produce toxic products that impact our health. Or companies supporting governments that upend society and supply chains. Investors and corporations regularly externalize risk – but that just makes the real world risk bigger for the rest of us. Is it time for a new portfolio management theory?
Visit ProxyPreview.org – Read the free 2022 report and contributor articles
Reminder: The VOTING DEADLINE for all U.S. companies is midnight Eastern Time on the DAY BEFORE the AGM.
Look for our proxy vote alerts every week and have a great proxy season!
The Proxy Preview Team,
Michael, Heidi, and Andy
Proxy Preview is a unique collaboration between As You Sow, the Sustainable Investments Institute (Si2), and Proxy Impact.
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DISCLAIMER: As You Sow, Si2, and Proxy Impact are not investment advisors, 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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