“Starbucks cups are pollution, and people have had enough of the broken promises.”
Campaigners want to stop the company urging its shareholders to vote down a sustainability proposal by shareholder advocacy group As You Sow.
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As You Sow, the Sustainable Investments Institute and Proxy Impact have published an updated Proxy Preview report for 2018. The report offers a comprehensive look at more than 400 shareholder resolutions filed on environmental, social and sustainable governance (ESG) issues.
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The environment and corporate political spending remain key issue areas for shareholder proposals this proxy season, although a number of proposals have also been filed on the opioid crisis, the gender pay gap, and workplace and corporate board diversity, said a report Thursday from non-profit shareholder advocacy groups As You Sow, Sustainable Investments Institute and Proxy Impact.
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"Shareholder engagement has ratcheted up to a new level with enhanced collaborations and strategies, even as some corporate leaders determined to undercut basic shareholder rights have a sympathetic ear in Washington," Andrew Behar, CEO of As You Sow, wrote in the report on 2018 shareholder resolutions.
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Rosanna Landis Weaver, programme manager of the CEO pay initiative at As You Sow, said there is growing “awareness of the hazards of outlandish CEO pay packages”. She added: “Unfortunately, awareness has not translated into votes. The rubber-stamping trend continues, even with evidence showing persistent underperformance of the highest paid CEOs.” Andrew Behar, chief executive of As You Sow, added that it was time for the biggest fund managers to realise “how they’re abandoning their fiduciary duty by continuing to approve absurd pay packages”.
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“Does that mean these individuals performed better? No, it just shows they were in the right place at the right time,” said Rosanna Landis Weaver, who heads executive compensation research at shareholder advocacy firm As You Sow.
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Shareholder advocacy group As You Sow’s annual report of the 100 Most Overpaid CEOs has just been released and, as usual, the salaries of the top CEOs are staggering. Topping this year’s list are Oracle’s co-CEOs Safra A. Catz and Mark Hurd who made a whopping $82,065,708. While that’s not the highest price tag, As You Sow determined they were the most over-compensated CEOs through a complex methodology that you can read here, if you’re into that sort of thing.
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“Market forces continue to show that the new energy economy is not only a growth sector, but continues to outperform fossil fuel-based energy ,” said Andrew Behar, CEO of As You Sow and report co-author. “We are living through the ‘Great Transition’ as capital flows drive the path to averting climate catastrophe.”
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Sanderson is the only large U.S. chicken producer that has not committed to curbing the use of the drugs. It had urged investors to vote no on the proposal filed by the non-profits As You Sow and supported by charity Oxfam America.
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Asset managers can now choose from a multitude of fossil free investment indices. Fossil Free Funds, a project initiated by the NGO As You Sow, allows anyone to check whether their portfolios and pension plans contain fossil fuels.
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“Look at the long list of car companies and countries that have stated that electric transport ONLY is in the near future; look at the price of renewable infrastructure and batteries dropping,” Andrew Behar, CEO of As You Sow, and co-author of the report, told Oilprice.com. “This is the classic example of commodities vs. technology.”
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“Look at the long list of car companies and countries that have stated that electric transport ONLY is in the near future; look at the price of renewable infrastructure and batteries dropping,” Andrew Behar, CEO of As You Sow, and co-author of the report, told Oilprice.com. “This is the classic example of commodities vs. technology.”
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Andrew Behar, CEO of As You Sow and report co-author, claimed the results show a "Great Transition" is underway towards a low carbon economy.
"Market forces continue to show that the new energy economy is not only a growth sector, but continues to outperform fossil fuel based energy," he said. "Regardless of politics, investors appear to be following the money."
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What should climate-conscious people do to eat most sustainably? How people approach their diet is deeply personal and can be extremely controversial. Roughly 1 in 9 people in the world are undernourished. Addressing hunger while making the food chain more sustainable is critical for addressing climate change. Are GMOs the answer to food shortages, or do they jeopardize our crops with destructive cycles of pesticide resistance? Is our appetite for animal protein unsustainable, is worldwide veganism possible? Greg asks farmers, scientists and others what’s best for climate and our health.
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"This is a big victory, and it's taken a long time. Dunkin agreed way back in 2010, in theory, to phase out [foam cups], but it took until today for them to actually give a date and to say that they are going to switch to paper... We're talking about some very positive impacts on world oceans in terms of reducing plastic pollution," said Conrad MacKerron, Senior Vice President of As You Sow.
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"It's low-hanging fruit for companies to extend ESG into retirement planning," said Andrew Behar, CEO of As You Sow. "Seventy-four percent of Fortune 1000 company employees want to invest in a future they can live in." For some, it may be fossil fuel-free, for others it could be gender equity and for others, a weapons-free fund.
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Andrew Behar: Corporate managers are responsible to their boards of directors and their boards are responsible to the shareholders. In terms of power, shareholders often have the last word, especially with a strong vote.
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Just last week, As You Sow filed a resolution against Chevron urging it to improve methane reporting. Chevron has lagged behind their peers on disclosure and transparency and earned a reputation as one of the more aggressive opponents of commonsense climate rules. EDF is hoping the forthcoming change of leadership will result in the company taking a different tact when it comes to climate.
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“They said they had some hoops to jump through,” says Conrad Mackerron, the director of the waste and recycling program at As You Sow. “Just before the holiday, they indicated that they were going to be able to do this. I said, ‘That’s great, but you need to put it on paper.’ But they followed through in the same [way] as when they stuck to their word back in 2012 when they stopped the foam use in the U.S.”
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“I appreciated today’s letter, particularly the encouragement not to ‘succumb to short-term pressures to distribute earnings,’” said Rosanna Landis Weaver, program manager at shareholder advocacy group As You Sow, which promotes environmental and social corporate responsibility, in an email, adding that she took his words to be a reference to stock buybacks and dividends — measures often designed to placate shareholders without boosting the long-term value of a company.
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