As You Sow Statement on Strong Ford Shareholder Vote on Vehicle Emissions
CONTACT: Cyrus Nemati, (510) 735-8157
Ford Motor Company’s independent shareholders delivered a strong message to the Company, today, with 24% of independent shareholders (Ford family members hold 40% of shares)* voting for clarity on the Company’s near term actions on fuel economy. Danielle Fugere, president of As You Sow, had this to say:
“Ford’s shareholders have soundly questioned the Company’s direction on fleetwide greenhouse gas reductions. While Ford has stated an intention to move forward with greenhouse gas emission reductions, the Company is at the same time dropping the majority of its passenger car lineup in exchange for much larger, less fuel efficient SUVs, crossovers, and trucks. Meanwhile, its trade association has been instrumental in moving the Trump administration to dramatically roll back current strong fuel economy standards.
Greenhouse gas reductions can’t be pushed off into the future -- the climate won’t wait for Ford. Minimal reductions in the next 5 years are insufficient. Ford must clarify to shareholders whether it will continue meeting current strong standards or use the leeway that official roll backs will provide to slow its progress. Slowing work on fuel economy innovations in the short term will harm the Company’s long term bottom line by ceding market share to more innovative competitors, disappointing fuel conscious customers, and damaging its reputation. The fact that a significant percentage of Ford’s shareholders voted against the company’s current board slate illustrates a growing lack of confidence in the company’s direction.
We hope that by adopting our resolution, Ford will provide specific, timebound information on its fleetwide emissions reductions over the next five years. Will it be a firm 5% as currently required by law, a measly 0.5%, or something in between? The answer is of high consequence to the company and to the climate.”
AMENDMENT: An earlier version of this statement mistakenly represented the total shareholder vote at 24%. The 24% vote reflected independent shareholders (excluding Ford family holdings). Total shareholder support for the measure was counted at 12.8%.
###
As You Sow is a nonprofit organization that promotes environmental and social corporate responsibility through shareholder advocacy, coalition building, and innovative legal strategies. See our resolutions here.