Record-Breaking Year: As You Sow 2022 Shareholder Impact Report Shows 10 Majority Votes
196 corporate engagements; 99 resolutions; and more than $2.18 trillion of share value voted in support of As You Sow resolutions.
FOR IMMEDIATE RELEASE
MEDIA CONTACT: Stefanie Spear, [email protected], 216-387-1609
BERKELEY, CA—SEPT. 21, 2022—As You Sow today released its “2022 Shareholder Impact Review: Changing Corporations for Good” report summarizing its 2022 proxy season engagements. The report provides details of As You Sow’s 196 corporate engagements with 156 companies across 11 program areas. The goal of each engagement is to raise issues of material risk or the need for increased transparency and discuss sound business solutions and progress on environmental, social, and governance (ESG) issues.
“This year saw record-breaking votes as shareholders united to drive company progress on key issues including climate,” said As You Sow President Danielle Fugere.
Of these engagements, 99 escalated to formal shareholder resolutions filed on behalf of 79 shareholders; 56 resolutions were withdrawn after companies agreed to take responsive actions; and 32 went to a vote, achieving share-value support of more than $2.18 trillion and earning a median 41.4% vote — with a record 10 majority votes ranging from 50.4% to 96.5% support.
“This year shareholder advocacy has moved to center stage,” said As You Sow CEO Andrew Behar. “Investors are actively working with their portfolio companies to reduce material risk and improve their brands. As You Sow’s 10 majority votes and 41% median vote demonstrate overwhelming support for companies to develop and steer a clear path toward reduced systemic risk, long-term sustainability, and increased justice. The extractive economy is winding down; capital is shifting. These market forces are undeniable and investors that recognize this trend and help to shape it will ensure a stronger, more dynamic economy into the future while building a safe, just, and sustainable world for all stakeholders.”
The report provides a comprehensive listing of each engagement and a summary of highlights.
Of the 10 majority votes this season, seven were focused on climate change. A 96.5% management-supported vote at Caterpillar, our largest majority vote this season, sought a 1.5-degree aligned emissions reduction plan covering the full scope of company emissions.
Other climate-focused majority votes at Sysco (92%), Chubb (72%), Boeing (91.4%), Travelers (55.8%), Dollar Tree (54.8%), and Exxon Mobil (51%), represent bold yet rational action in reducing material risk in the face of climate change and a shift in shareholder and consumer values towards sustainability.
A 50% majority vote at Phillips 66 was a first-of-its-kind shareholder resolution challenging a major petrochemical company on the growing risk of its plastics production. The resolution asks that Phillips 66 publish a report sharing how it can shift away from virgin plastic to recycled plastic and address the financial risk and benefits that transition could have on its supply chain.
A 62% majority vote at FedEx asked that the company disclose direct and indirect lobbying activities and expenditures.
Our 196 engagements addressed the following 11 issue areas: 78 on climate change; 40 on diversity, equity, and inclusion; 24 on racial justice; 18 on ocean plastics, single-use plastics, and recyclability; 10 on political spending; 6 on petrochemicals; 5 on pesticides; 4 on antibiotics misuse and overuse; 4 on corporate misalignment with investing; 4 on governance; and 3 on water use.
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As You Sow is the nation’s leading shareholder advocacy nonprofit, with a 30-year track record promoting environmental and social corporate responsibility and advancing values-aligned investing. Its issue areas include climate change, ocean plastics, pesticides, racial justice, workplace diversity, and executive compensation. Click here for As You Sow’s shareholder resolution tracker.