Si2 published for its clients a mid-year report on the record-breaking results from the spring corporate annual meeting season in mid-August, with a detailed analysis of the social and environmental proposals filed during proxy season. An excerpt from this report that includes information on trends over the last five years and a complete description of all the corporate political activity proposals is now available for download:
Archive for the ‘proxy season’ Category
Si2 has compiled a report summarizing the number of shareholder proposals filed in the five-year period 2010-14, and how investors voted on them. The report covers all proposals on corporate political activity, including direct and indirect lobbying and electoral spending and related issues, at all U.S. companies.
The report may be of interest to those debating the petition before the SEC that requests a rulemaking on mandatory corporate political spending disclosure in securities filings by U.S. companies.
View the report here:
The New York State Common Retirement Fund has proposed several shareholder resolutions about nuclear power safety during the 2013 proxy season, continuing inquiries it began in the wake of the Fukushima nuclear disaster. This year’s proposal asks for a “policy to better manage the dangers that might arise from an accident or sabotage by minimizing the storage of waste in spent fuel pools and transferring such waste at the earliest safe time into dry cask storage,” and a report for investors.
The request comes in the wake from recommendations in two recent reports that nuclear plant operators transfer spent fuel to dry cask storage as soon as possible and take other steps to safeguard facilities and communities to avoid catastrophic events should accidents or terrorist attacks occur. Entergy says that given the extensive regulations governing its operations and its own, time-tested programs, management and the board are best left to make decisions surrounding spent fuel storage. It also says that the proponent’s proposal is overly prescriptive and would bind it to operating procedures that might not be the most prudent for the company or its shareholders.
Read Si2’s report on the resolution and background on the subject:
Si2 has just published for its members a report on the pending shareholder resolution that will be considered by investors at The Gap at the company’s annual meeting on May 15th. The proponent asks the company to leave Sri Lanka because of the government’s human rights violations, but Gap says it is carefully monitoring its presence in the country and believes it is helping to rebuild the war-torn country, where a 30-year civil war ended in 2009. Si2’s Action Report on the proposal is available here: 2012 SI2 Action Report – Gap – Social (Human Rights).
In collaboration with Tim Smith of Walden Asset Management, the Harvard Law School Forum on Corporate Governance and Financial Regulation recently published Si2’s analysis of the 2011 proxy season. The article was adapted from the executive summary of our in-depth Mid-Year Report on the results of proxy season, published in August for our members.
The first majority vote of the season is in. Investors at Ameren cast 52.7 percent of their shares in support of a resolution that asked the company to report, “above and beyond current compliance, to identify and reduce environmental and health hazards associated with past and present handling of coal combustion waste, and how those efforts may reduce legal, reputational and other risks to the company’s finances and operations.” The company reported the resolution did not pass, since it counted abstentions in its voting calculation (figured that way, it was 46 percent). However it’s figured, it is clear that investors want the company to tell them more about how it plans to cope with regulations that are putting increasing restrictions on coal-burning–a major source of U.S. greenhouse gas emissions. Preliminary results from Energen, which received a proposal asking for a report on hydraulic fracturing, show that about half of the investors there also are not sanguine about fracking’s risks and want more information, as well.
Here’s Si2’s Action Report on Ameren for more on the company and its exposure to coal risks:2011 Si2 Action Report – Ameren – Natural Resource Management (Coal)
PROXY SEASON FORECAST: Si2’s comprehensive 2011 Proxy Season Forecast became available to members on February 15, with information on all the new issues, SEC developments, and predictions for this spring. In a new collaboration this year, a version of the impartial Si2 Forecast will be included in Proxy Preview 2011, published by the As You Sow Foundation, alongside a collection of 14 advocacy group viewpoints. The report will be launched with a free webinar on February 23.
See more information and sign up for the webinar at www.proxypreview.org.