2022 Shareholder Impact Review:
Changing Corporations for Good
As You Sow® conducted 196 corporate engagements in the 2022 proxy season. It is with immense gratitude to YOU – share authorizers, donors, supporters, colleagues, and community - that we offer this summary. Thank you for participating in creating this impact. The credit for these successes is yours.
THE NUMBERS. In total, the As You Sow team led 196 engagements with 156 companies across 11 program areas. In proxy year 2022, a total of 99 of these engagements were escalated and shareholder resolutions were filed on behalf of 79 shareholders. We successfully withdrew 56 resolutions in instances where companies agreed to take requested actions; 32 proposals went to a vote, with ten majority votes and median support of 41.4%. A total of $2.18 trillion of share value was voted in support of our resolutions. Companies challenged 15 resolutions at the SEC; we won 14 of those challenges or the proposal was withdrawn during the SEC evaluation period, with only one proposal being omitted.
Our 196 engagements addressed the following issue areas: climate change (78); diversity, equity, and inclusion (40); racial justice (24); ocean plastics, single use plastics, and recyclability (18); political spending (10); petrochemicals (6); pesticides (5); antibiotics misuse and overuse (4); corporate misalignment with investing (4); governance (4); and water use (3).
VOTED RESOLUTIONS
Click selected companies in green for additional highlights.
VOTED RESOLUTIONS: SELECTED HIGHLIGHTS
39.5% in favor Alignment of stated corporate values with political and electioneering expenditures.
22.6% in favorReport on policies and practices to reduce climate-related water risk – 64.9% of independent shareholders voted in favor (22.6% of total shareholder vote in favor).
48.9% in favorSustainable packaging policies for plastics – 59.3% of independent shareholders voted in favor (48.9% of total shareholders vote in favor).
9.1% in favorReport on aligning retirement plan options with company climate goals – 11.1% of independent shareholders voted in favor (9.1% of total shareholder vote in favor).
33.7% in favor Disclosure of pesticide use in agricultural supply chains.
44.1% in favorAlignment of stated corporate values with political and electioneering expenditures.
70.4% in favorReduce operational and supply chain GHG emissions in alignment with Paris Agreement’s 1.5 degree Celsius goal.
25.9% in favorGreater disclosure of material corporate diversity, equity, and inclusion data – 45.7% of independent shareholders voted in favor (25.9% of total shareholder vote in favor).
26.5% in favorReduce GHG emissions from underwriting, insuring, and investment activities in alignment with 1.5 degree Celsius goal – 46.7% of independent shareholders voted in favor (26.5% total shareholder vote in favor).
91.4% in favor Net Zero climate transition plan. (Note: This resolution was supported by the company.)
96.5% in favor Disclose interim and long-term greenhouse gas targets aligned with Paris Agreement’s 1.5 degree Celcius goal. As You Sow worked with and represented Amalgamated Bank on this proposal. (Note: This resolution was supported by the company.)
44.7% in favorGreater disclosure of material corporate diversity, equity, and inclusion data.
38.7% in favor Improve climate related accounting disclosures and assess impacts of Net Zero by 2050 scenario.
72.2% in favorReduce GHG emissions from underwriting, insuring, and investment activities in alignment with the 1.5 degree Celsius goal.
6% in favor Report on aligning retirement plan options with company climate goals.
54.8% in favorNet Zero climate transition plan.
28.1% in favor Improve GHG emissions reduction targets.
51% in favorImprove climate related accounting disclosures and assess impacts of Net Zero by 2050.
36.5% in favor Petrochemical risks: single-use plastics.
62.4% in favorDisclosure of direct and indirect lobbying activities and expenditures.
38.4% in favorSustainable packaging policies for plastics.
41.9% in favor Sustainable packaging policies for plastics.
19.2% in favor Seeking a report on risks related to company failures in content governance – 63.1% of independent shareholders voted in favor (19.2% of total shareholder vote in favor).
44.2% in favor Net Zero climate transition plan.
35.6% in favor
Greater disclosure of corporate diversity, equity, and inclusion data.50.4% in favor
Petrochemical risks: single-use plastics.25% in favor Net Zero target and climate transition plan reporting.
92.1% in favor
Net Zero target and climate transition plan reporting.46.4% in favor Greater disclosure of material corporate diversity, equity, and inclusion data – 86.5% of independent shareholders voted in favor (46.4% of total shareholder vote in favor).
55.8% in favor Increase disclosure of material corporate diversity, equity, and inclusion data.
36.8% in favor Greater disclosure of material corporate diversity, equity, and inclusion data.
40.9% in favor Net Zero target and climate transition plan reporting.
RESOLUTIONS WITHDRAWN IN AGREEMENT
Click selected companies in green for additional highlights.
RESOLUTIONS WITHDRAWN WITH AGREEMENT: SELECTED HIGHLIGHTS
Activision/Blizzard agreed to publish reports in 2023 and 2024 that disclose metrics reflecting recruitment, retention, and promotion for the prior year. Globally, Activision/Blizzard will report data by gender, and in the U.S., the data will be reported by the race and ethnicity categories as reflected in the Company’s EEO-1 filings.
American International Group agreed to enhanced disclosures in its upcoming 2021 ESG Report to include global gender representation for new hires, promotions, and voluntary terminations. The Company agreed to also show these three data points for ethnic representation.
Amedisys committed to set science-based emission reduction targets and achieve Net Zero emissions by 2050.
American Express significantly improved its diversity data disclosure at the time of filing. Withdrawal agreement focused on ensuring that this increased level of disclosure would continue.
Amgen agreed to issue a report analyzing and disclosing the Company’s evaluation of its political contributions that appear to contradict Amgen’s stated values.
B&G Foods agreed to include a thorough discussion of how the Company plans to address pesticide use in its supply chains, as well conduct a pesticide risk assessment with the IPM Institute, in the Company’s first Corporate Social Responsibility Report. These disclosures and findings will be completed by June 2023.
Cheesecake Factory committed to set emissions reduction goals aligned with the Science-Based Targets initiative’s Net Zero Standard.
Church & Dwight agreed to announce a new virgin plastic reduction goal no later than April 2023. The goal will reduce an absolute amount or percent of virgin fossil-fuel based plastic used and will be achieved through packaging redesign, product innovation, increased recycled content use, and reusable packaging. The target achievement year will be 2025. The Company will report its progress annually and will continue to meet with As You Sow to discuss its progress.
Coca-Cola announced its commitment to have at least 25% of its beverages globally and across all brands to be refillable/returnable glass or plastic bottles by 2030. It will report progress annually and agreed to meet quarterly through 2023.
Costco agreed to disclose the percentage of its private label chicken products raised without routine use of medically important antibiotics and to set a goal for 95% of its chickens to be raised without medically important antibiotics by end of 2022.
Danaher significantly improved its diversity data disclosure at the time of filing. Therefore, the withdrawal agreement focused on ensuring that this increased level of disclosure would continue.
Dollar General agreed to publish on its website its Consolidated EEO-1 report for 2021 soon after it is submitted with the EEOC. Dollar General has also agreed to publish this report annually thereafter and to continue good faith dialogues with As You Sow going forward.
Dominion announced it will incorporate emissions from the upstream fuel consumed by the Company for its power and gas distribution businesses. It will also include information on carbon dioxide emissions associated with the production of power purchased for resale and emissions from downstream customer use of natural gas products from its local natural gas distribution business.
Duke Energy agreed to increase the greenhouse emissions captured in its Net Zero by 2050 greenhouse gas reduction target by including upstream methane leakage from natural gas production, customer use emissions, and purchased power emissions.
Entergy agreed to release its EEO-1 form; disclose information and reports related to its Board/ Personnel Committee & DEI efforts; enhance disclosure on community engagement and outreach programs; enhance disclosure on donations and grants related to racial justice; and provide metrics and enhanced disclosure on its DEI program’s efforts and outcomes related to recruitment and retention.
Eversource agreed to publicly release its EEO-1 form; workforce compensation data; promotion, recruitment, and retention rates cut by race/ ethnicity; explicit diversity data; and supply chain diversification data.
Foot Locker committed to set a goal for Net Zero emissions by 2050 and interim greenhouse gas reduction targets aligned with the Science-Based Targets initiative.
The Hartford Financial Services Group agreed to announce the setting of a Net Zero by 2050 greenhouse gas emissions reduction goal for its full range of businesses and operations, in alignment with the Paris Climate Accord.
Hasbro committed to best practice reporting on its workforce diversity (EEO-1) disclosure, as well as the release of its retention and promotion rate data by gender, race, and ethnicity no later than 2024. As You Sow worked with and represented Amalgamated Bank on this proposal.
HCA Healthcare committed to set an ambition for Net Zero emissions by 2050 or sooner and interim greenhouse gas reduction targets.
Helios Technologies committed to achieve Net Zero emissions by 2050 or sooner and set interim, science-based reduction goals aligned with maintaining global warming to 1.5 degrees.
JM Smucker agreed to collect information from its suppliers on agricultural data and practices in key supply chains and assess the feasibility of regenerative agriculture and Integrated Pest Management (IPM) programs. The Company will also publicly disclose how it plans to influence pesticide reduction in its supply chains and will update As You Sow on progress in these areas.
Kinder Morgan, working with As You Sow, has developed a relationship with and has agreed to conduct ongoing meetings with the Dutchtown (St. Louis, Missouri) community representatives to address environmental justice concerns. Additionally, the Company has agreed to create a corporate webpage devoted to promoting community engagement and contact in similar situations.
Kraft Heinz has agreed to set a substantial virgin plastic packaging reduction goal later this year (or the first quarter of 2023). This will include reduction of virgin plastic material, packaging redesign, increased use of recycled content, and continued exploration and scaling of reuse models.
Lululemon Athletica agreed to release EEO-1 data in 2022, as well as its U.S. hiring, promotion, and retention data before or during 2024, with any variances resulting from how its system collects the information. As You Sow worked with and represented Amalgamated Bank on this proposal
Marathon Oil agreed to incorporate the IEA Net Zero by 2050 pathway in its next sustainability report to be published in the summer of 2022. The Company will continue discussions with As You Sow as to how climate risk can be accounted for in its audited financial statements.
Martin Marietta worked closely with Warren Wilson College to enhance DEI disclosure and agreed to publicly release its EEO-1 report.
Microsoft agreed to conduct the study requested in As You Sow’s shareholder resolution to quantify the carbon and waste impacts of increasing consumer access to device repair. The study will also determine which new parts and repair documentation Microsoft will make publicly available by the end of 2022.
Netflix committed to release, during 2024 or before, the retention and recruitment rates of its employees, sharing this data by the gender, race, and ethnicity categories established by the EEOC. Gender data will be reported on a global basis, and race and ethnicity will be reported for U.S. employees.
NextEra Energy agreed to include recruitment and promotion statistics by gender and EEO-1 race and ethnicity categories for 2022 in its 2023 ESG report. It also reported at its AGM that it will voluntarily release promotion and hiring rate data in line with EEO-1 categories in its 2023 sustainability report.
Nike committed to disclose recruitment and promotion data by gender (globally) and race/ ethnicity in the U.S., based on EEO-1 categories, by the end of the calendar year 2024.
NiSource agreed to create a DEI page on its corporate website and disclose data on its Diversity Workforce Performance Metrics, including retention and promotion rates for POC and females, disclosure of recruitment strategies and efforts, and employee satisfaction surveys. The Company also agreed to disclose supply chain efforts and community engagement efforts.
O’Reilly Automotive has committed to announce an ambition to achieve net zero emissions and to set interim greenhouse gas reduction targets aligned with maintaining global warming at 1.5 degrees C.
PayPal committed to disclosing hiring, development, promotion, and retention data for its employees by gender (globally) and race and ethnicity in alignment with U.S. EEO-1 categories by 2024, as allowed by law.
PepsiCo committed to a percentage goal by the end of 2022 of sales or volume of beverages to be delivered via strategies that avoid or minimize single-use packaging. These will include new commitments to reusable and refillable bottles or containers; beverages that use concentrates (fountain drinks); prepare at home beverages (SodaStream); or beverages sold in powder or drop form. The Company will study the scope of actions it can commit to in the coming months and announce the size of its commitment by year end.
Pfizer has committed to release its quantitative recruitment and retention/turnover data by gender, race, and ethnicity in alignment with the U.S. EEO-1 categories and across all levels of its organization during 2024, subsequent to its intended audit of its workplace equity practices.
Ross Stores committed to reduce its greenhouse gas emissions in line with 1.5 degrees and Net Zero by 2050 or sooner.
Ross Stores agreed to release its EEO-1 data in Q2 2022, release its new hire data by gender and EEO-1 ethnicity category in 2023, and disclose either promotion or retention data for 2024. As You Sow worked with and represented Amalgamated Bank on this proposal.
SBA Communications committed to set 1.5-degree greenhouse gas reduction targets aligned with the Science-Based Targets initiative. As You Sow co-filed this resolution with Trillium Asset Management.
Southern Company has committed to improve GHG disclosures through disclosing its upstream Scope 3 natural gas emissions to CDP in 2022, discussing ways to improve methane calculation and disclosure frameworks for the natural gas value chain with the UN Oil & Gas Methane Partnership, and sharing the results and methodology of its study analyzing emission reduction pathways for its natural gas business with As You Sow and other stakeholders.
Standard Motor Products committed to establish science-based GHG reduction goals and an ambition to reach Net Zero emissions by 2050 or sooner.
Uber Technologies agreed to conduct an independent civil rights audit after compromising with As You Sow
Union Pacific committed to include recruitment and/or hiring, retention and/or attrition, and promotion data by gender, race, and ethnicity, with race and ethnicity broken out by the EEO-1 categories, in its 2023 Human Capital Report.
UnitedHealth Group committed to set emissions reduction goals aligned with the Science-Based Targets initiative’s Net Zero Standard.
Valero agreed to report in the fourth quarter of 2022 the results of an analysis focused on the resilience of Valero’s business under the assumptions of the International Energy Agency’s Net Zero by 2050 scenario. The Company also agreed to continue dialogue with As You Sow on the issue of undertaking accounting that reflects climate risk.
Visa agreed to provide enhanced workforce data in its ESG report for fiscal year 2022 to be published in early 2023. This will include recruiting, internal mobility, and retention with details by gender and ethnicity.
Williams-Sonoma agreed to disclose details of carbon offset purchases, offset verification policies, and offsets usage toward its Net Zero goal and stated that it is not using offsets to meet GHG emission reduction goals. As You Sow worked with and represented Amalgamated Bank on this proposal.
Yelp has described its past work to mitigate misleading reviews resulting from coordinated efforts and agreed to have further dialogues with As You Sow about its efforts in this area. As You Sow worked with and represented Amalgamated Bank on this proposal.
Zillow committed to establish a goal for Net Zero emissions by 2050 or sooner, as well as adopt interim emissions reduction targets aligned with 1.5 degrees.