Comcast Shareholders Vote on Climate Safe Retirement Plans
Comcast employees currently profit from climate change and private prisons
FOR IMMEDIATE RELEASE
MEDIA CONTACT: Stefanie Spear, [email protected], 216-387-1609
BERKELEY, CA—JUNE 8, 2022—As You Sow’s shareholder resolution asked Comcast to prepare a report on the contrast between the adoption of strong climate policies for its operations versus high carbon investments in its employee retirement investment plan. The proposal earned a 6% vote at Comcast’s annual general meeting, achieving the threshold needed to continue dialog with the company and resubmit the resolution next year if necessary.
While Comcast has made significant efforts to address climate change across its operations and has adopted ambitious climate goals, the company’s retirement plan is at the same time quietly directing more than $1.2 billion of employee savings into oil, coal-fired utilities, and agribusinesses involved in deforestation, thus creating cognitive dissonance, reputational risk, and potentially lower returns for employees. The brand damage of having the company say one thing and do another is important to measure and understand.
While demand for sustainable investments is at an all-time high, employees across the country are often unaware their investments are contributing to the climate crisis.
“We believe that most employees actually have no idea that their hard-earned savings are being invested in companies that are contributing to the destruction of the climate and harming employees' ability to retire on a livable planet,” said As You Sow CEO Andrew Behar. “Comcast has a goal of being carbon neutral by 2035 in its Scope 1 and 2 emissions across its entire global operations but it causes cognitive dissonance when at the same time the company has $1.09 billion in oil, coal, and fossil-fired utilities and $72 million invested in deforestation-risk agribusiness.”
Investing in climate destructive companies may make it more difficult to retain employees who are increasingly concerned about catastrophic climate impacts, as well as social impacts. Comcast employees are proud to work for a company that is committed to diversity and equity within the organization and in communities across the country. The company has stood behind its commitments by recently contributing $100 million to advancing social justice, however, it is at the same time directing $135 million of employee savings into companies profiting from the Prison Industrial Complex, private prisons, and other economic systems of oppression and exploitation. Comcast employees are becoming aware that their company is directing their hard-earned savings into companies that are fueling systemic racism, and many are asking for alternative investment options.
“The Comcast plan has 52% of plan assets invested in the default Vanguard target-date option and has no sustainable option, similar to other S&P 500 company plans. This plan signals to employees at every company that they are likely investing in climate destruction and social inequality, rather than the future they would like to retire into,” said Andrew Montes, director of digital strategies at As You Sow. “By assessing the impact of its retirement planning, Comcast has the opportunity to become a part of the solution to the climate crisis, thereby meeting employee expectations and increasing the long-term value of employees' retirement accounts, while avoiding reputational damage.”
As You Sow, a nonprofit corporate accountability organization, publishes monthly report cards rating mutual funds and retirement plans as part of its Invest Your Values initiative.
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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.