Intuit Shareholders Seek a Climate-Safe Retirement for Employees at Company AGM
As You Sow sees climate-related financial risk putting the life savings of millions in jeopardy
FOR IMMEDIATE RELEASE
MEDIA CONTACT: Sophia Wilson, [email protected], (341) 600-1832
BERKELEY, CALIFORNIA—JAN. 18, 2024—Shareholders will vote today on a proposal at Intuit asking for a report describing how the company is protecting employees from climate risk embedded in its retirement plan investment options. In a rapidly warming world, this proposal from shareholder representative As You Sow asks a critical question about how Intuit plans to protect its employees’ life savings from the economic consequences of climate change.
Over three-quarters of Intuit employee 401(k) savings are invested in the company's default target date option, which is heavily exposed to high-carbon and deforestation-intensive industries. These investments contribute to climate change, create systemic portfolio risk, and are poor long-term investments, particularly for younger beneficiaries whose retirement benefits are likely to be harmed due to climate-related financial losses.
“Climate change threatens the life savings of millions of Americans invested in company retirement plans,” said Andrew Behar, CEO of As You Sow. “Companies have already acknowledged climate risk in their operations. Now they need to apply these sustainability goals to the climate risk embedded in their retirement plans before it is too late for their employees’ futures and our planet.”
While Intuit has taken operational climate action, like committing to net zero emissions by 2030, shareholders are asking that Intuit now begin to address its retirement plan funds, and the billions of dollars of employee savings being invested in fossil fuels. A climate-safe retirement plan would not only protect the company from the economic impacts of climate change but also protect their employees’ financial futures; a win-win that will also help to define the company culture as one that addresses risk holistically.
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As You Sow is the nation’s leading shareholder representative, 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.