Oracle Corporation (NYSE: ORCL) shareholders will cast their vote on a proposal asking the company to report on actions it is taking to protect employees’ retirement savings from the growing economic consequences of climate change.
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Today, as part of its Climate Finance Day event, with a live audience and livestream, the shareholder representative organization, As You Sow released a new report titled, Climate Inflation - How Extreme Weather is Driving Up the Price of Food.
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Constellation Brands released vote totals showing that approximately 25% of shareholders voted in support of stronger emissions goals and a transition towards a circular economy for packaging, two primary and urgent concerns for shareholders and the company.
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Late Monday, the United States District Court for the Northern District of Texas dismissed ExxonMobil Corporation’s lawsuit against Arjuna Capital. The dismissal marks what should be the end of an inglorious saga for Exxon, which filed the lawsuit in response to the submission of a shareholder proposal by Arjuna rather than seeking exclusion through the normal Securities and Exchange Commission process.
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Today, Tesla Inc. (NYSE: TSLA) shareholders will vote on a proposal, filed by shareholder representative As You Sow, asking Tesla to adopt a deep-sea mining moratorium. Tesla has yet to take a public stand on the controversial issue of deep-sea mining, in stark contrast to peers, including BMW, Volvo, Volkswagen, Rivian, and Renault, which have each signed a moratorium. A similar proposal voted on at the General Motors shareholder meeting on June 4 received 12% support, a solid vote of support for this new issue.
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Today, the U.S. House Judiciary Subcommittee on the Administrative State, Regulatory Reform, and Antitrust held a hearing on investors’ action to address climate change, the latest chapter of a protracted investigation into what the Judiciary Committee majority alleges are antitrust violations among investors responding to the severe economic threat posed by climate change. The Committee has targeted As You Sow and 13 other organizations with an investigation. Arjuna Capital, Ceres, and CalPERS were called as witnesses in today’s hearing.
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Today, 12% of General Motors (NYSE: GM) shareholders voted in support of the first-ever deep-sea mining proposal, a strong vote for a first-of-its-kind proposal that allows it to be filed again next year, if necessary. Filed by shareholder representative As You Sow, the proposal asks General Motors to disclose its policies on the use of deep-sea mined minerals across its supply chain, a request timed to coincide with the company’s expanding production of new electric models to meet emissions requirements and growing customer demand for electric vehicles.
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Vote totals were released last Wednesday, May 31, for Exxon’s 2024 Annual General Meeting. The meeting was unique for both its tone and substance, with Exxon openly vilifying and disparaging its investors for asking questions about the future direction of the company.
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Today, Chubb Ltd., one of the world’s leading insurers, announced shareholder support of 28.7% for a shareholder proposal calling on the insurer to measure and disclose greenhouse gas emissions (GHG) from its underwriting, insuring, and investment activities in high-carbon companies including fossil fuels. The resolution was filed by investor representative As You Sow and Green Century Capital Management.
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Today, Old Dominion Freight Line Inc., one of the largest North American trucking companies operating in 48 states, faces a shareholder vote on an Amalgamated Bank and As You Sow proposal calling for Old Dominion to adopt interim and long-term greenhouse gas reduction (GHG) targets to reach Net Zero emissions by 2050. The transportation sector plays a pivotal role in reaching the Paris Agreement’s goal as it is the highest emitting sector in the United States, with 24% of these emissions from ground freight transportation.
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Today, shareholders will vote on a shareholder proposal at Cummins’ Annual General Meeting asking the Company to disclose a plan linking its CEO pay to the Company’s GHG emission reduction goals. Cummins, a global engine and power equipment manufacturer, is ranked among the highest emitters in the transportation sector. The proposal was filed by shareholder representative As You Sow.
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Major defense contractors Lockheed Martin and RTX (formerly Raytheon Technologies) announced Annual General Meeting vote totals for two climate proposals filed by As You Sow. Thirty-two percent of Lockheed shareholders and 25% of Raytheon shareholders supported proposals requesting the companies disclose plans to reduce full value chain emissions to align with the Paris Agreement's 1.5°C goal, mirroring strong support for similar proposals in 2023.
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Shareholder representative As You Sow today released its 2024 “Pay for Climate Performance: Linking CEO Compensation to Emissions Reduction” report, grading 100 of the largest U.S. companies on their CEO climate-related pay incentives and their ability to drive greenhouse gas emission reductions. The report finds that while pay incentives can be powerful motivators, they need to be quantifiable, significant, and linked to robust climate goals.
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ExxonMobil Corporation recently released its 2024 proxy statement, which includes a United Church Funds shareholder proposal requesting that Exxon report on how a reduced demand for virgin plastic would impact the company’s financial position. The proponent designated As You Sow as its representative.
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Citibank today released a climate report containing information on its energy and power clients’ climate transition progress. This information was provided in response to a shareholder proposal filed with Citi this year by As You Sow. The proposal asked Citi to disclose, for each of its sectors with a Net Zero-aligned 2030 target, the proportion of sector emissions attributable to clients that are not aligned with a credible Net Zero pathway and any actions it proposes for shortfalls.
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Tesla and General Motors shareholders are calling for a deep-sea mining commitment in two novel biodiversity proposals filed by As You Sow. Tesla and General Motors have yet to state their position on the issue in stark opposition to peers BMW, Volvo, Volkswagen, Rivian, and Renault. As world leaders and economic titans gather at Davos, biodiversity protection and the risks of deep-sea mining are topics of growing importance.
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Today, TIME named Danielle Fugere, As You Sow’s president and chief counsel, on the inaugural “TIME100 Climate” list, which recognizes the 100 most innovative leaders driving business climate action. With 30 years of experience spearheading innovative and effective climate strategies to positively influence corporate action, she joins an accomplished roster of climate leaders.
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As You Sow released its second annual Road to Zero Emissions Report today grading the largest 100 U.S. companies on their progress toward net zero. Compared to last year’s report, 66% of the companies improved their overall grade. However, many still lack value-chain (Scope 3) emissions disclosure and actions demonstrating progress in achieving the emissions reductions necessary to align with global 1.5°C goals.
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The California State Legislature passed SB 253 yesterday, which would require Scope 1, 2, and 3 emissions disclosures from all companies operating in California with more than $1 billion in revenue. SB 253 now heads to the Governor for signature.
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While delegates from 180 countries debated a global treaty to combat plastic pollution that might include plastic production caps, one-quarter (25.3%) of ExxonMobil shareholders representing $66.7 billion supported a resolution filed by As You Sow asking the company to study how a one-third cut in demand for virgin single-use plastic would affect its financial position at the company’s recent annual meeting.
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