Friends Fiduciary Executive Director Jeff Perkins wrote an op-ed titled “Are Corporations Really Afraid of Shareholder Proposals?” that appeared in the Philadelphia Inquirer last week. In it, he outlines the recent challenges to the shareholder proposal process.
As long term investors who actively engage the companies we own, we believe non-binding shareholder resolutions are an important tool in urging companies to recognize business risks like climate change that affect the company’s sustainability and therefore shareholder return.
The effort to undermine these rules is backed by industry groups like the National Association of Manufacturers and the Chamber of Commerce which has received support from PA Senator Pat Toomey and SEC Chairman Jay Clayton.
Read the op-ed here.