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Shareholders have filed a record 529 resolutions related to
environmental, social and governance (ESG) issues for the annual
meetings of publicly traded U.S. companies so far this year, up
22% from the same point in 2021, according to a study released
Thursday by activist group As You Sow and researchers including
the Sustainable Investments Institute.
Many seek details on carbon emissions or workforce diversity.
Successes activists scored last year such as changing directors
at Exxon Mobil Corp could make directors look at proposed
changes more favorably, said sponsors of the review.
"Companies are realizing that their investors want them to have
less risk," said Andrew Behar, CEO of As You Sow. He and others
said shareholders may benefit from new guidance from the U.S.
Securities and Exchange Commission which makes it harder for
companies to skip votes.
Wins for activists so far this year include a March 4 vote at
the annual meeting of fast food company Jack in the Box Inc,
where 95% of votes cast were in favor of a resolution dealing
with sustainable packaging sponsored by Green Century Capital
Management.
Jack in the Box had recommended investors vote against the
measure. A Jack in the Box representative did not immediately
comment.
In another case, activist Boston Trust Walden agreed to withdraw
a shareholder resolution filed for the spring meeting of
JPMorgan Chase & Co.
In return, the Wall Street bank agreed to provide more details
in a report this fall including about its lobbying activities
and trade association memberships, according to a securities
filing.
A JPMorgan spokesperson declined further comment.
(Reporting by Ross Kerber; Editing by Karishma Singh)
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