Conservative shareholders strike back- POLITICO
ANTI-ESG GROWS IN POWER — Much ink has been spilled on the upward trend of progressive shareholder resolutions at investor meetings.
But the Tories are also tabling them – and they could have an impact, even if they don’t pass, reports Corbin Hiar for POLITICO’s E&E News.
Conservative activists have filed 52 proposals with major US companies this year, twice as many as in 2021, according to an analysis by Georgeson LLC. Their proposals “are often critical of the evolving ESG landscape,” the shareholder advisory firm initially said last week. exam of the annual meeting season.
Although their proposals didn’t work out very well, conservative campaigners and business pundits said resolutions with minimal shareholder support can still have an impact.
“By submitting a very conservative proposal – even if it represents a small part of the business – it’s a reminder to everyone that there is a part of the business that feels differently,” said Mary Hunter McDonnell, professor of management at the Wharton Business School of the University of Pennsylvania. “This makes it more likely that leaders will temper their responses to more liberal demands.”
The National Legal and Policy Center filed a resolution at Meta Platforms Inc., calling for greater disclosure of the Facebook parent’s charitable contributions. The proposal faced long odds, especially after Paul Cheserdirector of the group’s Corporate Integrity Project, gave a speech at the Meta annual meeting which promoted misinformation about climate and vaccines and suggested that President Joe Biden’s election victory was illegitimate.
Chesser said he was less concerned with getting votes for his proposals than getting his voice heard in the press and the C-suite. ‘business management.
“Hopefully this is the start of a more aggressive or ambitious effort from our side,” he said. “Because we’ve basically ceded ground to the left all these years when it comes to shareholder activism and the left has… been very successful.”
Sustainability advocates say they are not concerned about the surge in conservative shareholder resolutions.
“If they are bona fide shareholders, they have the right to file a resolution and all shareholders will vote on it,” said Andrew Beharthe CEO of As You Sow, who won the approval of five of his 22 resolutions filed this year, including a which prompted refining company Phillips 66 to release a report on how it could shift its plastics production business from using virgin polymers to recycled polymers. “It’s part of capitalism.”
Learn more about Corbin here.
BET ON IT — The country’s banking regulators are closing in on issuing broad guidelines that would guide how big banks assess the threats they face from climate change.
The Federal Deposit Insurance Corp. comment period ended last week for the “Draft Principles for Managing Climate-Related Risks” he published in December. (The Office of the Comptroller of the Currency draft came out in April, and the Federal Reserve is also expected to come up with something similar.)
Avery Ellfeldt of POLITICO’s E&E News lays out some major themes that emerged from the comments:
— The banking industry wants regulators to apply the guidelines only to lenders with more than $100 billion in assets. But groups such as the Rocky Mountain Institute, Center for American Progress, MSCI Inc., Moody’s Analytics and Ceres say the principles should be applied to lenders of all sizes, arguing that smaller banks are just as at risk.
— Banks and progressives are also split on whether agencies should encourage lenders to refer to well-established metrics, climate scenarios and more when assessing their own vulnerabilities. Climate advocates want stronger, more detailed language.
— Industry groups such as the American Bankers Association, meanwhile, have said the FDIC should stick to a flexible approach that “allows banks to assess the risks they identify as most significant given their their particular situation.
Avery has more details here.
THIS IS FOR THE TREES — Stalled immigration reform is hampering what should be a nationwide wave of tree planting, reports Marc Heller for POLITICO’s E&E News.
Reforestation has bipartisan support as wildfires increasingly sweep the West. Lawmakers boosted tree planting in last year’s infrastructure bill, including legislation called the REPLANT Act, which lifts the $30 million annual cap on national trust fund spending. special for reforestation.
But temporary foreign workers plant the vast majority of trees in the United States, including in national forests, and limitations on the number of workers who can enter the country through the H-2B visa guest worker program raise concerns. serious doubts about the possibility of increasing the reforestation targets. encountered, according to people in the forest industry.
Workers with an H-2B visa make up about 85% of tree planting jobs. They plant about 1.5 billion trees a year, according to the Forest Resources Association, a forest products industry trade association.
“The need is huge right now,” said Tim O’HaraFRA Vice President for Government Affairs.
Read more from Mark here.
Happy Friday — TGIF. Team Sustainability is publisher Greg WordAssociate Editor Debra Kahnand journalists Lorraine Woellert and Jordan Wolfman. contact us at [email protected], [email protected], [email protected] and [email protected]
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– Trump’s paint job could do a heat island on Air Force OnePOLITICO’s Lee Hudson and Lara Seligman report.
— Saudi firm gets good deal on Arizona lease that lets it pump unlimited groundwater for alfalfa feed, Arizona Republic Reports.
— A California labor law dispute could harm the business case for keeping goats to help reduce the risk of forest fires. The Fresno Bee see you.
– Yikes: Dismantling dams in Washington state to help salmon would cost between $10.3 billion and $27.2 billion in loss of electricity, irrigation and other benefitsAccording to an analysis commissioned by the Democrats, the AP reports.
– Glad we didn’t jump on the Musk-Twitter bandwagon. The Elon Musk Show is a bit of a sequel to The Trump Show, NYT’s Farhad Manjoo Remarks.
Events are listed in Eastern Time.
June 13 — Duke University holds a virtual briefing on “Oceanpreneurship: creating a vibrant ecosystem to scale ocean innovation”. 12:30 p.m.
June 13 — The Institute for Environmental and Energy Studies holds a virtual chat on “Living with climate change: forest fire policies to anticipate threats and build”. 1 p.m.
June 14 — The Senate Committee on Energy and Natural Resources holds a audience on “Short- and Long-Term Solutions to Extreme Drought in the Western United States” 10 a.m.
June 14 — The Wall Street Journal has a CFO Network Virtual Summit, featuring SEC Chairman Gary Gensler. 11 a.m.
June 14 — The House Select Committee on the Climate Crisis holds a audience on “State Perspectives on Reducing Methane Pollution”. 1 p.m.
June 14 — Punchbowl News holds a discussion on energy alternatives. 5 p.m.
June 15 — The Alliance to save energy holds its 2022 Global Energy Efficiency Forum. 9am
June 15 — The House Agriculture Committee is holding a audience on “The role of climate research in supporting agricultural resilience.” 10am
June 15 — Resources for the Future holds a virtual chat on “Climate Philanthropy and Transformational Change”. Midday.
June 17 — The State Department holds a virtual meeting the Clean Energy Resources Advisory Committee to discuss advancing environmental, social and governance standards in clean energy supply chains. 11:30 a.m.