2018 Filing Deadlines

Here are links to documents with the 2018 Corporate Resolution Filing Deadlines (XLSX) (PDF).

Please, remember that, by the close of business on or before the company’s filing date, mail or overnight to the Corporate Secretary:

    • Your cover letter
    • The resolution
    • Verification of your stock ownership

Ideally, send the letter via FedEx, UPS or other sign upon-receipt delivery, so that there is a record of who at the company signed to receive your letter. You should retain this receipt in the rare case the company argues your letter did not arrive by the deadline. For more information, visit ICCR’s helpful resource: “How to File a Resolution.”

The truth about socially responsible investing

Frank Sherman, Executive Director of Seventh Generation Interfaith

CNBC reviewed years of Morningstar data on the performance of socially responsible funds versus traditional funds and benchmarks and found that there is no significant performance drag. Similar research done in 2015 using meta-analysis covering 85 studies reached a similar conclusion: ESG funds result in neither a big cost, or financial benefit, to investors. However, they found that funds designed to exclude certain “sin” stocks or sectors, such as tobacco, alcohol or guns — don’t tend to measure up. “The ESG performance of companies appears to be something that can be used to generate value in a portfolio; traditional exclusion can be a drag,” said Jon Hale, head of sustainability research at Morningstar.

Todd Rosenbluth, director of mutual fund and ETF research at CFRA, commented that  “getting comparable performance and feeling better about socially responsible investments is a win for investors.” This confirms the view that you can do good while doing well financially.

You can find tools and research on ESG funds on our Resource webpage.

Businesses and Investors Need to Act on Climate Now

Alicia Seiger writes in The Stanford Social Innovation Review:

The business case for acting on climate change has never been stronger, and the need to act has never been more urgent. For the past three years, worldwide carbon emissions from fossil fuels have stayed flat while gross domestic product (GDP) has grown, demonstrating that emissions and economic growth aren’t inextricably linked. Decoupling emissions and growth is just the first step. To stay within the carbon budget for 2 degrees Celsius warming—and avoid the most catastrophic impacts of climate change—global emissions have to start falling by 2020. While the President of the largest economy in the world blows headwinds at progress, business leaders and investors must act to bend the emissions curve.

(More)

Greenwashing a ‘Very Serious Issue,’ Leads to Poor Decisions, Says CEO of GRI

As reported by Jennifer Hermes in Environmental Leader, “Ninety percent of the 250 largest companies in the world are reporting sustainability performance, but greenwashing is “a very serious issue,” says the new chief executive of the Global Reporting Initiative (GRI), Tim Mohin. In the early days of sustainability reporting, greenwashing could result in bad PR and a loss of consumer confidence. But that is no longer the worst that can happen….”

(More)

Priests of the Sacred Heart continue to challenge TJX’s executive pay policies

The TJX Companies, which includes well-known discount chains of TJ Maxx, Marshalls and Home Goods, is the leading off-price apparel and home fashions retailer in the U.S. …and worldwide. They claim 40 years of sales and earnings growth to the satisfaction of their shareholders. But not all shareholders are happy. “TJX maintains one of the largest pay gaps in America,” said Mark Peters, Director of Justice, Peace and Reconciliation for the Priests of the Sacred Heart. “As public scrutiny of the gap between CEO and worker pay increases, TJX may be risking the health of its labor force and the reputation of its brand.”

Mark filed a shareholder resolution with TJX concerning their executive pay policies and the widening pay gap with their workers for the third year in a row (see proxy memo). “The company’s proxy states that developing and retaining talent is a key component of their continued success. But this attention should not be limited to their executives. Their Associates’ pay has stagnated while executive compensation packages continue to escalate. Long term, this hurts the company and society.”

CEO pay has grew by almost 1000% over the past 40 years, greatly outpacing the growth in the cost of living, the productivity of the economy, and the stock market. This disproves the claim that the growth in CEO pay reflects the performance of the company, the value of its stock, or the ability of the CEO to do anything but disproportionately raise the amount of his pay (Economic Policy Institute).

Beginning in 2018, a Dodd-Frank Act provision requires companies to report the ratio of the CEO’s total compensation and that of their median employee. While the Trump administration is reviewing this requirement as too burdensome, Mark believes that it is not enough. “Shareholders need a historic view of this ratio and board’s informed view on whether the CEO-to-worker pay gap comes at the expense of the health of the Company’s human capital and long term shareholder value.”

See also: Priests of the Sacred Heart_TJX Proposal 8- 2017_Memo