Over at GreenBiz last week, reporter Keith Larson profiled Andrew Behar, chief executive officer of shareholder activist group As You Sow. In the article, Behar attempts to rebrand AYS activities as “advocacy investment.”
For some capital market watchers, the term “activist investor” may bring to mind corporate raiders such as Carl Icahn or Bill Ackman.
That’s why Andrew Behar, CEO of the nonprofit As You Sow, prefers to call social and environmental activist investors something a little more aspirational: “advocacy investors.”
In the absence of large-scale government regulation to force the issue of sustainability with corporate executives, some investors have taken it upon themselves to try to force companies to change. One way these shareholders are advocating change is through filing shareholder proposals or resolutions.
Sure, whatever. To-may-to, to-mah-to and all that. So, it seems, these activists…errrr…advocacy investors at As You Sow are working in cahoots with yet another group of advocacy investors, Arjuna Capital. Puffing its activities as “Enlightened Engagement in the Capital Markets,” Arjuna celebrates its partnership with AYS that introduced resolutions that would force Chevron Corp. and ExxonMobil Corporation to return capital to shareholders rather than invest it in fossil fuels, which, you know, is kind of both companies’ core business. (more…)