Despite what is heralded as a banner year for proxy resolutions submitted by religious shareholder activists As You Sow and the Interfaith Center on Corporate Responsibility, 2014 was anything but. Even the left-leaning Center for Political Accountability reports most so-called shareholder victories for political spending disclosure were performed on companies’ own initiative rather than prompted by resolutions authored by CPA and submitted by activist shareholders under the guise of religious principles.
The AYS and ICCR narrative collapses further under scrutiny from the New York-based Manhattan Institute for Policy Research. In the MIPR Proxy Monitor 2014, authors James R. Copland and Margaret M. O’Keefe report:
Shareholder support for shareholder proposals is down. In 2014, only 4 percent of shareholder proposals were supported by a majority of voting shareholders, down from 7 percent in 2013. The percentage of shareholder proposals to win majority support in 2014 was below that of any previous year in the ProxyMonitor.org database, which dates back to 2006. Among Fortune 250 companies, only ten proposals have won majority support to date this year, and only seven over opposition from the company’s board of directors.