Category: Shareholder Proxy Resolutions

Shareholders

All eyes seem to be directed toward Rome last week as the Pope weighed in on climate change. As anticipated, there has already been a lot of spinning by the whirling dervishes of the zealous variety– doubling down on their over-the-top, pre-release spin.

Yes, it’s a given both sides of the climate-change debate are spinning, but as your writer is on the skeptical end of the spectrum it seems the other end is receiving the majority of media coverage. Skeptics? We’re castigated as “deniers,” “Republicans,” and, of course, “anti-science.” Ouch! No worries, however, as we skeptics have grown accustomed to ad hominem attacks, not to mention pseudo-science, false claims of a scientific consensus agreeing on human-caused global warming, and accusations we’re performing the bidding of Faux News. Hoo boy, as Boris Badenov used to say.

Allow me a bit of schadenfreude when I report the consistent defeat of so-called religious-based shareholder activism deployed against oil and gas companies – on which more below. I take pleasure in these persistent defeats not because I dislike my loyal opposition as much as they dislike skeptics but because I’m convinced the best way to lift the poor from poverty and incumbent disease, hunger and illness is cheap and readily available fuels. It’s not about winning an argument from my point of view inasmuch it’s about enabling the world’s poorest to attain self-sufficiency, health, and comfort – mostly because I recognize the world’s poverty has been halved in the past 20 years, largely due to affordable fuels.

And yet… Elizabeth Douglass at InsideClimate News reports religious shareholders are persistent in their failed efforts to deep-six economically the companies in which they invest. Douglass trots out the usual suspects: Timothy Smith of Boston-based Walden Asset Management; Sister Patricia Daly of the Roman Catholic Sisters of St. Dominic of Caldwell, N.J.; and Rev. Michael Crosby from the Province of St. Joseph of the Capuchin Order in Milwaukee. Daly and Crosby, notes Douglass, “have worked together for years as active participants in the Interfaith Center on Corporate Responsibility (ICCR), a New York group whose members manage more than $100 billion in assets.” Douglass continues:

For the past few years, several climate resolutions at Exxon have won more than a quarter of the shareholder vote, and sometimes nearly a third. The vote count reached a remarkable level of backing for proposals opposed by management, according to Heidi Welsh, executive director at the Sustainable Investments Institute, a Maryland-based nonprofit that provides impartial analysis of social and environmental policy shareholder resolutions.

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Blog author: bwalker
Friday, December 20, 2013
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ballotAs 2013 draws to a close, it’s time to inventory the year’s proxy resolutions introduced by the Interfaith Center on Corporate Responsibility. ICCR, a group purportedly acting on religious principles and faith, is actually nothing more than a shareholder activist group engaged in the advancement of leftist causes at the expense of their fellow shareholders and the world’s poorest.

ICCR recently released its 2013 Annual Report. Its “2013 Proxy Season Recap” (pp. 16, 17) presents a snapshot of initiatives ICCR members pursued this past year. The foundations for several categories betray the left’s tenuous grasp of science and economics while, at the same time, displaying a perverse naiveté regarding the potential negative consequences of their respective crusades.

Fortunately, all the worst proposals failed. As noted previously, ICCR shareholder resolutions are drafted by Bruce Freed, president of the George Soros-funded Center for Political Accountability (CPA). Both Freed and ICCR boast huge successes for their resolutions, assertions that rely on extremely fuzzy methodology that excludes abstention votes. (more…)

Astute Acton readers more than likely are aware already that U.S. Sen. Dick Durbin (D-Ill.) has fired another salvo in the ongoing battle to silence conservative voices. Durbin joins our progressive friends in the Interfaith Center on Corporate Responsibility and As You Sow – both involved in proxy shareholder resolutions that would force companies to disclose donations to nonprofits – in their attempts to declare lights-out on the American Legislative Exchange Council.

At issue for Durbin is ALEC’s draft legislation called the “Castle Doctrine Act,” based on Florida’s “Stand Your Ground” law. Apparently, Sen. Durbin doesn’t like either, in much the same fashion ICCR and AYS dislike ALEC’s stand on climate-change, genetically modified organisms, Citizens United  and “Castle Doctrine.”

In his letter sent last week to right-of-center and free-market think tanks across the country, Durbin demands “yes or no” answers. The numbered questions below are lifted directly from the Aug. 6 letter sent to the Center of the American Experiment in Minneapolis:

  1. Has Center of the American Experiment served as a member of ALEC or provided any funding to ALEC in 2013?
  2. Does Center of the American Experiment support the “stand your ground” legislation that was adopted as a national model and promoted by ALEC?
  3. (more…)

Finding solutions for feeding the world’s poorest is about as non-controversial a mission as you could imagine for someone pursuing a religious vocation. Yet, the investors belonging to the Interfaith Center for Corporate Responsibility put politicized science ahead of that mission in their opposition to genetically modified organisms (GMOs).

The ICCR’s approach to GMOs leans more toward anti-business political activism than any concern for producing plentiful crops that are resilient against pests, diseases and extreme weather events such as drought or excessive precipitation, which, in turn, would benefit those endeavoring to provide inexpensive foodstuffs to the economically and ecologically disadvantaged.

Judging from ICCR proxy shareholder literature, feeding more people less expensively is secondary to a politicized agenda. This from the ICCR’s “The Right Solutions to Hunger:”

“In recent years, several weeds have built up resistance to the herbicides used on GE [genetically engineered] crops, driving the use of more, and multiple industrialized herbicides to kill them. Who is looking long-term, for the protection of the consumer and the food system and who will bear the risk?” asked Margaret Weber of the Congregation of St. Basil. “These issues are critical and it is apparent that the regulatory system is not adequately addressing them,” she continued.

And this: (more…)

It often comes to light over matters of disagreement that one side attempts to shut down the debate by emulating Ring Lardner’s father in The Young Immigrants: “’Shut up,’ he explained.” Of course, this isn’t at all a real explanation, but it sure does slam the door on any further discussion.

This disingenuous tactic is witnessed again and again in the climate-change debate. Most notably it appears in the tactics of those who believe the science is settled, a scientific consensus exists and global warming indeed poses a serious catastrophic threat to our planet – as evidenced by a March 7, 2013, webinar conducted by As You Sow for proxy shareholder resolutions.

As You Sow – which says 18 percent of its members are faith-based organizations – seeks to prompt corporate boards in which it owns stock to adopt its view of climate change. One method to achieve this goal is shutting down the debate completely. As noted in its 2013 “Proxy Preview,” AYS and a “very broad coalition of investors is continuing a vigorous initiative to make companies be more transparent about how they spend corporate treasury money on political campaigns and lobbying.” (more…)

King Louis XIV censored Moliere’s 1664 play Tartuffe after determining audience members might too easily confuse the titular priest’s hypocritical nature with every priest in real life. According to the king, some priests’ “true devotion leads on the path to heaven,” while others’ “vain ostentation of some good works does not prevent from committing some bad ones.”

The king’s judgment in many ways also describes individuals who pursue their religious vocations while simultaneously championing secular causes such as proxy shareholder resolutions. This leads to more of the same kind of confusion that King Louie was worried about. Coming from the other direction, groups that recruit nuns, priests, and other religious and clergy to promote these resolutions under the pseudo-spiritual guise of “corporate social responsibility” and “social justice” aren’t being clear about intended objectives. The aim of all this is not salvation of the soul, but political organizing.

While Tartuffe deceived his hosts’ willfully, those proxy shareholders who belong to religious orders may or may not be unwittingly promoting such secular resolutions as, for example, bans on hydraulic fracturing that have nothing to do with their vows. As for the secular groups who join them, could it be possible they even more resemble Moliere’s priest by seeking grace on the cheap when they deploy religious, nuns and clergy to assist in the promotion of proxy resolutions?

And at what point do these faithful cease advocacy of spiritual matters and become mere secular activists?
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