Perhaps nothing invigorates the left more than climate change and the exercise of free speech in the political arena – imagine their combined dyspepsia when these two issues converge. This is what is occurring with regrettable frequency as Walden Asset Management, Ceres and the Interfaith Council on Corporate Relations have joined a rogue’s gallery of progressive organizations issuing proxy shareholder resolutions urging a variety of companies to disassociate from the American Legislative Exchange Council.
On June 25, Ernst & Young issued a report titled “Key Developments of the 2013 Proxy Season.” The document states: “Shareholder influence in the boardroom is growing. Investors are using proxy voting and shareholder proposals to challenge a wide spectrum of corporate governance practices – from board diversity, to focus on environmental topics, to transparency around political spending.”
We know from previous reports these past few months that many religious investment groups have mounted the barricades of proxy investment activism to forward progressive causes. And their fingerprints smudge the resolutions submitted to businesses to further agendas far removed from spiritual faith whilst wedded to the latest causes celebre of the left, including eliminating corporate funding of ALEC. (more…)