ESG Proxy Vote Alerts
Lobbying – Externalized Costs – Plastics Pollution
Below are key votes for the week of May 8-13.
Lobbying Disclosure and ”Dark Money”
Corporations spend millions on lobbying every year and the full amount remains obscured if it travels through non-profit groups such as trade associations, which are deeply involved in creating public policy. Three dozen lobbying resolutions this year include one at Uber next week.
The resolution asks for a report on Uber’s policies and procedures about lobbying, both direct and indirect, and “grassroots” lobbying communications. The proposal seeks disclosure of all payment amounts and recipients; membership in and payments to any tax-exempt organization that writes and endorses model legislation (in practice, this applies only to the American Legislative Exchange Council); and to include lobbying efforts at the local, state and federal levels.
- Vote due date: Uber 5/8 (Sunday)
- Learn more: Secret Influence: Astroturfing Sways Public Policy
Externalized Costs
A new resolution argues that when corporations externalize the costs of their operations, they create systemic problems for society at large that institutional investors ultimately pay. A resolution at 3M concerns the company’s environmental impacts, one at Tractor Supply focuses on gender and racial inequality, and another at CVS asks about health impacts from the company’s food, candy and beverage sales.
These resolutions want companies to explain how their externalized costs affect financial markets and shareholders who depend on a stable and productive economy.
- Vote due date: 3M 5/9, Tractor Supply 5/10, CVS 5/10
- Learn more: Cost Externalization: A Bad Trade for Diversified Shareholders
Plastic Pollution
Another example of externalized costs comes from plastics. Phillips 66 and other oil and gas producers are betting on expanded production, but pressure is growing to limit the single-use plastics which cause environmental harms to humans and ecosystems while contributing to more greenhouse gas emissions.
A plastic pollution resolution filed at several companies seeks a report on how companies could shift their plastic resin business models from virgin to recycled polymers, which could reduce ocean plastics pollution.
- Vote due date: Phillips 66, 5/10
- Learn more: Plastic Pollution - Holding Big Oil Accountable for Plastic Mismanagement
Reminder: The VOTING DEADLINE for all U.S. companies is midnight Eastern Time on the DAY BEFORE the AGM.
Look for our Proxy Vote Alerts every week. Have a great proxy season!