2021 Shareholder Impact Review:
Changing Corporations for Good
As You Sow® conducted 188 corporate engagements in the 2021 proxy season. It is with immense gratitude to YOU – share authorizers, donors, supporters, colleagues, and community – that we offer this summary. Thank you for participating in creating this impact. The credit for these successes is yours.
THE NUMBERS. In total, the As You Sow team led 188 engagements with 142 companies across 12 program areas. A total of 86 of these engagements were escalated, and shareholder resolutions were filed on behalf of 181 shareholders. We successfully withdrew 48 resolutions in instances where companies agreed to take requested actions; 21 proposals went to a vote, earning an average support of 43.3%, with five majority votes. A total of $1.67 trillion of share value was voted in support of our resolutions. Companies filed 30 SEC challenges, with only 10 omitted.
Our 188 engagements addressed the following issue areas: climate change (81); diversity, equity, and inclusion (46); ocean plastics, single use plastics, and recyclability (21); pesticides (7); racial justice (6); political spending (5); antibiotics misuse and overuse in factory farming (5); petrochemicals (5); governance (4); PFAS reduction or elimination (4); CEO pay and wage equity (3); and water use (1).
VOTED RESOLUTIONS
Click selected companies in green for additional highlights.
VOTED RESOLUTIONS: SELECTED HIGHLIGHTS
38.9% in favor Disclosure on plans and policies aligned with achieving racial equality
35.5% in favorSustainable packaging policies for plastic
59.7% in favorIncrease disclosure of material corporate diversity, equity, and inclusion data
Increase disclosure of material corporate diversity, equity, and inclusion data - 27.1% total shareholder vote in favor (Note: 53.5% of independent shareholders voted in favor.)
56.5% in favor Report on company's climate transition plan37.5% in favorProvide annual advisory vote on company’s carbon reduction policies
33.9% in favorIncrease disclosure of material corporate diversity, equity, and inclusion data48% in favorDisclose the company’s climate policies, performance, and improvement targets responsive to the Net Zero Benchmark, including Net Zero GHG emissions reduction goals
41.4% in favorIncrease disclosure of material corporate diversity, equity, and inclusion data
47.8% in favorRequest to issue an audited report on IEA Net Zero scenario and outline financial impacts
81.2% in favor Report on plastic pellet pollution and improved handling standards (Note: This is the highest shareholder vote ever on an environmental resolution opposed by company management.)
48.9% in favor Request to issue an audited report on IEA Net Zero scenario and outline financial impacts
19.5% in favorReport on problematic media content management (Note: 63.2% of independent shareholders voted in favor.)
98% in favor Disclose company’s progress toward meeting Net Zero GHG emissions reduction indicator for scope 1-3 emissions by 2050 (or sooner) (Note: This is the first ever As You Sow resolution not opposed by management.)
16.3% in favorDisclose progress toward meeting the CA100+ Executive Remuneration Indicator linking executive compensation to success in meeting company GHG reduction goals
45.6% in favor Report on plastic pollution and plastic reduction policies
7.0% in favorAmend bylaws to require an annual advisory report on scale and pace of company's carbon reduction policies and alignment with Net Zero benchmarks
37.5% in favor Report on how company’s climate lobbying aligns with the Paris Climate Agreement’s 1.5oC goal
81.4% in favorIncrease disclosure of material corporate diversity, equity, and inclusion data
33.7% in favorIncrease disclosure of material corporate diversity, equity, and inclusion data
12.7% in favorReport on whether and how starting pay aligns with company’s racial justice goals and commitments (Note: 22.8% of independent shareholders voted in favor.)
RESOLUTIONS WITHDRAWN WITH AGREEMENT
Click selected companies in green for additional highlights.
RESOLUTIONS WITHDRAWN WITH AGREEMENT: SELECTED HIGHLIGHTS
Allstate agreed to increase disclosures in its 2021 sustainability report by releasing a consolidated EEO-1 report, its three-year DEI strategy to address workplace equity, and a report on progress in building board diversity.
AT&T agreed to make changes to its political engagement policy and political engagement report to acknowledge and clarify that it takes both business and social issues into consideration when it makes political contributions and to include a statement that it reserves the right to discontinue the support of any contribution recipient.
ADP agreed to set an ambition to reach Net Zero GHG emissions (Scopes 1, 2, and 3) by 2050 or sooner, set shortand medium-term interim targets in line with the 1.5oC scenario, and annually report on progress to meet those reduction goals.
Bank of America announced a target to achieve Net Zero financed emissions by 2050 and committed to work with As You Sow as it considers interim target levels.
Booking agreed to collect and publish diversity data, including gender, race, and ethnicity, in its 2022 sustainability report and publish its global gender promotion data in 2023.
Campbell’s agreed to release its EEO1, recruitment and retention data by gender, race and ethnicity by 2024.
CarMax committed to announce new short and long-term GHG Scope 1 and 2 targets and plans for achieving those targets. CarMax will also disclose plans to evaluate its Scope 3 emissions.
Church & Dwight agreed to ensure competitive reproductive health rights benefits and to address employees’ concerns regarding reproductive health issues.
Cintas agreed to reach net zero scope 1, 2, and 3 emissions by 2050 or sooner, set medium term (2026-2035) targets for scope 1 and 2 emissions in line with the net zero goal, and require corporate suppliers to report to Cintas scope 3 emissions.
Citigroup committed to announce a new target to achieve Net Zero financed emissions by 2050 and to report annually on its progress.
Conagra committed to report goals for reducing pesticide risk in its supply chains by the end of 2021 and agreed to add language to its website explaining existing sustainable agriculture programs.
CVS Health agreed to annually report progress against its five-year social justice and equity commitments in its Corporate Social Responsibility report and its new Strategic Diversity Management Report and disclose inclusion factors by gender in its 2023 reports.
Dine Brands agreed to annually publish an update to its website to include the percentage of animals in each meat category raised without use of medically important antibiotics and to engage in ongoing dialogues with suppliers to reduce the use of medically important antibiotics in each of its meat supply chains.
Dollar General committed to waive co-pays for tele-health visits under its tele-health program for all employees currently eligible for this program, including full-time and part-time employees.
Dominion published a report regarding its electrification processes in response to our proposal.
Dow agreed to enhance its disclosures responsive to our resolution, including enhancing the Task Force on Climate Related Financial Disclosures, a discussion of human health and pollution risks associated with petrochemical operations and unplanned emission releases, and to work with us to address concerns regarding its petrochemical assets.
DTE agreed to work with As You Sow to address concerns regarding natural gas use and the possibility of supporting electrification.
Eastman Chemical agreed to initiate public pellet spill reporting in the company’s 2021 Sustainability Report, which it plans to post in fourth quarter 2021.
Foot Locker will release an impact report on ESG and DEI disclosure in Q1 2022 and is funding a large-scale initiative for the Black community.
Goldman Sachs announced a commitment to align its financing activities with a Net Zero pathway by 2050 and has committed to work with As You Sow on next steps for measuring and disclosing its progress.
JP Morgan committed to providing enhanced disclosures on its financed emissions and methodologies for measuring GHG emissions.
Keurig Dr. Pepper agreed to set a virgin plastics use reduction target of 25% by 2025. It plans to achieve its goal through increased use of recycled content, redesign of packaging, and exploration of reuse models.
McDonald's announced a commitment to phase out PFAS from all food packaging by 2025 and also agreed to share a process by which it will continue to monitor risk related to chemicals in food packaging going forward. We will continue to engage with the company on chemical risk management and disclosure.
Microsoft has agreed to begin reporting employee retention and hiring data by race and gender as part of its workforce demographics disclosures.
Mondelēz agreed to set a virgin plastics use reduction target for 2025 that will deliver at least an absolute 25% reduction in virgin plastic use in its rigid plastic packaging portfolio.
Monster agreed to disclose data on its workforce and directors by gender, race, and ethnicity and will begin collecting broader data on recruitment, retention, and promotion rates based on race and ethnicity. It further committed to elect a board member from an underrepresented community and incorporate racial justice and DEI education and trainings into its corporate framework by June 30, 2022.
Paychex agreed to set an ambition to reach Net Zero Scope 1, 2, and 3 emissions by 2050 or sooner, set shortand medium-term interim targets in line with the 1.5oC scenario, and annually report on progress to meet these reduction goals.
Pepsi plans to announce additional incremental goals, including a time-bound goal specific to absolute reduction of virgin fossil-fuel based plastic across its business units in late 2021, expanding its existing plastic use reduction efforts.
Public Storage committed to evaluate the adoption of new targets to address its emissions and energy usage as well as to engage with the Science-Based Targets Initiative as it begins to explore pathways toward Paris Agreement alignment. It has also committed to continued dialogue and improved disclosure on these topics.
Southern agreed to work with As You Sow over the coming year to evaluate methodologies for estimating upstream emissions from natural gas with the aim of enhancing its disclosures.
Target will disclose a quantitative plastic elimination target for its own brand packaging to be published in its 2021 Corporate Responsibility Report. Target’s first progress report is expected to be published in third quarter 2022.