2023 Shareholder Impact Review:
Changing Corporations for Good
As You Sow® conducted 210 corporate engagements in the 2023 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 210 engagements with 169 companies across 11 issue areas. In proxy year 2023, a total of 111 of these engagements were escalated, and shareholder resolutions were filed on behalf of 73 shareholders. We successfully withdrew 51 resolutions in instances where companies agreed to take requested actions; 48 resolutions went to a vote and received an average support of 23%. A total of almost $2 trillion of share value was voted in support of our resolutions. Companies challenged eight resolutions at the SEC; we won six of those challenges with only two resolutions being omitted.
Our 210 engagements addressed a range of issues: climate change (81); diversity, equity, and inclusion (43); racial justice (28); governance (13); ocean plastics, single use plastics, and recyclability (11); retirement plan climate risk (10); sexual and reproductive health (7); petrochemicals (6); water use (5); environmental health, including antibiotics in factory farming, pesticides, and PFAs(4); and political spending (2).
VOTED RESOLUTIONS
As You Sow works with shareholders in several capacities. As You Sow files resolutions and represents shareholders for the majority of the resolutions listed here. In other instances, As You Sow acts as a representative to move resolutions filed directly by shareholders. Resolutions on which As You Sow acted only as a representative are designated with an asterisk (*).
Click selected companies in green for additional highlights.
VOTED RESOLUTIONS: SELECTED HIGHLIGHTS
As You Sow works with shareholders in several capacities. As You Sow files resolutions and represents shareholders for the majority of the resolutions listed here. In other instances, As You Sow acts as a representative to move resolutions filed directly by shareholders. Resolutions on which As You Sow acted only as a representative are designated with an asterisk (*).
15.1% in favor Report on congruence of stated company values with political, lobbying, and electioneering expenditures.
32.3% in favor Report on reducing use of plastic packaging – 39.1% of independent shareholders voted in favor (32.3% of total shareholders voted in favor).
28.5% in favor Report on climate transition plan to align financing activities with 2030 GHG targets.
22.8% in favor Report on the company’s plan to measure, disclose, and reduce GHG emissions from underwriting, insuring, and investment activities in alignment with Net Zero – 42.8% of independent shareholders voted in favor (22.8% of total shareholder vote in favor).
20.9% in favor Report on effectiveness of the company’s DEI efforts – 41.9% of independent shareholders voted in favor (20.9% of total shareholders voted in favor).
21.7% in favorReport on measures the company is taking to end use of medically important antibiotics in its beef and pork supply chains. This is a late 2022 resolution that was voted on in November 2022.
8.8% in favorReport on aligning retirement plan options with the company’s climate goals. This is a late 2022 resolution that was voted on in December 2022.
18.3% in favor Disclose full range of Scope 3 emissions and set Paris-aligned, 1.5°C targets across the company’s full value chain emissions, including short, medium, and long-term targets.
18.3% in favor Report and address impact of asset transfers on the company’s emissions targets.
33.3% in favorAdopt and disclose non-interference policy upholding employees’ right to freedom of association and collective bargaining.
28.9% in favorDisclose 1.5°C-aligned medium and long-term GHG targets for underwriting, insuring, and investment activities.
13.1% in favorReport risks to the company from state restrictions on reproductive rights and describe any planned corporate response to mitigate risks.
6.2% in favor Report how the company is protecting younger retirement plan beneficiaries from climate risk associated with the company’s default retirement options.
15.1% in favorDisclose plan linking executive compensation to 1.5°C-aligned GHG emissions across the company's value chain, including Scope 1, 2, and 3 GHG emissions.
32.6% in favorAdopt and disclose non-interference policy upholding employees’ right to freedom of association and collective bargaining. As You Sow worked with and represented Amalgamated Bank on this resolution.
30.2% in favor Report how a significant reduction in virgin plastic demand from ocean pollution response would affect the company's financial position and assumptions underlying financial statements.
medium, and long-term targets.18.3% in favor Report, using quantitative metrics, on effectiveness of the company's DEI efforts, including hiring, retention, and promotion of employees.
25.3% in favorReport how a significant reduction in virgin plastic demand from ocean pollution response would affect the company's financial position and assumptions underlying financial statements.
<18.4% in favor Report and address impact of asset transfers on the company’s emissions targets.
29.9% in favor Report on climate transition plan to align financing activities with 2030 GHG targets.
35.4% in favorReport on climate transition plan to align financing activities with 2030 GHG targets.
32.1% in favorReport on congruence of stated company values with political, lobbying, and electioneering expenditures.
25.5% in favor Report how the company intends to reduce its GHG emissions in alignment with the Paris Agreement's 1.5°C goal requiring Net Zero emissions by 2050. This is a late 2022 resolution that was voted on in November 2022.
31.8% in favor Report how the company can reduce plastics use in alignment with global goals.
35.4% in favor Disclose how the company intends to reduce its full value chain GHG emissions in alignment with the 1.5°C goal requiring Net Zero emissions by 2050.
7.2% in favor Report why methods to control dissemination of hate speech, disinformation, and content that incites violence and public harm are ineffective – 23.7% independent shareholders voted in favor (7.2% of total shareholder vote in favor).
11.2% in favor Report on aligning retirement plan options with the company’s climate goals. This is a late 2022 resolution that was voted on in November 2022.
20.7% in favor Undertake racial equity audit analyzing effectiveness of the company’s DEI policies and practices.
29.8% in favor Report how the company intends to reduce its full value chain GHG emissions in alignment with the global 1.5°C goal requiring Net Zero emissions by 2050.
8.8% in favor Report how the company is protecting younger retirement plan beneficiaries from climate risk associated with the company’s default retirement options.
16.1% in favor Report risks to the company from state restrictions on reproductive rights; describe any planned corporate response to mitigate risks. As You Sow worked with and represented Amalgamated Bank on this resolution.
34.7% in favor Board issue short and long-term Scope 1, 2, and 3 GHG reduction targets aligned with the Paris Agreement's 1.5°C goal requiring Net Zero emissions by 2050. As You Sow worked with and represented Amalgamated Bank on this resolution.
37.8% in favor Report how the company intends to reduce its full value chain GHG emissions in alignment with the Paris Agreement's 1.5°C goal requiring Net Zero emissions by 2050.
36.8% in favor Describe how the company can reduce its plastics use in alignment with global plastics goals and reduce its contribution to ocean pollution.
13% in favor Adopt and disclose non-interference policy upholding employees’ right to freedom of association and collective bargaining. As You Sow worked with and represented Amalgamated Bank on this resolution.
19.8% in favor Issue short and long-term targets aligned with the Paris Agreement's 1.5°C goal requiring Net Zero emissions by 2050 for the full range of the company’s Scope 3 value chain GHG emissions.
Floor Vote Slavery and child labor in supply chain. CEO Elon Musk made a verbal commitment at the AGM to conduct a third-party audit of their materials sourcing.
37.8% in favor Report the impact of the use of mandatory arbitration on the company's brand, employees, and workplace culture – 66.4% of independent shareholders voted in favor (37.8% of total shareholder vote in favor). This is a late 2022 resolution that was voted on in August 2022.
35.4% in favor Report ongoing water risk exposure, and all policies and practices to reduce this risk, from siting of facilities to preparing for water supply reductions associated with climate change – 63.7% of independent shareholders voted in favor (35.4% of total shareholder vote in favor). This is a late 2022 resolution that was voted on in August 2022.
25% in favor Report effectiveness of the company's DEI efforts, using quantitative metrics, for hiring, retention, and promotion of employees.
31.1% in favor Report on climate transition planning.
9.5% in favor Report how the company could shift its plastic resin business model from virgin to recycled polymer production as a means of reducing plastic pollution of the oceans – 41.3% of independent shareholders voted in favor (9.5% of total shareholder vote in favor).
36.9% in favor Report how the company will reduce its plastics use by shifting away from single-use packaging to feasibly reduce ocean pollution.
RESOLUTIONS WITHDRAWN IN AGREEMENT
As You Sow works with shareholders in several capacities. As You Sow files resolutions and represents shareholders for the majority of the resolutions listed here. In other instances, As You Sow acts as a representative to move resolutions filed directly by shareholders. Resolutions on which As You Sow acted only as a representative are designated with an asterisk (*).
Click selected companies in green for additional highlights.
RESOLUTIONS WITHDRAWN WITH AGREEMENT: SELECTED HIGHLIGHTS
As You Sow works with shareholders in several capacities. As You Sow filesresolutions and represents shareholders for the majority of the resolutions listed here. In other instances, As You Sow acts as a representative to move resolutions filed directly by shareholders. Resolutions on which As You Sow acted only as a representative are designated with an asterisk (*).
Albertsons agreed to disclose its EEO-1 report no later than September 1, 2024. The company also agreed to disclose its hiring and promotion data by gender and EEO-1 racial categories no later than September 1, 2025. As You Sow worked with and represented Amalgamated Bank on this resolution.
Ameren agreed to publish a study prior to its 2024 annual general meeting assessing the feasibility and impact of establishing Scope 3 GHG reduction targets.
Ameren committed to prepare and publish a natural gas price volatility analysis for its Missouri territory and publish modeling and analysis for various clean energy scenarios.
AT&T committed to annually report the alignment of votes made by recipients of the company’s political contributions with its reported Political and ESG Priorities. Reporting will begin in 2023, analyzing the previous year’s contributions, and continue until 2026.
Bank of America agreed to augment existing disclosures and begin to release hiring and retention/turnover rates of its employees along all gender, race, and ethnicity categories established by the EEOC. The company agreed to release this data before or during 2025.
Bank of New York Mellon agreed to release hiring and retention rate data by gender, race, and ethnicity categories established by the EEOC. The company agreed to release these data during or before 2024.
Baxter International agreed to release at least two of the three inclusion rates linked to the performance of its DEI efforts by gender, race, and ethnicity categories established by the EEOC in 2025.
Biogen agreed to release hiring and retention rate data by gender, race, and ethnicity categories established by the EEOC by 2025.
CarMax agreed to provide additional information regarding its purchase and use of carbon offsets to meet its 2025 emissions reduction targets.
Charter Communications agreed to share inclusion data by gender, race, and ethnicity categories established by the EEOC during or before 2024.
Cheesecake Factory agreed to eliminate deforestation from its supply chains by 2025, report on deforestation-related reduction efforts, and expand reporting for primary deforestation-linked goods.
Choice Hotels International agreed that in 2023 it will join the SBTi and disclose its Scope 1 and 2 emissions, as well as disclose progress toward determining its Scope 3 emissions baseline.
CVS agreed to add language from the Silenced No More Act to its employment and post-employment contracts, to add a provision to its employee arbitration agreement that allows for employee disclosure of harassment or discrimination allegations, and to continue Ethics Line quarterly reporting for harassment and discrimination. As You Sow worked with and represented Amalgamated Bank on this resolution.
Deere committed to work with As You Sow and Domini over the next 24 months to develop a robust climate transition plan for its 2030 climate targets.
Dollar Tree committed to announcing an ambition to achieve Net Zero emissions by 2050 and set 1.5°C-aligned near-term targets to reduce its Scope 1, 2, and 3 GHG emissions.
eBay agreed to release hiring, retention, and promotion rate data by gender, race, and ethnicity using categories established by the EEOC and release this data in 2025.
Electronic Arts committed to release at least two of the three inclusion rates linked to the performance of DEI efforts by gender, race, and ethnicity using categories established by the EEOC in 2025. As You Sow worked with and represented Amalgamated Bank on this resolution.
Estee Lauder agreed to release its hiring and retention rates linked to the performance of its DEI efforts by gender, race, and ethnicity using categories established by the EEOC by the end of 2025. As You Sow worked with and represented Amalgamated Bank on this resolution.
Ford committed to releasing at least two of the three inclusion rates linked to the performance of its DEI efforts by gender, race, and ethnicity categories established by the EEOC in 2025.
Freeport-McMoRan agreed to adopt a Scope 3 GHG reduction goal aligned with 1.5°C on or before December 2024. The goal can incorporate a copper Sectoral Decarbonization Approach per the Science Based Targets initiative guidance.
Global Payments agreed to publish, on the company’s public website, information in key areas such as recruitment rates, retention rates, explicit diversity rates, and external actions on racial justice and release its EEO-1 Report by December 15, 2023.
Hain Celestial agreed to begin incorporating the topic of water risk mitigation into its direct supplier engagement program during calendar year 2023. The company will also publicly report on its water risk mitigation efforts and to consult with As You Sow in advance regarding the substance of these disclosures. This is a late 2022 resolution that was withdrawn in September 2022.
Honeywell committed to release at least two of the three inclusion rates linked to the performance of its capital management program by gender, race, and ethnicity categories established by the EEOC. The company agreed to release these data during or before 2025.
Linde announced that it will monitor its Scope 3 emissions, verify Scope 3 methodologies, engage with supply chain partners, and identify Scope 3 reduction opportunities by 2024 and publicly disclose a Scope 3 emission reduction target by December 2026 at the latest.
Mastercard committed to annually review its political engagement and lobbying expenditures and their alignment with company values and goals. The company also agreed to supplement its expenditure disclosures for U.S. trade associations with a statement about the specific value to the company of participating in each association.
McDonald's committed to publish a report in 2024 evaluating opportunities for McDonald's to expand use of reusable packaging. The report will identify possible new actions and potential goal frameworks on reusables, informed by Breaking the Plastic Wave’s System Change Scenario, whereby businesses must decrease plastic use by at least one third to effectively achieve an 80% reduction in plastic pollution by 2040.
Mueller committed to publishing, before the end of 2024, long and short-term Scope 1 and 2 targets, as well as a sustainability report disclosing Scope 1, 2, and 3 absolute emissions and steps to achieve climate commitments.
Olympic Steel agreed to measure and disclose its Scope 1 and 2 emissions and to continue working to quantify and disclose its Scope 3 emissions.
Papa John’s agreed that by June 2024, it will assess and disclose its deforestation risk exposure and make a time-bound, public commitment to sourcing all relevant forest-risk commodities from suppliers that maintain deforestation-free supply chains. The company also committed to disclose its Scope 1 and 2 emissions by April 2023.
Philip Morris agreed to release hiring, retention, and promotion rate data by gender, race, and ethnicity, using categories established by the EEOC, during or before 2025.
Post Holdings agreed to engage its global supply chain to promote pesticide reductions and increase transparency, disclose management of pesticides on owned farms and within supply chain, track pesticide application volumes, refine supplier survey questions, and conduct a benchmarking review of key agricultural suppliers on pesticide commitments to enhance oversight of pesticides.
Raytheon Technologies agreed to release promotion and hiring rate data by gender, race, and ethnicity, using categories established by the EEOC, before December 2025.
Ryerson Holdings agreed to request emission data from its emission suppliers and to develop actions and pathways to achieve the company's Scope 1 and 2 emissions reduction goals.
Simon Property Group agreed to release hiring, retention, and promotion rate data by gender, race, and ethnicity, using categories established by the EEOC, during or before 2025.
Southern Company agreed to release hiring and retention rate data by gender, race, and ethnicity, using categories established by the EEOC, before or during 2025.
T-Mobile agreed to release at least two of the three inclusion rates linked to the performance of its DEI efforts by gender, race, and ethnicity, using categories established by the EEOC, in 2025.
Target agreed to release at least two of the three inclusion rates linked to the performance of its capital management program by gender, race, and ethnicity categories established by the EEOC before or during 2025.
Texas Instruments agreed to release hiring and retention rate data by gender, race, and ethnicity, using categories established by the EEOC, before or during 2025.
Texas Roadhouse agreed to disclose the geographic origin of its beef supply and committed to further evaluate its supply chain deforestation exposure and consider additional deforestation commitments in 2023.
Thermo Fisher Scientific agreed to release hiring and promotion rate data by gender, race, and ethnicity, using categories established by the EEOC, before or during before 2025.
Victoria’s Secret agreed to release hiring, retention, and promotion rate data by gender, race, and ethnicity, using categories established by the EEOC, before or during 2024. As You Sow worked with and represented Amalgamated Bank on this resolution.