November 21, 2009
UTNE READER

Shareholders Unite!

The past year has seen unprecedented efforts by shareholders to hold their companies accountable

October 3, 2003 Issue
By Conrad MacKerron, GreenMoney Journal 
Article Tools
Print
Comments
RSS
Bookmark and Share

In the wake of massive corporate malfeasance during the past year, shareholders have stepped forward in unprecedented numbers to hold big business accountable.

RELATED CONTENT

Corporate governance scandals pushed irate shareholders to file a record 1,082 resolutions by the end of June with an unprecedented 130 of them receiving more than 50 percent support from shareholders, reports Conrad MacKerron in GreenMoney Journal. This advocacy boom marks a new era in corporate governance, in which greater numbers of stockholders than ever are demanding higher levels of social responsibility and accountability. "Investors stood up to be counted using their voice," said Tim Smith, president of the Social Investment Forum and senior vice-president at Walden Asset Management. They voted to press corporations "to be responsible leaders in the areas of corporate, social, and environmental responsibility."

Indeed, shareholder resolutions broke records on dozens of issues. For instance, 39 percent of YUM! Brands (KFC, Pizza Hut, Taco Bell) shareholders approved a a resolution requiring the company to explain how policy will ensure economic, social, and environmental sustainability; 32 percent of Chevron Texaco shareholders supported renewable energy alternatives; and 80.5 percent of Avon shareholders voted for a resolution strengthen corporate governance policies. It is extremely rare for any resolution to receive the support of more than 10 percent of shareholders unless it's supported by management.

Shareholders also boasted breakthroughs on social justice issues, board diversity, computer recycling, workplace diversity, and environmental justice -- in the process reshaping the advocacy landscape for many years to come.
-- Joel Stonington

Go there>> Shareholder Advocacy 2003: A Great Leap Forward

Related Links:

  • As You Sow Foundation
  • Shareholder Action Network
  • Interfaith Center on Corporate Responsibility

Related Links from the Utne Archive:

  • Shareholders Need to Share the Wealth ($$)

Café Utne: Discuss corporate social responsibility in the WorkMoney forum

Like this? Want more? Subscribe to Utne magazine

Bookmark and Share
RSS | Comments | E-mail | Print

Comments

Add Your Comment

We’d like to know what you think. To comment, please use this form. E-mail addresses are never displayed on comments, but they are required to confirm your comments. First time registrants: You will receive an email confirming your email address. Once you confirm, your comment will be posted. Questions about our comments policy? Click here.

Line breaks and paragraphs are automatically converted — no need to use <p> or <br> tags.

New to Utne Reader?
Sign up to share comments.
Asterisks(*) indicate required fields.
Name*
Your name appears next to your comment.

E-mail Address*
This will be your login ID.

City State Zip Code

Password*


Confirm Password*

Comments
1500 character limit (Offensive materials and/or spam will be removed, no HTML allowed)
Please Note: Your sign-up must be verified via e-mail before your comment is published.
FEATURED ARTICLES
MOST POPULAR


Pay Now & Save $6!
First Name: *
 Last Name: *
Address: *
 City: *
State/Province: *
 Zip/Postal Code:*
Country:
 Email:*
(* indicates a required item)
Canadian subs: 1 year, (includes postage & GST). Foreign subs: 1 year, . U.S. funds.
Canadian Subscribers - Click Here
Non US and Canadian Subscribers - Click Here
Want to gain a fresh perspective? Read stories that matter? Feel optimistic about the future? It's all here! Utne Reader offers provocative writing from diverse perspectives, insightful analysis of art and media, down-to-earth news and in-depth coverage of eye-opening issues that affect your life.

Save Even More Money By Paying NOW!

Pay now with a credit card and take advantage of our Earth-Friendly automatic renewal savings plan. You save an additional $6 and get 6 issues of Utne Reader for only $29.95 (USA only).

Or Bill Me Later and pay just $36 for 6 issues of Utne Reader!