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Shareholder activism

Investors Urge FCC to Protect Net Neutrality

July 15, 2014 Open Mic, www.openmic.org , , ,
A group of investment firms and foundations with widely-diversified investment portfolios today called upon the Federal Communications Commission (FCC) to adopt network neutrality rules that would protect an open Internet. They recommended reclassification of broadband Internet service under Title II of the Communications Act, giving the FCC clear regulatory authority over the Internet network infrastructure that serves millions of individuals, entrepreneurs and established businesses throughout the U.S. Network neutrality is the principle that all Internet content and applications should be treated equally regardless of the source. It prohibits blocking and discrimination and bars Internet service providers from offering paid priority “fast lanes” for some content. “We believe open Internet policies help drive the economy, encourage innovation and reward investors,” the group said. The FCC filing highlighted the importance of network neutrality rules for start-up and technology companies as well as small and medium-sized businesses and companies that address critical needs such as healthcare, education and banking.

Uranium Mining Protesters At Cameco Shareholders Meeting

May 30, 2014 Wendy Winiewski, www.globalnews.ca , , , , ,
The agenda for Cameco’s annual general meeting took a turn Wednesday when a group of protesters showed up at Cameco’s head office. The focus shifted from updating shareholders on the financial future of the company to the ethics and environmental impact of uranium mining in northern Saskatchewan. The protest of about 25 people was organized by members of the English River First Nation but was attended by people from all over the province including Lumsden, Outlook, Standing Buffalo, Saskatoon and an outspoken woman from La Ronge. “All we will have done is increase the amount of radioactivity on the land,” said Kirsten Scansen, of La Ronge, Sask. “It’s making our food, our land base, our wild meats, our fish, our plants, our berries, making them more dangerous in our lives and decreasing our livelihood, decreasing our health, decreasing our well being.” The protesters biggest concerns are the radioactive tailings ponds left in the north and the high grade nuclear waste being disposed of.

Activists Swarm Lowe’s Shareholder Meeting, Demand End To Bee-Killing Pesticides

May 29, 2014 SumOfUs, www.SumOfUs.org , ,
On Friday May 30th, outside of Lowe’s Annual Shareholder Meeting, members of SumOfUs.org, joined by beekeepers from around the country, and a giant inflatable bee, will draw attention to the corporation’s continued sale of neonicotinoids, commonly known as neonics, a type of pesticides that has been linked to the collapse of bee populations worldwide. WHEN: Friday, May 30th. Protest and visuals start at 8:00am ET. Press conference and remarks at 9:00am ET. Lowe’s Shareholder Meeting starts at 10:00am ET. WHERE: 10000 Ballantyne Commons Pkwy, at the intersection of John J. Delaney Dr. Charlotte, NC 28277 Beekeepers outside join Lowe’s shareholders inside asking the corporation to remove bee-killing neonic pesticides from its shelves, and to promote alternative products that are not toxic to bees. More than 730,000 people have signed onto a petition from SumOfUs.org, urging Lowe’s and Home Depot to stop selling the bee-killing pesticides.

Meet Moms Who Crashed McDonald’s Shareholder Meeting

May 27, 2014 Yes! Editors, www.nationofchange.org , ,
Casey Hinds showed up at her first McDonald's annual shareholder meeting in Illinois Thursday—to crash it. For months, she and five other nutrition-blogger moms prepared to confront McDonald's executives about marketing strategies aimed at children, like the use of cartoons and celebrities. They're part of a nationwide network called #MomsNotLovinIt, organized by the nonprofit Corporate Accountability International (CAI) to curb the marketing of junk food to kids and the rise of diet-related disease. Hinds had never done anything like this, she told YES!, and she was nervous. Outside the meeting, hundreds of protesters had gathered for the second day in a row to demand better pay for low-wage McDonald's workers (138 people were arrested Wednesday for trespassing—and 101 of them were McDonald's workers). When Hinds and the other moms arrived inside the meeting, they found that, rather than being invited to approach the microphone with their concerns, this year they had to submit questions ahead of time to be screened by CEO Don Thompson. Only one of the six moms who prepared statements were invited to speak.

Merger Protests Greet Comcast’s Annual Shareholder Meeting

May 22, 2014 Hadas Kuznits, www.philadelphia.cbslocal.com , , , ,
Demonstrators gathered this morning outside Comcast Corporation’s annual shareholders’ meeting to show opposition to the company’s proposed merger with Time Warner Cable. Outside the Kimmel Center, Delara Derakhshani, policy counsel for Consumers Union, the advocacy arm of Consumer Reports, says a merger between the two media giants would result in worse customer service, higher prices, and fewer choices. “I would say that they’re sort of notorious for lousy customer service, and they’re just going to have less of an incentive, I think, to address customer needs,” she told KYW Newsradio. Meanwhile, Comcast spokesperson John Demming was on hand to read a written statement from Comcast: “The combination of Comcast and Time Warner Cable will bring significant benefits to consumers, including faster Internet speeds, net neutrality protection, a more reliable and more secure network, low-cost Internet access, and more diverse and independent programming to millions of Americans across the nation,” he read. But Steven Renderos, with the Center for Media Justice, doesn’t think the merger will help consumers at all. “All it really does is it puts Comcast in a position to have more power,” he said.

Arrests At Peabody’s Annual Shareholder Meeting

May 9, 2014 Students Against Peabody, www.vimeo.com , ,
"I am proud to stand with allies from Black Mesa and Rocky Branch against Peabody. Our campaign at WashU is not an isolated one; we stand together with communities all across the country to demand an end to Peabody’s violent and destructive practices. When we organize strategically as a united front, we all won." - Caroline Burney This morning, Wash U Senior, Caroline Burney, was arrested with 10 others outside of the Peabody Shareholders Meeting, demanding that Peabody cease its destruction of communities like Rocky Branch, IL and Black Mesa, AZ and stop subverting democracy in St. Louis. “THE PEOPLE, UNITED, WILL NEVER BE DEFEATED!” 11 people, including Student-Against-Peabody member Caroline Burney, were arrested today at Peabody’s annual shareholder meeting. Those arrested have been released. Resistance efforts from Black Mesa, Rocky Branch, and St. Louis were represented in the protest.

Bank Of America Protested Over Coal And Climate Finance

May 8, 2014 Rainforest Action Network, www.ran.org , ,
An international coalition of shareholders and community leaders from as far away as Bogota, Colombia, will testify to the grave impacts resulting from Bank of America’s financing of the coal industry at the bank’s Annual General Meeting today in Charlotte, North Carolina. Shareholders will also consider a resolution requesting the bank to report carbon emissions stemming from financing of carbon-intensive industries. Coal is the top contributor to greenhouse gas emissions (GHG) that cause climate change. The proposed resolution requests that Bank of America provide an assessment and report on its financing of GHG emissions. It was introduced by members of the Interfaith Center for Corporate Responsibility (ICCR) and endorsed by a coalition of institutional investors with nearly $35 billion in managed assets. “Coal is still a big problem for Bank of America, as it continues to finance billions of dollars each year to the dirtiest companies in the business,” said Ben Collins, Policy Campaigner for Rainforest Action Network. “Shareholders proposed a resolution that the bank come clean on its accounting-- and report the climate consequences of its financing decisions in the light of day.”

Protesters At Wells Fargo Annual Meeting Blast Predatory Lending

May 7, 2014 Patrick Danner, www.sfgate.com , ,
Struggling homeowners continue to encounter problems with Wells Fargo, said Josh Zinner, co-director of the New Economy Project, one of the three groups that filed the stockholder proposal. Those problems include lost paperwork, endless delays and wrongful denials on loan modifications. "We see these problems particularly in communities of color," Zinner said. Wells Fargo spokesman Ancel Martinez said the bank strongly disagrees. "We've worked tirelessly in the past few years to ensure homeowners remain in their homes (and) we are deeply invested in seeing their communities thrive," Martinez said. "Wells Fargo is in large part a part of the solution for peoples' financial needs." The stockholder proposal, which Wells Fargo opposed, was soundly defeated, with 83 percent of the votes cast against it. Roxanna Zamora, 49, of Whittier (Los Angeles County) told Stumpf she has breast and spine cancer and faces losing her house in foreclosure next month because Wells Fargo won't modify her loan. "If cancer doesn't kill me, Wells Fargo will," Zamora said.

Hundreds Protest During Duke Shareholder Meeting

May 3, 2014 Mitch Weiss, www.earthfirstjournal.org ,
Duke Energy’s chief executive on Thursday touted the company’s accomplishments over the past year, but some shareholders focused on a massive coal ash spill that coated 70-miles of a North Carolina River in toxic sludge. Outside Duke’s headquarters, where investors gathered for the annual shareholders meeting, about 200 protesters criticized the spill, and the way the $50 billion company has handled the coal ash issue. Duke has 14-coal fired plants with 33 ash pits spread across the state. The Rev. William Barber, president of the North Carolina chapter of the NAACP, told the protesters many of the pits are located in rural areas around minority communities. “Duke is trying to say they have made a mess and now the people have to clean it up. What we’re saying is they ought to clean it up,” Barber said. The shareholders meeting came nearly three months after the Feb. 2 spill that polluted the Dan River. Duke CEO Lynn Good told shareholders that the company had a profitable year, and was working hard to protect the environment. She said Duke had reduced emissions at its coal-fired plants.

The Promise Of Shareholder Activism?

April 19, 2014 Amanda Maull, www.mobilizingideas.wordpress.com
Recently, ExxonMobile made headline news for agreeing to shareholder requests for greater transparency regarding risks associated with its fossil fuel assets and shale gas activities. In late March, the company agreed to publish information about the risks that stricter limits on carbon emissions would have for its current portfolio and for future development of its deep-water oil reserves. This was quickly followed by a move to address growing concerns over the environmental impacts of fracking. In a major turnaround, ExxonMobile agreed to report how it manages risks associated with frackingsuch as those related to air quality and the use of water and chemicals. These concessions are the result of sustained mobilization by shareholder organizations including Arjuna Capital, a wealth management firm that focuses on sustainability, and As You Sow, an advocacy group for social corporate responsibility. Similarly, the electrical company, FirstEnergy recently agreed to release information about the effects of changing climate policy on its business model. These events signal that corporate actors increasingly view shareholder activist organizations as legitimate claims makers. It also points to new directions for social movement research.

Corporations Increasing Concern About Activists

November 26, 2013 David Gelles, www.dealbook.nytimes.com
“Companies now view the threat of shareholder activism similarly to how they viewed the threat of hostile takeovers in the 1980s,” said Gregg Feinstein, head of mergers and acquisitions at Houlihan Lokey. Until recently, many companies responded to activists by simply refusing to meet with them and hoping they would go away. “The bunker mentality that had been advised in some quarters is fading as an approach,” said James C. Woolery, deputy chairman at Cadwalader, Wickersham & Taft. “Today you need real substantive preparation and real engagement.” Now, with dozens of activist hedge funds pushing for change at companies large and small, executives, directors and advisers are scrambling to calibrate their defenses to this new and in many ways more challenging threat. “Activism is here to stay,” said Paul Verbinnen, co-founder of Sard Verbinnen, a public relations firm. “People are at a heightened state of readiness.”
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