Trillium’s Statement on Department of Labor Interpretive Bulletin Regarding Shareholder Rights

December 29, 2016 // Boston, MA – Yesterday, the Department of Labor (DOL) issued Interpretive Bulletin 2016-1 on Shareholder Rights, recognizing the importance of proxy voting and fiduciaries engaging portfolio companies on environmental, social, and governance (ESG) matters.
The Department emphasized that “proxies should be voted” and that shareholder engagement on “the nature of long-term business plans including plans on climate change preparedness and sustainability”, “diversity”, and “policies and practices to address environmental or social factors that have an impact on shareholder value” are appropriate.
In response, Trillium Asset Management’s Director of Shareholder Advocacy, Jonas Kron released the following statement:
“Yesterday’s action by the Department of Labor gives further support to the validity, significance, and productivity of fiduciaries exercising shareholder rights and engaging portfolio companies on ESG matters. It recognizes the reality that investors representing trillions of dollars are increasingly engaging portfolio companies on ESG issues.”
“For decades Trillium has engaged companies, where appropriate, on ESG issues with an eye towards the positive impact that it has for our clients, the companies, and our economy. Trillium action has led companies to set climate change goals, add women to their boards, improve workforce diversity, and many other developments that have positive financial, environmental, and social impacts for companies, their stakeholders, and our clients (https://archive.trilliuminvest.com/approach-to-sri/advocacy-policy/).”
Contact: Caroline White, 617-532-6680, cwhite@trilliuminvest.com

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Founded in 1982, Trillium Asset Management is the oldest independent investment advisor focused exclusively on sustainable and responsible investing. Trillium manages assets for clients including individuals, foundations, endowments, religious institutions, and other non-profits. To learn more, please visit www.trilliuminvest.com.