ESG Reporting Proposal at Middleby Receives Majority Vote
May 14, 2018 // Boston, MA: During The Middleby Corporation’s (NASDAQ: MIDD) recent annual meeting, shareholders sent a strong message to management when Trillium’s shareholder proposal on corporate sustainability reporting received a 57.2% vote.
The proposal asked Middleby to issue a report discussing its environmental, social, and governance (ESG) policies and performance, including a discussion of climate change management.
The link between strong sustainability management and value creation is increasingly evident. The University of Oxford and Arabesque Partners recently reviewed 200 studies on sustainability and corporate performance and concluded 90 percent of studies show “sound sustainability standards lower the cost of capital of companies” and 80 percent show “stock price performance of companies is positively influenced by good sustainability practices.”
Moreover, sustainability reporting allows investors to identify sources of risk and is a tool that helps to hold companies accountable for their social and environmental impacts.
This year’s majority vote sends a very strong signal to Middleby’s Board and management that its shareholders value disclosure related to its management of material environmental, social, and governance risks and opportunities.
For more information: Caroline White, Trillium Asset Management, 617-532-6680, cwhite[at]trilliuminvest.com
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