Reining In Citizens United
Shelley Alpern At Trillium, we hold to the widely accepted belief that transparent and well-functioning democracies are not only the best and most desirable forms of governance, but also provide the best climates for investment. Hence our nervousness at the potential of Citizens United v. Federal Election Commission to weaken democracy by exacerbating the already-great advantage corporations have in speaking louder than the rest of us.When Citizens United was handed down in January, the punditocracy was ablaze overnight with schemes for stemming the flood of corporate spending that is widely expected to be unleashed. Pass a constitutional amendment. Require shareholder …
Dear Reader
Cheryl Smith, Ph.D., CFA, President For investors who seek out sustainability, cycles of birth, death, and rebirth are everywhere. The rapidly waning light as we approach the winter solstice calls to mind the Greek goddess Demeter and her daughter Persephone; Demeter’s sorrow at the loss of her daughter led to winter for the earth. However deep and dark and endless the winter seems, eventually Persephone’s return from Hades each year brings spring and renewal. We are accustomed to economic and market cycles, but the October 2007 – March 2009 stock market decline was the most wrenching in decades. Many people …
Shareholder Activists Win Important Victory at SEC
Jonas Kron What a difference a change in Administration makes. Champagne corks popped in the offices of socially concerned shareholders all throughout the land in October, when, with a few strokes of the pen, the Security and Exchange Commission (SEC) restored a necessary dose of common sense to the shareholder resolution process that lacking in the Bush years. To appreciate the change, a little background is necessary. When filers of shareholder resolutions send off a resolution to a company, said company will typically scrutinize it to see if it conforms to rules governing such proposals, rules that are enforced by …
What’s On Your Plate? Pressing Chipotle on Pesticides
Susan Baker Trillium Asset Management Corporation (“Trillium”) has been pressing restaurant chains to reduce the use of pesticides in their supply chains, continuing our research and advocacy on sustainable food and agriculture.1 Reducing pesticides is a logical step toward protecting the health of farm workers and consumers and minimizing soil and water contamination. The introduction of GMO seed has actually resulted an increase in pesticide use. Yet the restaurant industry has by and large failed to exercise its influence for good in this area. We think it is important for restaurants to get active to reduce pesticide use for a …
Trillium's 2010 Shareholder Resolutions At-A-Glance
Note: This list includes “lead filings,” where Trillium Asset Management Corporation heads up a coalition of shareholder advocates, and “co-filings,” in which we participate in filings led by others. In the table below, our lead filings are indicated in bold. Coal Ash FirstEnergy** Report on efforts to manage coal combustion waste Withdrawn In-person shareholder meetings Intel*,** Drop plans to conduct shareholder meetings exclusively online Withdrawn Environmental Health Coca Cola Report on Alternatives to Bisphenol-A 21.92% Environmental Justice Chevron Add environmental expert to Board of Directors 26.77% Equal Employment Opportunity PPG Disclose environmental impacts at community level 7.08% Equal Employment Opportunity …
The "Cleaner" Fossil Fuel? Not Quite Yet
Natural gas is widely recognized as the least environmentally damaging fossil fuel, one that will play a key role in bridging our transition to a greener energy future. Although reserves of conventional natural gas have been steadily decreasing in recent years, recent advances in the unconventional drilling technique known as hydraulic fracturing (or “hydrofraccing”) are unlocking vast reserves of previously unavailable natural gas. According to the Energy Information Administration of the Department of Energy, onshore unconventional production, which often requires hydrofraccing, has surpassed onshore conventional production and is expected to increase exponentially in the next two decades. But the process …
Institutional Investors Learn More About Trillium's Pioneering Work on Internet Freedom
RiskMetrics Group’s “Sustainability Risk Monitor” – widely read by the influential institutional investor community – used its cover story this month to give in depth coverage to Open MIC’s 2010 open and free Internet shareholder campaign. Open MIC, which Trillium founded, is coordinating proposals at AT&T, Verizon, Qwest, Comcast and many other companies in an effort to protect the free and open architecture of the Internet. This principle, also know as Network Neutrality, is critical for those who work for a more sustainable society. It helps preserve the Internet as a level playing field where individuals and groups can speak …
Big Victory for Shareholder Rights!
October 27, 2009 – This morning the Securities and Exchange Commission (SEC) announced a reversal in policy that will allow shareholders to resume filing resolutions that ask companies to discuss the risks associated with climate change, toxic chemicals, rising health care costs and other significant social and environmental policies issues. Under the Bush Administration, the “risk evaluation” exclusion severely cramped the ability of shareholders to hold corporations fully accountable for the financial, environmental and social implications of their policies in these high profile issue areas. Trillium Asset Management Corporation (“Trillium”) has been a leader in pushing the SEC on …
Trillium Announces Hiring of Matthew Patsky as its New CEO
Trillium Asset Management Corporation Announces Hiring of Matthew Patsky as its New CEO October 21, 2009 Boston, MA – The Board of Directors of Trillium Asset Management Corporation (“Trillium”) is pleased to announce that Matthew Patsky, CFA has joined the firm as its new Chief Executive Officer. Mr. Patsky has been actively involved in socially responsible investing (SRI) for his entire 25-year investment management career, and is a highly respected portfolio manager and business leader within the field. His selection is the culmination of a comprehensive executive search, to help Trillium carry forward the vision and legacy established by Joan …
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Clients have been asking us why we still own major banks in light of their tarnished reputation in the aftermath of the financial crisis. As emotionally satisfying as it might be to avoid the largest banks, we believe that they play an extremely important role in our economy. We would rather work for prudent bank and financial system regulation than avoid them completely. Last September, as housing prices fell and the value of billions of dollars of mortgage-related securities plummeted, the U.S. was at the brink of worldwide financial disaster. This is not hyperbole. Consumers, manufacturers, company executives, bankers, stock …
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