As I reflect on my first two years as Trillium’s CEO, I am gratified by the support of our clients and proud of what our Trillium team has achieved. In particular, we are continuing to build on three key themes at the heart of our company: a commitment to employee empowerment, a focus on impact through advocacy, and a longterm goal of transforming capital markets. Let me give you a quick update in each of these areas. First, on employee empowerment. Our founder Joan Bavaria started Trillium with the belief that we should create a “work environment that encourages personal …

Over the past year, I have spent a lot of time traveling around the country meeting Trillium clients. It is a part of my job that I enjoy very much. You, our clients, have helped me understand what Trillium is doing well and what needs improvement. For over 25 years, Trillium and our clients have been successfully working with companies and communities to improve social and environmental outcomes. During that time, Trillium has consistently delivered competitive financial returns. We can’t do what we do without you, our clients. Thank you. For the past 13 years, Trillium has also had a …

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 …

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 …

by Cheryl Smith, Ph.D., CFA, President The first daffodils of spring just opened beside my house.  The sight of these spring flowers always engenders a spirit of newness, of freshness, and of hope after the excessively long New England winter. This year more than ever, I need that sign of hope. For at least 50 years, as transaction and trading costs have fallen, world financial markets have become increasingly focused on the short term, and the expectations for acceptable quarterly returns have moved ever higher.  Profit’s share of national income has reached new heights.  Over the past 15 years, the …