DC District Court Upholds “Conflict Minerals Disclosure” Section of the Dodd Frank Act
Susan Baker, Vice President, Shareholder Advocacy and Corporate Engagement: July 2013 On July 23rd, the U.S. District Court for the District of Columbia ruled to uphold the implementing rules for Section 1502 of the Dodd-Frank Act, which relates to Conflict Minerals Disclosure. The Court also dismissed a lawsuit filed against the U.S. Securities and Exchange Commission (SEC) by the U.S. Chamber of Commerce, the National Association of Manufacturers, and the Business Roundtable; “[f]inding no problems with the SEC’s rulemaking and disagreeing that the ‘conflict minerals’ disclosure scheme transgresses the First Amendment, the Court concludes that Plaintiffs’ claims lack merit.” Section …
Dear Reader
Matthew W. Patksy, CFA, CEO As I sit down to write this column having just returned from South Africa, I am reminded of the key reason I entered the field of socially responsible investing over two decades ago. It was (and is) my deep belief that the capital markets could be leveraged for positive social and environmental impact. To that end, it is clear that the international divestment movement had dramatic impact on the South African economy and helped to bring down the government that had developed the system of apartheid. I traveled to South Africa as part of a …
Investors Call on Equipment Manufacturers to Cease Sourcing from Democratic Republic of the Congo
February 2, 2010 – Trillium Asset Management Corporation has joined a coalition of investors in calling on major electronics, medical device and automobile component manufactures, to ensure that the companies are not aiding conflict and human rights abuses by purchasing supplies from the Democratic Republic of the Congo (DRC). The investors, who represent almost $200 billion in assets, have issued a statement calling on companies to condemn the use of minerals whose trade promotes the conflict in the DRC and take immediate steps to ensure that these minerals are not used in their products. The Investor Statement calls on companies …
2008 Advocacy Review
For our 2008 advocacy efforts, we’re pleased to report a fair amount of progress — never as much as we’d like (we’d like superhero powers), but enough to confirm that shareholder activism remains a potent tool for change. Climate change. Our shareholder resolution at ConocoPhillips requesting a report on the environmental and social impacts of tar sands drilling won almost 28% of the vote, an impressive vote in this arena. Our resolution at Bank of America addressing its financing of coal-fired power plants and mountaintop coal removal was deemed inadmissible by the Securities and Exchange Commission (SEC), but we eventually …
Shareholder Proposal on Sudan Presented at JP Morgan Chase Stockholder Meeting
Statement at JP Morgan Chase Stockholder Meeting in Support of Resolution No. 10 Concerning Human Rights Policies May 20, 2008 Good morning, Mr. Chairman, Board of Directors & my fellow shareholders. I am presenting this proposal on behalf of Trillium Asset Management Corporation, the Calvert Group, Amnesty International and the General Board of Pensions and Health Benefits of the United Methodist Church. [The proposal received 7.5% support from fellow shareholders.] Resolution No. 10 calls for a report to shareowners discussing how our investment policies address or could address human rights issues, with a view toward adding appropriate policies and …
2008 Advocacy Priorities
For the 2007-2008 shareholder resolution season (which roughly parallels an academic year), Trillium Asset Management Corporation (“Trillium”) has filed 18 shareholder proposals addressing a wide range of environmental and social justice concerns. Thirteen resolutions on which we are acting as lead* filer are highlighted in this article. All the proposals we are involved in are posted on our web site. Among its Wall Street peers, Bank of America (BAC)‘s internal greenhouse gas (GHG) reduction goals look good upon a first read: the bank has pledged that emissions from its own offices by will decline 7 percent from 2004 levels by …
Putting China on the Spot for Sudan
Trillium Asset Management Corporation (“Trillium”) will be working with two nonprofit organizations this fall to keep up the economic pressure on the Government of Sudan (GoS). The “selective divestment” model – developed by the Sudan Divestment Task Force adopted by Trillium – focuses on companies in strategic sectors, whose tax payments or royalties provide major revenue for the GoS. The sectors include oil and gas, electric power, or telecommunications. The model involves engagement with companies before determining whether to divest, depending on whether the investor believes that on balance, the economic and social benefit they provide to all Sudan’s citizens …
Trillium Files Resolutions on Sudan Genocide
Trillium Asset Management Corporation Files Resolutions on the Sudan Genocide In December 2007, Trillium Asset Management Corporation (“Trillium”), working in coalition with human rights organizations and other socially responsible investment firms, filed shareholder resolutions with major banks and financial firms with the goal of engaging Wall Street to push Sudan to end the violence in Darfur and accept full deployment of U.N. peacekeepers. Trillium filed resolutions at JP Morgan, Morgan Stanley and Merrill Lynch. These Wall Street powerhouses are among the largest shareholders in the “Big 4” petroleum companies doing business in Sudan, whose royalties to the government have financed …
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