Trillium’s Shareholder Proposal with National Fuel Gas to Update Non-Discrimination Policy Receives 33.6% of Votes
March 20, 2014: During the last quarter of 2013 Trillium Asset Management (Trillium) filed a shareholder resolution with National Fuel Gas Company (NYSE: NFG) asking the company to include “gender identity or expression” in its written non-discrimination policy. It was the first time that Trillium filed this resolution with NFG. The Security and Exchange Commission requires that shareholder resolutions receive a minimum of 3% in the first year in order for shareholders to re-file the next year. Trillium’s resolution received 33.6% of shareholder votes – 11x the percentage needed to re-file. Trillium introduced the resolution at NFG’s annual meeting on …
Board Diversity – Cerner Corporation (2014)
WHEREAS: Cerner Corporation has one woman on its board of directors. Athenacare, a healthcare sector peer, has two women on its board. Baxter and Becton Dickinson, healthcare companies similar in size to our company have two women and three women on their boards, respectively. A 2012 report by the business-led Committee for Economic Development entitled Fulfilling the Promise: How More Women on Corporate Boards Would Make America and American Companies More Competitive notes that the percentage of women on all U.S. corporate boards has been below 13% for a decade; The National Association of Corporate Directors released a report in …
Apple Updates Charter of Nominating and Corporate Governance Committee to Clarify Diversity Commitment
Recently, Apple Inc. (NASDAQ: AAPL) updated its Nominating and Corporate Governance Committee Charter to include strong language on the importance of diversity in its candidate selection for the Board of Directors. The document makes clear that the committee actively seeks “highly qualified women and individuals from minority groups to include in the pool from which Board nominees are chosen.” The Sustainability Group of Loring, Wolcott & Coolidge and Trillium Asset Management engaged Apple on this subject and commend the company for this important step. With this move, Apple has further institutionalized its commitment to addressing gender and racial diversity at …
Gender Identity Non-Discrimination – National Fuel Gas (2014)
WHEREAS National Fuel Gas does not explicitly prohibit discrimination based on gender identity or gender expression in its written employment policy; According to the Human Rights Campaign, nearly seventy percent of the Fortune 100 and fifty percent of the Fortune 500 now prohibit discrimination based on gender identity or expression; We believe that corporations that prohibit discrimination on the basis of gender identity or expression have a competitive advantage in recruiting and retaining employees from the widest talent pool; According to an analysis of surveys conducted by the Williams Institute at the UCLA School of Law, sixteen to sixty eight …
Following Trillium’s Shareholder Engagement, Four Companies Update Non-Discrimination Policies
Directly following Trillium Asset Management’s (Trillium) corporate engagement in the autumn of 2012, Sealed Air (NYSE: SEE), Reinsurance Group of American (NYSE: RGA), W.W. Grainger (NYSE: GWW) and East West Bancorp* (NASDAQ: EWBC) updated their employment and non-discrimination policies to explicitly prohibit discrimination on the basis of sexual orientation and/or gender identity and expression. Trillium believes that companies and workers benefit from consistent, corporate-wide, efforts to prevent discrimination, ensuring a respectful and supportive atmosphere for all employees. “The success of our anti-discrimination engagements this fall is reflective of a shift in corporate America. Companies understand the importance of guaranteeing equal protection …
Board Diversity Policy – Lowe’s Companies, Inc. (2013)
BE IT RESOLVED: That the Board of Directors consistent with their fiduciary duties: 1.) Take every reasonable step to ensure that women are in the pool from which Board nominees are chosen; 2.) Publicly commit itself to a policy of Board inclusiveness to ensure that women are routinely sought as part of every Board search the company undertakes; 3.) Publish a report by November 2013, at reasonable expense and omitting proprietary information, on its efforts to encourage diversified representation, inclusive of gender, on its Board, and the manner in which the nominating committee or board of directors will assess the …
Gender Identity Non-Discrimination Policy – Amgen, Inc. (2013)
Whereas: Amgen does not explicitly prohibit discrimination based on gender identity in its written employment policy; Over 50% of Fortune 500 companies have adopted written nondiscrimination policies prohibiting harassment and discrimination on the basis of gender identity or expression, according to the Human Rights Campaign Foundation. We believe that corporations that prohibit discrimination on the basis of gender identity have a competitive advantage in recruiting and retaining employees from the widest talent pool. According to an analysis of surveys conducted by the Williams Institute at the UCLA School of Law, 16 to 68 percent of lesbian, gay, bisexual and transgender …
Board Diversity Policy – Hartford Financial Services (2013)
BE IT RESOLVED: That the Board of Directors consistent with their fiduciary duties: 1.) Take every reasonable step to ensure that women are in the pool from which Board nominees are chosen; 2.) Publicly commit itself to a policy of Board inclusiveness to ensure that women are routinely sought as part of every Board search the company undertakes; 3.) Publish a report by November 2013, at reasonable expense and omitting proprietary information, on its efforts to encourage diversified representation, inclusive of gender, on its Board, and the manner in which the nominating committee or board of directors will assess the …
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