After a disappointing response from Cisco Systems** Walden again co-filed a proposal asking the company to assess steps it could take to reduce the likelihood of complicity in human rights violations, including freedom of expression and privacy, in countries with poor human rights records. The shareholder vote is pending.
A first-time resolution to JPMorgan Chase** requested improvements on loan modification policies and oversight, including mortgages
serviced for others. It received 6 percent of the vote in favor, sufficient support to file again.
Climate Risk/Oil Sands
Walden co-filed a resolution with ExxonMobil** requesting the adoption of quantitative goals to reduce greenhouse gas emissions from its products and operations. Another proposal went to ConocoPhillips** requesting that the company study and report on the environmental impacts of the extraction of oil from oil sands. ConocoPhillips’ proposal received a robust vote of 28 percent and ExxonMobil results were also strong at 26.5 percent.
New resolutions were co-filed with General Mills** and Procter & Gamble** asking them to study the feasibility of an extended producer responsibility (EPR) policy for post-consumer product packaging. Votes are pending and dialogues are underway.
We co-led the filing of a new resolution at Sysco*, the largest U.S.-based food distributor, requesting that the company evaluate the risks of water scarcity in its agricultural supply chain. The annual meeting is in the fall.
Inclusive Non-Discrimination Policy
Proposals submitted to Ambassadors Group, eHealth, Nutraceutical, and Southside Bancshares were withdrawn with agreements to amend their equal employment opportunity policies to include sexual orientation explicitly.
To increase our impact Walden often joins others on collaborative efforts.
*In order, Walden co-led these resolutions with the following clients and other investors: Trillium Asset Management; Christopher Reynolds Foundation, Trillium Asset Management, AFSCME and the New York State Common Retirement Fund, and Trillium Asset Management.
**In order, these shareholder resolutions co-filed by Walden were led by: Domini Social Investments, Presbyterian Church (USA), Sisters of Saint Dominic of Caldwell, NJ, CalSTRS, As You Sow, and As You Sow.