Domini Achieves Success on Shareholder Resolutions
In our latest Social Impact Update, we report on a number of successes recently achieved by Domini's shareholder activism team, working on your behalf.
Of the twenty shareholder resolutions that we filed with companies for the 2008 proxy season, six related to sustainable forestry and climate change. Four of those resolutions — with Best Buy, Home Depot, Lowe's, and packaging manufacturer MeadWestvaco — were withdrawn after the companies reached agreements with Domini to more effectively address their impact on forests. In addition, we withdrew a shareholder proposal filed last year with Procter & Gamble when P&G committed to publish more complete information on its fiber procurement policy and practices.
Two other companies, International Paper and the printer RR Donnelley, have not yet agreed to improve their forestry practices, so shareholder resolutions were presented at their annual meetings this spring.
Domini also achieved success on a number of other shareholder resolutions:
- We withdrew a resolution with J.C. Penney when the company agreed to develop a policy on the use of PVC plastic in products and packaging and begin replacing PVC with safer, more sustainable materials.
- We also withdrew our resolution with American Express in exchange for the company's agreement to begin annual public reporting of its political contributions, including certain payments to trade associations used for political purposes. Domini's resolution with AT&T on the same topic received a vote of 32% after receiving support from RiskMetrics Group, a leading proxy voting advisory service.
- Our resolution calling on Becton Dickinson to phase out brominated flame retardants received a strong vote of 36% at the company's annual meeting, the highest ever received for a resolution focused on toxics.
More information on Domini's shareholder activism work is available on our website.
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Final "Project Kaleidoscope" Report Released
On May 7, Domini announced the release of the final report of Project Kaleidoscope. Project Kaleidoscope brought Domini together with McDonald's, Disney, and several other organizations to test a new approach to improving working conditions at factories around the world that supply U.S. companies.
The project was piloted at ten contractor factories in southern China that produce goods for McDonald's restaurants and Disney licensees.
Details on Project Kaleidoscope are available on our website.
Domini Recognized for Proxy Voting Leadership
Domini's leadership in proxy voting was recently recognized by RiskMetrics Group, a leading proxy voting advisory service and an influential voice on corporate governance. A new section of the company's website highlights the voting policies of Domini and other select institutions.
Domini has published its voting guidelines regularly since 1992, and in 1999 became the first mutual fund manager in America to publicly disclose its proxy votes. In 2001, Domini successfully petitioned the SEC for the rule that now requires all mutual funds to publicly disclose their proxy voting policies and actual votes.
Quarterly Publications
Performance Commentaries: Quarterly review of market conditions and fund performance. In addition to financial performance, they cover progress on Domini's activism and proxy voting program on a fund-specific level.
Fund Fact Sheets: Quarterly review of investment objectives, performance, and other fund characteristics, and information about each Fund's social and environmental goals.
Social Impact Update: Quarterly review of the Funds' social and environmental impact, based largely on Domini's ongoing advocacy work. |
