Thank You for Helping Protect Shareholders’ Voices

 

In November 2007, the SEC decided to postpone action on a series of open-ended questions that could have virtually eliminated shareholder resolutions. These resolutions — which Domini and other investors submit for inclusion on corporate proxy statements, to be voted on by all of a company’s shareholders — are one of our most important tools for making your voice heard in corporate boardrooms.

 

The SEC’s decision to shelve these questions marked an important success, and we thank you for making it possible. (At the same time, however, the SEC voted to disallow one specific category of shareholder proposal: those that relate to the election of corporate directors. This was a setback for shareholders’ rights, and an issue that we will continue to watch closely.)

 

If you responded to one or both of the Action Alerts we sent out in July and September 2007, you took part in an important international effort to protect shareholder resolutions. Altogether, Domini’s Action Alerts generated more than 2,000 emails to the SEC. (If you didn’t receive our Action Alerts, sign up for Domini Updates in the box at left.)

 

When the public comment period for the SEC’s rule proposals ended on October 2, 2007, it was reported that they had generated more than 30,000 comments, reportedly more than any previous rule proposals.

 

Investors have real power to change corporate behavior for the better. Domini, on behalf of our investors, has filed more than 160 shareholder resolutions since 1994. These resolutions have helped us convince companies to report on their carbon emissions, adopt strong policies to protect the fundamental rights of workers in their global supply chains, publish sustainability reports, disclose political contributions, prohibit discrimination against gay and lesbian employees, and more.

 

For More Information: Read the SEC’s press release announcing its rule change regarding resolutions relating to the election of corporate directors.

 

View the SEC's original proposal (PDF), which contains (beginning at page 50) a series of open questions relating to the ability to file nonbinding shareholder proposals. (Domini's original Action Alert is referenced as “Form Letter B” in footnote 70 on page 50.) 

 

Domini’s July Action Alert, which we sent out before the SEC proposals were issued, was included among other comments on the SEC website as Letter Type B. Our September Action Alert was included among other comments on the rule proposal as Letter Type E.

 

Domini’s formal comment letters of June 21 and September 28 are available. Domini also drafted and coordinated a comment letter that was ultimately submitted on behalf of 47 institutional investors and research providers from ten countries — all signatories to the Principles for Responsible Investment — representing assets under management of approximately $1.4 trillion.