A First Look at the 2002 Shareholder Season

A first look at the 2002 shareholding season finds that 251 socially responsible shareholder resolutions were submitted to a total of 177 companies. This figure is up significantly from last year, when 226 shareholder resolutions were submitted to 160 companies.

Religious investors are becoming more active as well. This year, religious investors are sponsoring 144 resolutions to 99 companies. In 2001 they sponsored 132 resolutions to 96 companies.

Shareholders are addressing a number of new resolution topics, including: improving access to HIV/TB/Malaria pharmaceuticals, appliance manufacturers reducing greenhouse gas emissions, computer manufacturers taking back and recycling their products, ending the production of nuclear weapons, and continuing in-personal annual general meetings.

The proxy resolution is a crucial mechanism for submitting proposals to corporations on issues of social significance. In the 30 years since the Episcopal Church filed the first religious shareholder resolution, the corporate responsibility movement has grown to include religious investors, unions, foundations and public and private pension funds with over $2.03 trillion in invested portfolio worth.

Each year numerous resolutions are withdrawn or amended when agreements are reached between management and sponsors. Others could be excluded from proxy statements by the Securities and Exchange Commission. Also, additional resolutions may be submitted to companies with later filing deadlines. When studying issues or preparing to vote on the resolutions, investors should carefully check company proxy statements for the final wording of all resolutions as well as management's response.

ICCR is a coalition of over 275 faith-based institutional investors, including denominations, religious communities, agencies, pension funds, dioceses and healthcare corporations. ICCR also collaborates with numerous institutions, including unions, foundations, environmental and civic organizations as well as socially responsible mutual funds and portfolio management firms in the corporate social responsibility movement.

Further information on most of the proposals as well as a list of ICCR publications and services is available from ICCR. Contact: ICCR, 475 Riverside Drive, Ste. 550, New York, NY 10115 USA; (phone) 212-870-2293; (fax) 212-870-2023.