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A record 263 climate-related shareholder resolutions have been filed so far this year for annual meetings of North American companies, a new tally showed on Tuesday, with proponents tailoring their wording to gain support.
Officials at sustainability non-profit Ceres said the trends they found show investors and corporate executives remain interested in countering rising global temperatures despite a drop-off in support for the measures from big asset managers.
They pointed to a resolution that won 57% support at Jack in the Box on March 1, asking the restaurant operator to report certain greenhouse gas emissions and its goals to reduce them. The resolution stated rival McDonald’s already does such reporting and called Jack in the Box’s efforts “sporadic.”
Such company-specific details can help sway top fund managers, said Kirsten Snow Spalding, Vice-President of the Ceres Investment Network, an arm of the organisation. In wording the resolutions, “investors are getting much sharper about the specific business case,” Ms. Spalding said in an interview.
‘Proposal premature’
Jack in the Box had opposed the proposal, calling it premature pending more clarity around new state and federal disclosure rules.
The company did not respond to requests for comment. Shareholder resolutions related to environmental, social and governance (ESG) topics have dominated various corporate meetings in recent years but have gained less traction since 2022.
