In May, we shared the news that the Securities and Exchange Commission (SEC) was considering removing shareholders’ right to bring environmental and social concerns to the companies that need to improve their climate, community and worker impacts. We’re grateful to everyone who answered the call to sign a petition to the SEC regarding the importance of preserving the shareholder process.
Unfortunately, in mid-September, the SEC formally proposed the shareholder proposal rule recission. If enacted, this would make it increasingly difficult for shareholders to raise concerns with the companies in their portfolios. Responsible Investor interviewed several investors including Katie McCloskey, vice president of social responsibility for Mercy Investment Services, on the danger of repealing the rule and the impact for the upcoming proxy season.
This proposal comes as Mercy Investment Services honors the Sisters of Mercy’s 50-year legacy of using shareholder resolutions to advance justice issues including recognizing human rights and equity and protecting our common home. In addition to continuing direct dialogs with companies as a voice for those most impacted by company practices, Mercy Investment Services will advocate to preserve shareholder resolutions as a critical right of investors.