Trillium Asset Management Corporation

Businessweek: Religious Groups Urge Brands to Address Bangladesh Plant Safety

Randy Rice — Fri, 17 May 2013 13:23:39 +0000

Bloomberg Businessweek’s Lindsey Rupp writes:

“Investors including Trillium Asset Management, U.S. pension funds and religious groups are putting additional pressure on retailers with suppliers in Bangladesh to disclose and improve safety in factories.

One group has written to retailers asking them to commit to an international safety agreement that’s supported by labor monitoring groups and signed by 37 brands. In a separate letter, investors including public pension funds are urging companies to know and make public their suppliers and to ensure compliance with safety standards.

A letter drafted by the Interfaith Center on Corporate Responsibility, a coalition of faith-based investors and other organizations, is pressing retailers to sign on to the factory safety plan and has 123 signatories including, Trillium, the Presbyterian Church and the Unitarian Universalist Association. The group collectively controls $1.2 trillion in assets, according to the ICCR.”

You can read the entire article here.

Investor Statement on Bangladesh

Randy Rice — Thu, 16 May 2013 22:13:44 +0000

May 16, 2013: In light of a series of recent calamities in Bangladesh apparel manufacturing plants resulting in an overwhelming loss of life, we, the undersigned investors and stakeholders including 123 organizations representing over $1.2 trillion in assets under management, are calling on industry leaders to implement systemic reforms that will ensure worker safety and welfare, and to adopt zero tolerance policies on global supply chain abuses.

The November fire in the Tazreen garment factory, the collapse in April of the Rana Plaza, and a second deadly fire on May 8th in a sweater factory in Dhaka have resulted in the death of over 1,500 garment workers and at least another 1,000 seriously injured. While these individual incidents have different root causes, collectively, they are a grave indictment of the human rights record of Bangladesh, and an illustration of the failure of the global companies that manufacture and source their products there to ensure humane working conditions.

The current model, which assures global customers will have a ready supply of inexpensive and up-to-the-minute fashion, incentivizes corruption and lax oversight as low-cost producing nations compete in a race to the bottom for garment manufacturing contracts. Local governments can turn a blind eye to audit irregularities in an attempt to attract investment to their struggling economies. Global companies have seen their valuable brands put at risk by a shell game that makes oversight near-impossible, as local suppliers move manufacturing to unsafe factories without their clients’ knowledge. Caught in the middle are poor and largely unskilled factory workers with no recourse but to risk their lives by continuing to report for work every day in factories they know to be hazardous, only to earn a wage considered indecent by any international standard.

Clearly, the current model is broken.

As shareholders who have been engaging apparel companies and retailers to foster responsible sourcing practices, including human rights due diligence with robust audit oversight in global supply chains, we see the events in Bangladesh as a watershed moment for the industry. Regardless of whether products are being sourced from Bangladesh, Guatemala, China or the Philippines, morality dictates that the price/value calculus for all manufactured goods must begin with the fundamental human rights of workers, including health and safety, freedom of association and collective bargaining and a living wage.

We call on brands and retailers to collectively pledge to implement the internationally recognized core labor standards of the International Labor Organization. Further, we expect companies to acknowledge their human rights responsibilities as delineated in the “protect, respect and remedy” framework of the UN Guiding Principles on Business and Human Rights. These principles affirm the duty of governments to protect the human rights of their citizenry and the responsibility of companies to respect human rights regardless of where they do business, and further, to provide remedy in the case of human rights abuse.

Acting alone, companies can and do bring about meaningful and positive changes in human rights in the countries where they source and manufacture, and we encourage companies to be part of the solution to ensure better working conditions in Bangladesh. But when faced with intransigence of the type we have historically seen in Bangladesh on worker safety issues, we are convinced that systemic change will only occur when companies take action together. They must use the full force of their commercial power to press for reforms. The Bangladesh Garment Manufacturers and Export Association has a special responsibility to bring its members into compliance with basic safety measures.

As an immediate response to the crisis in Bangladesh we appeal to companies to:

Join the multi-stakeholder initiative -the Accord on Fire and Building Safety- that includes the International Labor Organization, non-governmental organizations, trade unions and companies, to implement plans with measurable goals to address all aspects of fire and building safety in a timely manner.

Commit to strengthening local trade unions and to ensuring a living wage for all workers.

Publicly disclose all their suppliers including those from Bangladesh, the programs they have in place to ensure the safety and health of all their workers and their performance against these goals including any corrective action.

The horrific loss of life in Bangladesh serves to once again highlight the difficulties in building accountability into global supply chains. As investors, we also bear responsibility to enhance the power of the private sector to effect positive change by engaging companies to ensure that human rights remain at the core of their business models.

We will engage the relevant companies we hold, asking for meaningful and transparent implementation of safeguards to prevent future Rana Plazas from occurring.

Signatories to the Bangladesh Investor Statement as of May 16th, 2013, managing more than $1.2 trillion:

Boston Common Asset Management, LLC

Domini Social Investments LLC

Interfaith Center on Corporate Responsibility

Missionary Oblates of Mary Immaculate

Trillium Asset Management, LLC

American Baptist Home Mission Society

American Federation of Labor and Congress of Industrial Organizations

Aquinas Associates

ASN Bank

Aviva Investors

Bank Sarasin & Co. Ltd

Batirente

The Benedictine Sisters of Boerne, Texas

Benedictine Sisters of Mount St. Scholastica

Benedictine Sisters of Pan de Vida Monastery in Torreon, Mexico

Birch Caring Capital

Bon Secours Health System

Calvert Investments

Catholic Health East

Catholic Health Initiatives

Catholic Health Partners

Christian Brothers Investment Services

Christopher Reynolds Foundation

The Church of Sweden

Clean Yield Asset Management

Cleveland Ursuline Sisters

The Climate Bonds Initiative

Climate Strategy & Partners

Conference on Corporate Responsibility of Indiana and Michigan (CCRIM)

Congregation of St. Basil

Congregation of St. Joseph

Congregation of the Sisters of the Holy Cross, Notre Dame, Indiana

Cooperative Asset Management

Corporate Governance

Dignity Health

Diocese of Springfield, IL

Dominican Sisters of Hope

Dominican Sisters of Sparkill

Dominican Sisters of Springfield, IL

DoubleDividend

EIRIS

Ethical Markets Media

Ethos Foundation, Switzerland

Everence Financial and the Praxis Mutual Funds

First Affirmative Financial Network

Franciscan Friars (OFM), St. John the Baptist Province, Office of Justice, Peace and Integrity of Creation

Franciscan Sisters of Little Falls

Friends Fiduciary Corporation

General Service of Justice, Peace and Integrity of Creation of the Missionary Oblates of Mary Immaculate

GES

Global Fund for Women

Green America

Green Century Capital Management

Jessie Smith Noyes Foundation

Justice for North America

Krull & Company

Leadership Council for the Sisters, Servants of the Immaculate Heart of Mary, Monroe MI

Leadership Team of the Felician Sisters of North America

LPL Financial, LLC

Marianist Province of the U.S.

Maryknoll Fathers and Brothers

Maryknoll Sisters

Mercy Investment Services

Middletown Works Hourly and Salaried Union Retirees Health Care Fund

Midwest Coalition for Responsible Investment

Mutual Fund Sub-Advisory Services

Natural Investments

Northwest Coalition for Responsible Investment

Oblate International Pastoral Investment Trust

Oneida Tribe of Indians of Wisconsin

Oneida Trust Committee

Pax World

The Pension Boards – United Church of Christ, Inc.

Portfolio Strategies Securities Inc.

Presbyterian Church (U.S.A.)

Progressive Asset Management

Racine Dominicans SRI Committee

Region VI Coalition for Responsible Investment

The Regroupement pour la Responsabilité Sociale des Entreprises

Responsible Sourcing Network

Robert F Kennedy Center for Justice and Human Rights

Rockefeller & Co. Sustainability & Impact Investing Group

Scottish Widows Investment Partnership

ShareAction

Sisters of Charity – Halifax

Sisters of Charity of Cincinnati

Sisters of Charity of Leavenworth

Sisters of Charity of Saint Elizabeth, NJ

Sisters of Charity of the Blessed Virgin Mary

Sisters of Providence – Mother Joseph Province Leadership Team

Sisters of St. Joseph of Chestnut Hill, Philadelphia

Sisters of St. Dominic, Amityville NY

Sisters of St. Dominic of Caldwell, NJ

Sisters of St. Francis of Philadelphia

Sisters of St. Francis of the Holy Cross

Sisters of St. Joseph of Brentwood

Sisters of St. Joseph of Springfield, MA

Sisters of the Good Shepherd, New York Province

Sisters of the Presentation

SNS Asset Management

The Socially Responsible Investment Coalition (SRIC)

Society of Jesus - MAR, NEN and NYK Provinces

St. Joseph Health System

Strathclyde Pension Fund

The Sustainability Group of Loring, Wolcott & Coolidge

Sustainable Equity Value Ltd.

Transform Capital Management

Trinity Health

Tri-State Coalition for Responsible Investment

UCC Pension Boards

Unitarian Universalist Association

United Church Funds

Ursuline Sisters of Tildonk, U.S. Province

Ursulines of Eastern Province, USA

US Province of the Religious of Jesus and Mary

US SIF: The Forum for Sustainable and Responsible Investment

UU Congregation at Shelter Rock

Vancity Investment Management Ltd.

Walden Asset Management

Wespath Investment Management

The Xaverian Brothers

Zevin Asset Management

Stephen Davis, Senior Fellow, Harvard Law School Program on Corporate Governance (in his individual capacity)

Information for Current Men’s Wearhouse Shareholders Regarding Trillium’s 2013 Shareholder Proposal

Randy Rice — Mon, 13 May 2013 12:49:27 +0000

On behalf of our clients, Trillium Asset Management filed a 2013 shareholder resolution with Men’s Wearhouse (NYSE: MW) which asks the Company’s Board of Directors to:

“issue an annual sustainability report describing The Men’s Wearhouse’s short- and long-term responses to ESG-related issues. The report should include, where feasible, objective statistical indicators and goals relating to each issue, be prepared at a reasonable cost, omitting proprietary information and be made available by December 15, 2013”.

The resolution appears on page 27 of the Company’s 2013 proxy materials and is opposed by management.

You can find more information and read Trillium’s rationale for a “YES” vote here.

Board Diversity – Cree, Inc. (2013)

Tauby Warriner — Wed, 08 May 2013 16:02:25 +0000

WHEREAS:

Cree, Inc. does not have women on its board of directors;

Our company’s peers GT Advanced Technologies and Arrow Electronics have two women on their board of directors;

Hubbell, Inc. and Orion Energy Systems each have one woman on their board of directors;

A 2012 report by the business-led Committee for Economic Development entitled Fulfilling the Promise: How More Women on Corporate Boards Would Make America and American Companies More Competitive notes that the percentage of women on all U.S. corporate boards has been below 13% for a decade.

We believe that diversity, inclusive of gender and race, is an essential measure of sound governance and a critical attribute to a well-functioning board;

A growing body of academic research shows that there is a positive relationship between firm value and the percentage of women and minorities on boards.

RESOLVED: Shareholders request that the Board of Directors, consistent with its fiduciary duties:

Take every reasonable step to ensure that women and minority candidates are in the pool from which Board nominees are chosen;
Publicly commit itself to a policy of Board inclusiveness to ensure that women and minority candidates are routinely sought as part of every Board search the company undertakes;
Publish a report by April 2014, at reasonable expense and omitting proprietary information, on its efforts to encourage diversified representation, inclusive of gender and race on the Board, and the manner in which the nominating committee or Board of Directors will assess the effectiveness of its efforts and policy.

Supporting Statement

Director and nominee diversity helps to ensure that different perspectives are brought to bear on issues, while enhancing the likelihood that proposed solutions will be nuanced and comprehensive.

According to recent studies from researchers at Hebrew University, Wellesley Centers for Women, University of Western Ontario and V. Kramer Associates, having a critical mass of at least three women directors is good for corporate governance.

According to an August 2012 report by Credit Suisse Research Institute, which evaluated the performance of 2,360 companies globally over the six years ending December 2011, companies with one or more women on the board delivered higher average returns on equity, lower leverage, better average growth, and higher price/book value multiples.

Cree states in its proxy statement that diversity of career experience, technical skills and industry background is considered by its Governance and Nominations Committees. Neither gender nor ethnicity is mentioned as factors in board nominee searches. Diversity is not stated as a consideration in Cree’s Corporate Governance Principles. Relative to sector peers, an increase in gender balance had not been realized by our company’s Board of Directors.

In our view, companies combining competitive financial performance with high standards of corporate governance, including a gender balanced board, are better positioned to generate long-term value for their shareholders.

For all the reasons above, we urge our fellow shareholders to vote in favor of this proposal.

Tags: board diversity, Inc., shareholder advocacy, shareholder resolution, Shareholder Resolutions, women on Boards

Open Internet Proposal at Verizon Wins 24.1% of Shareholder Votes

Randy Rice — Thu, 02 May 2013 18:53:58 +0000

NEW YORK, NY // May 2, 2013: About one-quarter of all Verizon Communications Inc. (NYSE:VZ) shareholder votes were cast in favor of a proposal that asks the company to report on business risks from Verizon’s controversial FCC lawsuit and other actions to oppose open Internet and network neutrality principles.

Net neutrality is the principle that all Internet traffic should be treated equally and that Internet providers cannot block, speed up or slow down content for any reason. While Verizon has expressed its commitment to supporting an open Internet, it is currently the lead party in a lawsuit opposing the FCC’s Open Internet rules.

The shareholder proposal was filed by Trillium Asset Management LLC and the Nathan Cummings Foundation. It asks Verizon to issue a report on “how Verizon is responding to regulatory, competitive, legislative and public pressure to ensure that its network management policies and practices support network neutrality, an Open Internet and the social values described [in the proposal].

The preliminary vote of 24.1% in favor of the net neutrality proposal was reported at Verizon’s May 2 annual meeting in Tulsa, Oklahoma. This represents a three-fold increase in support from a similar action filed last year, which garnered 7.9% of shareholder votes in favor of a net neutrality proposal.

In an open letter to Verizon shareholders, the proposal sponsors said failure to uphold network neutrality could present “serious legal, regulatory, reputational and financial risks” to Verizon while potentially reducing consumer choice, stifling economic growth and creating enormous barriers to tech innovation.

The proposal sponsors argued that Verizon is employing a strategy of voicing support for open Internet principles while actively seeking to undermine them, as evidenced by its current lawsuit with the Federal Communications Commission.

“This significant indication of shareholder concern about Verizon’s risky and aggressive approach to net neutrality suggests that investors lack confidence in how the company is handling the issue,” said Jonas Kron, Senior Vice President, Trillium Asset Management. “Management needs to take tangible steps to regain that confidence.”

Laura Campos, director of shareholder activities at the Nathan Cummings Foundation, said, “The Foundation co-sponsored this proposal because we think an open Internet is critically important to both Verizon’s long-term business and the economic health of the country. This vote clearly indicates that a growing number of shareholders agree with us.”

Michael Connor, Executive Director of Open MIC, a non-profit organization that works with investors and companies on open media issues, said: “This issue is important – and it’s not going to go away.We will continue to press the case for an open Internet with Verizon and other Internet service providers.”

In its court filings related to the FCC lawsuit, Verizon has made a bold claim that the company is entitled to exercise “editorial discretion” to decide which content it provides to consumers that access the Internet using its services. Many legal observers feel that by employing “editorial discretion” Verizon could give rise to arguments that would eliminate its current “safe harbor” protections from liability, which the company currently enjoys for its Internet content that violates the Communications Decency Act of 1996 and the Digital Millennium Copyright Act.

In addition, the proposal’s sponsors argued that the future of tech entrepreneurship could be threatened. They noted the concerns of prominent venture capital investors who are leaders in the development of Internet applications. Many of today’s most successful companies—eBay, Amazon, Google, Facebook, Twitter—were once small startups that relied on open Internet access to grow into the companies they are today.

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This release was originally published by Open Mic which is solely responsible for its content.

CONTACT:

Michael Connor, Open MIC; 212-875-9381; mconnor@openmic.org

Jonas Kron, Trillium Asset Management LLC, 503-592-0864; jkron@trilliuminvest.com

Open MIC is a non-profit organization that works with companies and shareholders on open media issues.

SJF Ventures Raises $90MM Third Fund, Tripling Size of Previous Fund

Randy Rice — Thu, 02 May 2013 18:07:59 +0000

DURHAM, N.C., NEW YORK, and SAN FRANCISCO, May 2, 2013: SJF Ventures conducted the final closing on its third fund with more than $90MM in capital commitments, tripling the size of the previous $28MM second fund. The target for SJF Ventures III was $75MM and the fund was substantially oversubscribed at its final April closing. “We are honored that so many investors choose to join our partnership,” said David Kirkpatrick, SJF Managing Director and Co-Founder. “We are particularly excited that a wide variety of bank, insurance, foundation, family office, pension, mutual fund, and individual investors have recognized that SJF’s impact investing strategy can yield above market financial and mission results.” SJF’s current, second fund is performing in the top quartile all US venture capital funds of its vintage year.

SJF Ventures invests in high growth, positive impact companies seeking expansion capital rounds of $1MM to $10MM. SJF has invested in 36 portfolio companies over the last decade. “We realize SJF’s success is due to the exceptional results achieved by our portfolio companies such as Aseptia, BioSurplus, CleanScapes, Community Energy, eRecyclingCorps, Fieldview, Optoro, MediaMath, MedPage Today, and ServiceChannel,” said David Griest, SJF Managing Director. “We are eager to find the next set of great entrepreneurs for our third fund.”

SJF Ventures has a team of six senior investment professionals, based in offices in Durham, NC, New York and San Francisco, and invests nationwide. SJF has particular expertise and focus on the asset recovery, recycling & reverse logistics, energy & resource efficiency, intelligent infrastructure, sustainable agriculture and food, education, health and wellness sectors.

Investors in SJF Ventures III include banks such as Citi, Deutsche Bank and State Street Bank; the endowments of the Annie E. Casey, F. B. Heron, Jesse Smith Noyes, and Park Foundations and the Wallace Global Fund; insurances and financial services firms MetLife and Prudential Financial, Inc.; mutual and pension funds Calvert Equity Portfolio and MMBB Financial Services; Investors’ Circle members; family offices including Armonia, the Gary Community Investment Company and OpenBox; and clients of Abacus Wealth Partners, Athena Capital Advisors, Ballentine Partners, Cambridge Associates, the CAPROCK Group, Effective Assets, Federal Street Advisors, Filament Advisors, ImpactAssets, Imprint Capital, Mercer Consulting, Natural Investments, Threshold Group LLC, Trillium Asset Management, Veris Wealth, and Watershed Capital. Morgan, Lewis & Bockius LLP acted as legal advisor to SJF Ventures.

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This release was originally published by SJF Ventures which is solely responsible for its content.

CONTACT: David Kirkpatrick, SJF Ventures, 1-919-908-8365, dkirk@sjfventures.com

Web site: http://www.sjfventures.com

The views expressed are those of the authors as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be a forecast of future events or a guarantee of future results. These views may not be relied upon as investment advice. The information provided in this material should not be considered a recommendation to buy or sell any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected by the authors on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased, sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is for informational purposes and should not be construed as a research report.

Phil Angelides, a Leader in Shareholder Activism and Green Investment, Wins 2013 Joan Bavaria Award

Randy Rice — Wed, 01 May 2013 21:16:27 +0000

SAN FRANCISCO, CA // May 1, 2013 – Phil Angelides has been awarded the fifth-annual Joan Bavaria Award for Building Sustainability into the Capital Markets. The announcement was made today, the first day of the annual Ceres Conference, which is running May 1-2 at The Fairmont in San Francisco, CA.

Angelides is currently President of Riverview Capital Investments, a real estate investment firm which focuses on clean energy projects and sustainable urban development. From 1999 to 2007, he served as California’s State Treasurer. During his eight years in elected office, Angelides called for a renewed push in shareholder activism and launched the Green Wave Initiative, encouraging investment in green technologies and urging companies to address the financial risks of climate change and reduce their energy consumption.

The Bavaria Award is presented by Ceres and Trillium Asset Management each year to honor an inspiring leader working to move capital markets toward a system that balances economic prosperity with social and environmental concerns. The award honors Joan Bavaria, a pioneer of social investing who founded Ceres and Trillium Asset Management. Joan Bavaria passed away in 2008.

“Phil’s actions were bold and transformational, given that at the time, no other state pension fund had taken steps to incorporate environmental impact into their investments.” said Trillium’s CEO Matt Patsky.

“Phil Angelides has worked tirelessly to push investors and the business community toward a sustainable economy. As California State Treasurer, he helped spur investments that increased returns, created jobs and addressed the financial risks caused by the changing environment,” said Mindy Lubber, president of Ceres and director of the Investor Network on Climate Risk (INCR). “Phil embodies the spirit of the Joan Bavaria Award and we are honored to acknowledge his contribution to the sustainable investing community.”

Angelides also served as Chairman of the Financial Crisis Inquiry Commission, a bipartisan panel charged with conducting the nation’s official inquiry into the causes of the financial and economic crisis and presenting findings and recommendations to the President and Congress. Since 2007, Angelides has served as Chairman of the Apollo Alliance, a national coalition of business, labor, environmental and community leaders committed to creating green jobs and building a clean energy economy.

A founding member of the Ceres-led Investor Network on Climate Risk, Mr. Angelides served on the INCR Steering Committee and was a motivating force behind the first Investor Summit on Climate Risk at the United Nations in New York. Over the course of his career, he has helped mobilize financial leaders to act on climate and sustainability issues.

“The enduring strength of our economy and society is inextricably tied to our willingness to embrace investments and business practices that create sustainable enterprises, broaden economic opportunity, and protect our environment,” said Mr. Angelides. “I am deeply honored to receive the Joan Bavaria Award and remain committed to supporting the critical efforts needed to confront the enormous economic and environmental risks posed by climate change.”

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This release was originally published by Ceres which is solely responsible for its content.

About Ceres

Ceres is an advocate for sustainability leadership. Ceres mobilizes a powerful coalition of investors, companies and public interest groups to accelerate and expand the adoption of sustainable business practices and solutions to build a healthy global economy. Ceres also directs the Investor Network on Climate Risk (INCR), a network of more than100 institutional investors with collective assets totaling more than $11 trillion. For more information, visit http://www.ceres.org

About Trillium Asset Management

With a history spanning three decades, Trillium is the oldest independent investment advisor focused exclusively on sustainable and responsible investing. Trillium manages over $1 billion in assets for clients including high net worth individuals, foundations, endowments, religious institutions, and other non-profits. To learn more about Trillium, please visit http://trilliuminvest.com.

Shareholders Target Verizon’s Threat to Open Internet

Randy Rice — Wed, 01 May 2013 14:12:16 +0000

Proposal to Be Considered at Shareholder Vote on May 2

April 30, 2013 // New York, NY: Shareholders of Verizon Communications Inc. (NYSE:VZ) this week will consider a proposal which asks the company to report on business risks to the company stemming from its opposition to open Internet and network neutrality principles.

The proposal will be voted on at Verizon’s annual meeting in Tulsa, Oklahoma on Thursday, May 2. Net neutrality is the principle that all Internet traffic should be treated equally and that Internet Service Providers cannot block, speed up or slow down content based on its source, ownership or destination.

The sponsors of the proposal, Trillium Asset Management LLC and the Nathan Cummings Foundation, argue that Verizon is employing a strategy of voicing support for open Internet principles while actively seeking to undermine them. In an open letter to Verizon shareholders, the proposal sponsors say failure to uphold network neutrality could reduce consumer choice, stifle economic growth and create enormous barriers to tech innovation.

ISS Proxy Advisory Services, the leading advisor to institutional investors, has recommended a vote in favor of the proposal, concluding:

“Given the public and sensitive nature of net neutrality and open Internet issues, shareholders would benefit from additional, specific information about how Verizon is managing these public policy concerns. Providing such information would not be unduly burdensome and could help shareholders assess the company’s management of potential risks related to these issues. Therefore, this proposal merits shareholder support.”

ISS went on to note that, “Although Verizon has expressed its commitment to supporting an open Internet, the company is currently the lead party in a court challenge opposing the FCC’s Open Internet rules.”

The shareholder proposal asks Verizon to issue a report on “how Verizon is responding to regulatory, competitive, legislative and public pressure to ensure that its network management policies and practices support network neutrality, an Open Internet and the social values described [in the proposal].”

The Verizon v FCC lawsuit was filed in 2012 and is currently before the U.S. Court of Appeals for the D.C. Circuit. In its court filings, Verizon made a bold claim that the company is entitled to exercise ‘editorial discretion’ to decide which content it provides to consumers who access the Internet using its services.

As one of the largest Internet Service Providers in the country, tens of millions of Americans will be affected by Verizon’s intention to control which Internet content is delivered on its networks. In addition, the proposal’s sponsors argue that the future of tech entrepreneurship is threatened. Many of today’s most successful companies—eBay, Amazon, Google, Facebook, Twitter—were once small startups that relied on open Internet access to grow into the companies they are today.

In a similar action filed last year, a net neutrality proposal got 7.9% of shareholder votes at Verizon – a substantial number for a first-time proposal. This year’s net neutrality proposal is expected to receive even greater support.

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This release was originally published by Open Mic which is solely responsible for its content.

CONTACT: Michael Connor of Open MIC; 917-846-7608; mconnor@openmic.org

Open MIC is a non-profit organization that works with companies and shareholders on open media issues.

Spectra Energy Shareholder Proposal on Methane Emissions Receives Strong Support from Shareholders

Randy Rice — Tue, 30 Apr 2013 20:02:47 +0000

April 30, 2013: A shareholder proposal asking Spectra Energy Corp. (NYSE: SE) to issue a report about how the company is managing methane emissions received 35.3% of the votes cast by the shareholders at the company’s annual meeting today. The vote far surpasses the 3% threshold that is required by the SEC for inclusion in next year’s proxy voting.

The proposal was filed by Trillium Asset Management, LLC (Trillium) on behalf of the Sierra Club Foundation and Paul Katz and co-filed by The Benedictine Sisters of Virginia, Friends Fiduciary Corporation, and Zevin Asset Management.

Methane is the primary component of natural gas and is emitted across the value chain during production, processing, transmission, storage, and distribution. According to the proposal, “emissions have not been tightly regulated, measured, monitored, mitigated, or disclosed and industry inattention has created a risk to industry, operators, and environment alike.”

Natural gas’s environmental profile and social license to operate have come under significant question when taking fugitive methane emission leakage into account. There is wide disagreement over how much methane is leaking, as scientific findings and industry estimates vary widely. Recent academic studies have identified leakage rates of up to 9%, over 3X EPA estimates and 5X industry estimates. The Intergovernmental Panel on Climate Change estimates that methane has 25x the impact on temperature as CO2 over a 100 year period and 72x the impact over a 20 year period. According to an April 2012 report published by the Environmental Defense Fund and Princeton University, leaking methane may offset the climate benefit of natural gas over coal when leakage rates exceed 3.2%.

“Given the rapid pace of natural gas development in the US, it is no surprise that operators have prioritized growth over efficiency, and regulators have been slow to catch up,” said Natasha Lamb, Vice President at Trillium Asset Management. “The business case for strong oversight and methane reduction targets is clear. Leaking gas is a symptom of poor management systems that neglect shareholder value and amplify climate change.”

In a recent letter to Spectra shareholders seeking support for the proposal, Trillium explained that “Implementing the Proposal would allow investors to better assess the Company’s fugitive methane risk exposure to environmental liability, an evolving regulatory regime, and unnecessary economic loss from leaking gas.”

ISS Proxy Advisory Services, a leading advisory firm, issued a “FOR” recommendation to its clients in support of the proposal, stating: “A vote FOR this proposal is warranted, as shareholders would benefit from additional information on how the company is managing its methane emissions. Such information, including quantitative emissions goals, would allow shareholders to assess relevant company performance.”

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For more information: Natasha Lamb, Trillium Asset Management, (978) 578-4123, nlamb@trilliuminvest.com

FDIC and OCC Crack Down on Bank Payday Lending

Randy Rice — Mon, 29 Apr 2013 12:33:03 +0000

Joint Statement on FDIC and OCC Crack Down on Bank Payday

We applaud the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) for the proposed guidance they issued this week directing banks to stop making predatory loans that trap borrowers in a cycle of debt with 300% interest. Requiring banks to assess a borrower’s ability to repay and make loans that borrowers can afford to repay is just common sense. It is also a fair directive, since banks have received generous government support and currently borrow money themselves from the government at close to 0% interest.

We also are encouraged by the Consumer Financial Protection Bureau’s study of payday lending by banks and store-front lenders, released earlier this week. The CFPB examined extensive data and found that payday loans are repeatedly flipped by lenders at exorbitant interest rates, causing deep hardship to families.

The FDIC/OCC bank guidance, if adopted and fully enforced, would address longstanding concerns expressed by policymakers, advocates and concerned citizens. The banking regulators have heard opposition to bank payday lending from more than 157,000 citizens, 250 organizations, a number of civil rights leaders, and members of the Senate. In addition, several institutional investors have raised concerns about payday lending and its impact on consumers and banks alike.

The FDIC and OCC have been proactive in examining payday lending by banks, listening and investigating, and responding with necessary action. The Federal Reserve Board, which regulates two of the financial institutions currently offering bank payday loans, should do the same.

We welcome the proposed guidance for addressing payday lending by banks, but we also know that non-bank payday lending continues to trap thousands of vulnerable borrowers in debt. We urge the Consumer Financial Protection Bureau to act quickly and decisively to curb payday lending by all types of lenders.

Orson Aguilar, Executive Director, The Greenlining Institute
Laura Berry – Executive Director, Interfaith Center on Corporate Responsibility
Becky Bond – Political Director, CREDO
Michael Calhoun – President, Center for Responsible Lending
Lisa Donner – Executive Director, Americans For Financial Reform
Tom Feltner – Director of Financial Services, Consumer Federation of America
George Goehl – Executive Director, National People’s Action
Alisa Gravitz – President and CEO, Green America
Wade Henderson – President and CEO, Leadership Conference on Civil and Human Rights
Willard P. Ogburn – Executive Director, National Consumer Law Center
Janet Murguía, President, National Council of La Raza.
Matthew W. Patsky, CFA – CEO, Trillium Asset Management, LLC
Scott Reed – Executive Director, PICO National Network
Rashad Robinson – Executive Director, ColorOfChange.org
Joyce Rogers, Senior Vice President for Government Affairs, AARP
Hilary O. Shelton, Director, NAACP Washington Bureau and Senior VP for Policy and Advocacy

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For More Information: Kathleen Day, Center for Responsible Lending 202-349-1871

The Center for Responsible Lending is a nonprofit, nonpartisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is affiliated with Self-Help, one of the nation’s largest community development financial institutions.

See more at: http://www.responsiblelending.org/media-center/press-releases/archives/FDIC-and-OCC-Crack-Down-on-Bank-Payday-Lending.html#sthash.QYVIiMXk.dpuf

Call For Papers: Major New Responsible Investing Study Sought For 2013 Moskowitz Prize Recognition

Randy Rice — Fri, 26 Apr 2013 12:45:21 +0000

The Center for Responsible Business at UC Berkeley’s Haas School of Business has announced a call for papers for the 18th annual Moskowitz Prize–the only global award recognizing outstanding academic research in the field of sustainable, responsible, impact (SRI) investing.

This year’s prize-winning study will be announced at the 24th annual SRI Conference on October 29, 2013.

To be considered for the Moskowitz Prize, studies must be submitted by July 1, 2013. The $5,000 prize competition is open to authors of studies relevant to responsible investing. Studies may be published or unpublished, but unpublished studies should be of a quality appropriate for publication in a peer-reviewed academic journal. Details about the submission process can be found at: http://bit.ly/XsA8wk.

Entries are reviewed by an independent jury of scholars and investment professionals. The prize winner is determined based on practical significance to responsible investment practitioners, appropriateness and rigor of quantitative methods, and novelty of results.

Jo Mackness, Executive Director of the Center for Responsible Business at the Haas School said, “We are excited for the 18th year of the Moskowitz Prize. Submissions continue to grow in both quality and quantity and this year looks to be no exception. We are also very excited about the excellent panel of new and longtime judges, whose participation contributes to and reflects well on the high caliber of the Prize.”

Since its inception in 1996, the Moskowitz Prize has been awarded annually at The SRI Conference, the largest and longest running conference serving investors and investment professionals in the sustainable, responsible, impact (SRI) investment industry in North America. The SRI Conference is produced by First Affirmative Financial Network.

In 2012, The Moskowitz Prize was awarded to Elroy Dimson, emeritus professor of finance, London Business School; Oguzhan Karakas, assistant professor, Carroll School of Management, Boston College; and Xi Li, assistant professor, Fox School of Business, Temple University. Their winning paper in 2012, “Active Ownership,” was previously presented as a working paper titled, “Activism on Corporate Social Responsibility,” at the Inquire Europe & Inquire UK 2012 Spring Seminar and Financial Management Association 2012 European Conference. Their research shows that the average one-year abnormal return (also known as the excess or “alpha” return) after initial engagement is 1.8 percent–just in-between the excess return of 4.4 percent for successful CSR investor engagements with U.S. companies, and zero for unsuccessful ones.

The Moskowitz Prize encourages and recognizes outstanding academic research on matters germane to the field of responsible investing. The Prize is named for Milton Moskowitz, one of the first investigators to publish comparisons of the financial performance of screened and unscreened portfolios.

Both the Haas School and The SRI Conference acknowledge and appreciate the 2012 Moskowitz Prize sponsors: Calvert Investments, First Affirmative Financial Network, Nelson Capital Management, Rockefeller and Co., Neuberger Berman, and Trillium Asset Management.

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This release was originally published by First Affirmative Financial Network which is solely responsible for its content.

About the Berkeley Haas Center for Responsible Business

The Center for Responsible Business is an “action tank” that brings together students, top company leaders, and faculty to redefine business and create a sustainable future. The CRB and its stakeholders build on the Haas School of Business’ culture of innovation and UC Berkeley’s tradition of catalyzing social progress. The Haas School was recently recognized by the Financial Times as the #2 ranked MBA program globally in corporate responsibility.

About The SRI Conference

The 24th annual SRI Conference, the leading North American forum for investors and investment professionals involved in sustainable, responsible, impact (SRI) investing, will be October 28-30, 2013 at The Broadmoor in Colorado Springs, Colorado. Please contact Krystala Kalil, at 888-774-2663 or krystala@SRIconference.com.

About First Affirmative Financial Network

First Affirmative Financial Network, LLC is an independent Registered Investment Advisor (SEC File #801-56587) offering investment consulting and asset management services through a nationwide network of investment professionals who specialize in serving socially conscious investors. First Affirmative produces the annual SRI Conference.

CNBC: Citigroup Meeting – What a Difference a Year Makes

Randy Rice — Thu, 25 Apr 2013 13:41:31 +0000

On April 24, 2013, CNBC published a story about Citigroup’s (NYSE: C) annual shareholder meeting. Kayla Tausche writes:

“…The bulk of Wednesday’s questioning concerned not just the current turnaround, but also the well-telegraphed idea that Citigroup, ultimately, could get drastically smaller, or even break up…Boston-based Trillium Asset Management, which owns $20 million in Citi stock, proposed in November that shareholders should get to vote on a company strategy to disclose more fully the sum-of-the-parts valuation of the bank, or pursue a more rigorous restructuring. The Securities and Exchange Commission nixed the proposal on the grounds of it being too vague.

‘The argument we’ve had is—while they’ve done a lot, they need to do more,’ said Matt Patsky, CEO of Trillium, in a phone interview. ‘There’s still more opportunity to unlock value. Why not have that conversation?’ Patsky said in his conversations with Citigroup management, they expressed commitment to the existing strategy.”

You can read the entire article at:

http://www.cnbc.com/id/100670057

USA Today: Big Banks Wear Targets as Citi Shareholders Meet

Randy Rice — Thu, 25 Apr 2013 13:17:05 +0000

On April 24^th, 2013 USA Today published an article about Citigroup’s (NYSE: C) annual shareholder meeting and the shareholder proposal that Trillium Asset Management, on behalf of the Benedictine Sisters of Mount St. Scholastica, along with the AFSCME Employees Pension Plan filed a with Citigroup Inc. (NYSE: C) filed, asking the company’s board of directors to explore a possible separation of one or more of its business units.

Tim Mullaney writes:

“On the surface, David Vitter and Seth Magaziner have little in common. But
Wednesday each will take a step that may recast the future of America’s
megabanks. Magaziner is a liberal Boston money manager whose employer, Trillium Asset Management, handles a stake in Citigroup for an order of nuns. Their allies will pressure management at Wednesday’s Citigroup annual meeting to study breaking up the nation’s third-largest bank by assets — a move Trillium proposed last year, but the bank kept it from a shareholder vote with regulators’ assent.

Vitter is a Republican senator from Louisiana, a Tea Party enthusiast who will join Ohio Democrat Sherrod Brown to introduce a bill to nearly double capital requirements for huge banks like Citi, which itself might force a breakup.

‘There’s irony in this all around,’ Magaziner says. ‘But it speaks to the mounting evidence that the financial system we have is bad for shareholders and society.’”

You can read the entire article at:

http://www.usatoday.com/story/money/business/2013/04/23/bank-breakup/2097337/

Bloomberg: Apple CEO Seeks to Stem Growth Concern by Returning Cash

Randy Rice — Wed, 24 Apr 2013 17:25:42 +0000

On April 24^th, Bloomberg published an article regarding Apple’s (NASDAQ: AAPL) recent decline in earnings and Tim Cook’s announcement that the company will increase its quarterly dividend.

Adam Satariano & Peter Burrows write:

“Apple (AAPL) has come under pressure to release a new hit product that can live up to the success of the iPhone and iPad, sending the shares down more than 40 percent since September and wiping out about $280 billion in market value. Cook also took the unusual step of using a conference call with analysts to say that new products are in the works for later this year and through 2014, without giving details.

‘There are a lot of unanswered questions, and that will persist for a while,’ said David Walker, a technology analyst at Boston-based Trillium Asset Management LLC, which manages about $1.3 billion, including Apple shares. ‘This report didn’t give one reason to think this is the floor.’”

You can read the entire article at:

http://www.bloomberg.com/news/2013-04-24/apple-ceo-seeks-to-blunt-growth-concerns-by-returning-cash-tech.html

Common Cause President Bob Edgar Dies

Randy Rice — Tue, 23 Apr 2013 18:36:42 +0000

Common Cause, a non-partisan, grassroots organization that is committed to honest, open and accountable government, announced that former Congressman Bob Edgar, its president and CEO, died suddenly this morning at his home. Mr. Edgar was 69.

“We are deeply saddened and shaken today by the passing of Bob Edgar,” said Common Cause Board Chair Robert Reich. “Bob will be remembered for his decency, kindness, compassion and humor. His deep commitment to social justice and strengthening our democracy is his greatest gift to Common Cause and the nation. Our hearts are with Bob’s family, his wife Merle, and sons Andrew, David and Rob, and their families.”

Mr. Edgar, who served Pennsylvania in Congress for 12 years and also led the National Council of Churches, became the president and CEO of Common Cause in May 2007. He served on Common Cause’s National Governing Board for several years before becoming President of the organization.

“Bob Edgar leaves a long history of progressive leadership and public service. He will be deeply missed.” said Matt Patsky, Trillium’s CEO.

Trillium Recognized by B Lab as “Best of the Best” for Creating Positive Social and Environmental Impact

Randy Rice — Wed, 17 Apr 2013 19:59:41 +0000

April 17, 2013// BOSTON, MA: Today, Trillium Asset Management (Trillium) was named “Best for the World” for creating the most overall social and environmental impact.

67 companies worldwide were recognized by the nonprofit B Lab, with the release of the second annual “Best for the World” list.

B Corporations are certified by the nonprofit B Lab to meet rigorous standards of social and environmental performance, accountability, and transparency. Trillium first became a certified B Corporation in 2008.

The B Corp “Best for the World List” honors businesses that earned an overall score in the top 10% of all Certified B Corporations on the B Impact Assessment, a comprehensive assessment a company’s impact on its workers, community, and the environment.

“In our view, Trillium was a B Corp before there was a name for it. Our firm was founded to benefit society and the environment along with our employee / shareholders.” said Matt Patsky, Trillium’s CEO. “We are proud to be recognized with these other business leaders who are using the power of business to solve social and environmental problems.”

You can read more about B Corp at www.bcorporation.net.

Verizon Shareholder Proposal on Open Internet Issues Receives Support from Leading Proxy Advisory Firm ISS

Jonas Kron, Esq. — Wed, 17 Apr 2013 18:53:51 +0000

FOR IMMEDIATE RELEASE

APRIL 17, 2013: A shareholder proposal asking Verizon Communications Inc. (NYSE: VZ) to issue a report about the risks confronting the company because of its positions on net neutrality and open Internet issues has received support from the leading advisor to institutional investors.

The shareholder proposal can be voted on by Verizon shareholders either by proxy over the next two weeks, or in person at the company’s annual meeting on May 2, 2013.

ISS Proxy Advisory Services issued a “FOR” recommendation to its clients in support of the proposal, concluding:

ISS went on to note that “Although Verizon has expressed its commitment to supporting an open Internet, the company is currently the lead party in a court challenge opposing the FCC’s Open Internet rules.”

Network neutrality is the principle that all Internet traffic should be treated equally. Net neutrality prevents Internet providers from blocking, speeding up or slowing down content based on its source, ownership or destination.

The shareholder proposal was co-filed by Trillium Asset Management, LLC (Trillium) and the Nathan Cummings Foundation. In a recent letter to Verizon shareholders seeking support for the proposal, Trillium explained that “the explosive growth of the Internet over the last two decades is in many ways attributable to the de facto observance of network neutrality principles by all major players in the digital universe.”

The letter noted that Verizon is currently fighting network neutrality rules in a lawsuit against the Federal Communications Commission, “thereby potentially tampering with the Internet as an engine of economic growth and possibly inflicting huge, costly risks on the U.S. economy, the global economy, under-represented communities and the public at large.”

“The public record demonstrates that Verizon’s disclosures to shareholders are wholly inadequate and fail to provide analysis and discussion of a growing number of risks brought about by the Verizon’s strategy of voicing support for network neutrality principles while actively seeking to undermine them,” the shareholder letter said.

Among other risks, the shareholder letter said, are those arising from Verizon’s “bold claim that its management of networks is protected by the First Amendment, and that the Company is entitled to exercise ‘editorial discretion.’” The letter noted that many legal observers feel that by arguing for “editorial discretion” Verizon might give rise to arguments that would eliminate “safe harbor” protections from liability that it currently enjoys under the Communications Decency Act of 1996 and the Digital Millennium Copyright Act.

The letter also noted the concerns of a group of prominent venture capital investors that are leaders in the development of Internet applications. In a federal appeals court filing, the venture capital firms said:

The freedom and openness of the Internet are now being threatened in unprecedented ways, because of structural changes in the way the Internet is being offered to consumers. The providers of the Internet today?the cable and telephone companies?are now motivated, like never before, to interfere with the content that passes through their pipes.

In a world without network neutrality rules, network providers are allowed to discriminate against applications. If a network provider blocks an application, that application will not reach its users, and the application provider will not profit. Because application discrimination threatens application providers’ profits, it also reduces application providers’ incentives to innovate. Finally, it reduces the incentives of investors…to invest in new technologies.

“The notion that the investment market might be hostile to net neutrality is woefully misplaced and a gross oversimplification of the economic opportunities and risks at stake,” said Jonas Kron, Senior Vice President, Trillium Asset Management. “Net neutrality is a precursor to a well functioning marketplace where innovators are free to innovate and ISPs focus on what they do best – managing the network.”

“This shareholder vote coming just before argument begins in Verizon v FCC is significant,” said Laura Campos, Director, Shareholder Activities, Nathan Cummings Foundation. “Management should consider how it moves forward in the face of clear shareholder concern.”

Michael Connor, Executive Director of Open MIC, a non-profit organization that works with companies and shareholders on open media issues, said: “This issue isn’t going to go away. Verizon’s Board takes a significant risk if it ignores these shareholder concerns.”

For more information:

Jonas Kron, Senior Vice President, Trillium Asset Management LLC, 503-592-0864, jkron@trilliuminvest.com

Laura Campos, Director, Shareholder Activities, Nathan Cummings Foundation, 212-787-7300 ext. 3615,
Laura.Campos@nathancummings.org

Michael Connor, Executive Director, Open MIC, 646-493-9704, mconnor@openmic.org

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Trillium’s Open Letter to Spectra Energy Shareholders Regarding Methane Emissions Proposal

Randy Rice — Wed, 17 Apr 2013 16:34:42 +0000

Trillium Asset Management (Trillium) has published an open letter to Spectra Energy (NYSE: SE) shareholders urging them to vote “FOR” PROPOSAL 5 on the proxy card, which asks the Company how it is managing the economic and regulatory risks related to methane leakage in the Company’s operations.

The shareholder proposal makes the following request of Spectra Energy:

“Shareholders request that the Board of Directors publish a report (by October 2013, at reasonable cost, and omitting proprietary information) for investors on how Spectra Energy is measuring, mitigating, and disclosing methane emissions.”

After reviewing the proposal, Institutional Shareholder Services (a division of MSCI and the leading provider of proxy voting advice) has recommended a vote in favor of the proposal:

“A vote FOR this proposal is warranted, as shareholders would benefit from additional information on how the company is managing its methane emissions. Such information, including quantitative emissions goals, would allow shareholders to assess relevant company performance.”

You can read Trillium’s letter here.

Trillium’s Open Letter to Verizon Shareholders Regarding Network Neutrality Proposal

Randy Rice — Wed, 17 Apr 2013 12:57:14 +0000

Trillium Asset Management (Trillium) has published an open letter to Verizon (NYSE: VZ) shareholders urging them to VOTE “FOR” ITEM 5 on the Company’s 2013 proxy card, which asks the Company to issue a report on “how Verizon is responding to regulatory, competitive, legislative and public pressure to ensure that its network management policies and practices support network neutrality, an Open Internet and the social values described [in the proposal].”

Earlier this month, ISS Proxy Advisory Services issued a “FOR” recommendation to its clients in support of the proposal, concluding:

You can read Trillium’s letter here.

Green Century Balanced Fund, Subadvised by Trillium, Has Half the Carbon Intensity of the S&P 500

Lisa MacKinnon — Thu, 11 Apr 2013 14:38:01 +0000

The Green Century Balanced Fund (GCBLX), which is subadvised by Trillium Asset Management, recently announced that it is 49.5% less carbon intensive than the S&P 500 Index without compromising financial returns.

You can read the full report here.