NorthStar Shareholder Resolutions
NorthStar Asset Management, Inc. takes corporate accountability seriously. On behalf of clients, we actively vote all shares and report to clients how we have cast these votes in an annual shareholder proxy guide.
In addition, we file shareholder resolutions that bring issues before all shareholders for a vote. In the past, we have sponsored resolutions on issues of limiting executive compensation, improving corporate environmental policies, and protecting workers from discriminatory practices. Below are resolutions that we filed during the last three fiscal years.
Shareholder Resolutions FY 2008
| AIG | AIG invests in a water utility. NorthStar's resolution asked the Company to create a policy supporting the Human Right to Water which assures clean, accessible and affordable water for all. | This first-time resolution received solid support with 12.7% of the vote. |
| Citigroup | Working with a coalition of investors and Amnesty International, NorthStar pressed the Company to examine its investment principals with respect to supporting the genocide occurring in Darfur, Sudan. | Resolution received 7% of the vote. |
| Coca Cola | Working with Corporate Accountability International, we sought disclosure of chemical and biological testing of water used in Coke's products. Municipal water supplies, which are tested constantly, must disclose test results, but laws are lax for corporations. | This year the Company challenged this resolution on technical grounds and won the ability to omit the resolution from its proxy statement. |
| ExxonMobil | NorthStar's resolution asked the Company to review its executive compensation policy with respect to the highest and lowest paid workers and report back to the shareholders. | The resolution received 10.8% of the vote. |
| Hain Celestial | After several years of engagement with the Company about its CEO pay, NorthStar filed a "Say on Pay" resolution. If passed, this resolutions gives shareholders the right to offer their opinion of the company's executive pay packages to the Board of Directors. | Perhaps because Hain had been under SEC scrutiny for stock options backdating, the resolution received a whopping 45.6% of the vote: clear signal to the company to make some changes. |
| McGraw Hill | Our resolution asked the company to disclose its political contributions to the shareholders. Additionally, we asked the Board of Directors to oversee all political contributions. We worked with the Center for Political Accountability, a DC-based nonpartisan group seeking full disclosure of political contributions by companies. | This year the Company challenged this resolution on technical grounds and won the ability to omit the resolution from its proxy statement. Oddly, the company which publishes Businessweek seeking transparency and disclosure from other companies, ducks its obligation here. |
| PepsiCo | Pepsi's main ingredient is water. NorthStar's resolution asked the Company to create a policy supporting the Human Right to Water which assures clean, accessible and affordable water for all. | This first-time resolution received solid support of 7% of the vote. |
| Wells Fargo | Our resolution asked the company to explain the disparity in the costs of loans between racial and ethnic groups. We partnered with Responsible Wealth, a Boston-based national network of businesspeople, investors and affluent Americans who are concerned about deepening economic inequality and are working for widespread prosperity. | Received 6.36% of the vote. With the diminishing support of shareholders, we will need to write a different resolution for 2008. |
Shareholder Resolutions FY 2007
| Company | Issue | Results |
| Coca Cola | Working with Corporate Accountability International, we sought disclosure of chemical and biological testing of water used in Coke's products. Municipal water supplies, which are tested constantly, must disclose test results, but laws are lax for corporations. | The resolution received 11.6% of the vote. |
| ExxonMobil | NorthStar's resolution asked the Company to review its executive compensation policy with respect to the highest and lowest paid workers and report back to the shareholders. | The resolution received 11.6% of the vote. |
| Fuel Cell | In seeking to expand protections for GLBT employees, the resolution asked the Company to add the word "gender identity" to its non-discrimination policy. | After some discussion, the Company willingly made the change to its policy. |
| Home Depot | A coalition of investors once again asked the Company to reveal its Equal Employment Opportunity data. Other companies do so freely. NorthStar co-filed this resolution with Walden Asset Management. | The resolution received 26% of the vote. |
| Hubbell | In seeking to expand protections for GLBT employees, the resolution asked the Company to add the word "gender identity" to its non-discrimination policy. | After some discussion, the Company willingly made the change to its policy. |
| McGraw Hill | Our resolution asked the company to disclose its political contributions to the shareholders. Additionally, we asked the Board of Directors to oversee all political contributions. We worked with the Center for Political Accountability, a DC-based nonpartisan group seeking full disclosure of political contributions by companies. | The resolution received 38% of the vote reflecting the shareholders' concern for greater corporate transparency. |
| WalMart | Our resolution asked the company to disclose its political contributions to the shareholders. Additionally, we asked the Board of Directors to oversee all political contributions. We worked with the Center for Political Accountability, a DC-based nonpartisan group seeking full disclosure of political contributions by companies. | We received 10.8% of vote. However, shortly after the meeting, we decided to divest of WalMart. |
| Wells Fargo | Our resolution asked the company to explain the disparity in the costs of loans between racial and ethnic groups. We partnered with Responsible Wealth, a Boston-based national network of businesspeople, investors and affluent Americans who are concerned about deepening economic inequality and are working for widespread prosperity. | Resolution received 8.26% of the vote. |
Shareholder Resolutions FY 2006
| Company | Issue | Results |
| Emerson Electric | In seeking protections for gay and lesbian employees, the resolution asked the Company to add the words "sexual orientation" to its non-discrimination policy. NorthStar co-filed this resolution with Domini Social Investments. | After five years of wrangling and with a new CEO in place, the Company changed its policy. |
| Exxon Mobil | NorthStar's resolution asked the Company to review its executive compensation policy and report back to the shareholders. | The resolutions received 12.9% of the vote, a significant tally for a first time resolution. Given the high vote count, SEC rules allow us to automatically resubmit this resolution. |
| General Mills | Our resolution asked the company to disclose its political contributions to the shareholders. Additionally, we asked the Board of Directors to oversee all political contributions. We worked with the Center for Political Accountability, a DC-based nonpartisan group seeking full disclosure of political contributions by companies. | The Company agreed to change its political disclosure policy as requested before the shareholder vote. NorthStar withdrew the resolution. |
| Hain Celestial | NorthStar's resolution asked the Company to review its executive compensation policy and report back to the shareholders. | The Company agreed to undertake a review and answer the questions our resolution posed. Unfortunately, the Company will only release the results of its study to shareholders who agree to sign a non-disclosure agreement. |
| Home Depot | A coalition of investors once again asked the Company to reveal its Equal Employment Opportunity data. Other companies do so freely. NorthStar co-filed this resolution with Walden Asset Management. | The resolution received 36% of the vote, reflecting shareholders' concern for greater corporate transparency. |
| Sherwin Williams | In seeking protections for gay and lesbian employees , the resolution asked the Company to add the words "sexual orientation" to its non-discrimination policy | The Company actually had a policy that protected gay and lesbian employees but it wasn't being publicized. The Company agreed to quickly remedy that. NorthStar withdrew the resolution. |
| Staples | Our resolution asked the company to disclose its political contributions to the shareholders. Additionally, we asked the Board of Directors to oversee all political contributions. We worked with the Center for Political Accountability, a DC-based nonpartisan group seeking full disclosure of political contributions by companies. | The Company agreed to change its political disclosure policy as requested before the shareholder vote. NorthStar withdrew the resolution. |
| Wal-Mart | Our resolution asked the company to disclose the race and gender of those employees who receive equity compensation, a.k.a. stock options. We partnered with Responsible Wealth, a Boston-based national network of businesspeople, investors and affluent Americans who are concerned about deepening economic inequality and are working for widespread prosperity. | We received 10.1% of the vote, enough votes to automatically resubmit the resolution next year. |
| Wells Fargo | Our resolution asked the company to explain the disparity in the costs of loans between racial and ethnic groups. We partnered with Responsible Wealth, a Boston-based national network of businesspeople, investors and affluent Americans who are concerned about deepening economic inequality and are working for widespread prosperity. | We received 7.2% of the vote, enough votes to automatically resubmit the resolution next year. |