Majority Action

[Announcement] The Board of Directors of Majority Action is thrilled to invite you to our celebratory online fundraising event on December 11th from 3-4 pm ET, followed immediately by a happy hour from 4-4:30 pm ET! Our collective work to create a fair and equitable economy and to fight for a sustainable future has never been more essential. Let us write The Next Chapter together! Join us as we celebrate the legacy of our founding Executive Director, Eli Kasargod-Staub, CFA, welcome our new Executive Directors, Whitney Shepard and Bryant Sewell, and lift up our shared vision of prosperity and environmental sustainability for all. Please RSVP and invite your friends! https://lnkd.in/gQCC3svZ

ICYMI- Walmart just became the largest company to roll back its diversity, equity and inclusion initiatives. It should be noted that just earlier this year a worker-backed racial equity audit shareholder proposal at Walmart garnered the support of nearly 35% of non-insider shares. Walmart opposed the proposal, and argued that a racial equity audit was unnecessary because the company already had appropriate DEI structures and policies in place, touting among other things its Center for Racial Equity, a $100 million pledge it made after the 2020 police killing of George Floyd. Yet on Monday, we learned that Walmart is choosing not to renew its commitment to the Center for Racial Equity, that it is ending its supplier diversity program, and that it is withdrawing from a prominent gay rights index that measures workplace inclusion for LGBTQ+ workers. Walmart is the largest private employer in the United States and the largest private employer of Black workers. More than half of its hourly workers are people of color. As detailed by organizations like Majority Action and United for Respect, Walmart has been involved in numerous controversies regarding racial discrimination, bias, and poor human capital management. Investors should be concerned: these practices pose material risks to Walmart, which relies heavily on Black and Brown hourly workers to generate value. Walmart’s reneging on DEI should alarm investors and other stakeholders, not just because it amplifies the material risks associated with systemic racism and poor human capital management, but also because it reveals the unreliability of the company’s commitments. ? Racial equity and civil rights are not partisan issues. They should be part of the fabric of any political party, institution, and corporation – particularly at companies like Walmart that wield such massive influence on our society and economy. Corporations and shareholders have a choice in this moment: Make decisions that help usher in a tomorrow that we all deserve and belong to, or take us backwards and threaten our ability to build towards a brighter, more prosperous future. https://lnkd.in/drtje4CU

[ICYMI] On Wednesday, December 11th, we are hosting a virtual fundraising event to celebrate the legacy of our founding Executive Director, Eli Kasargod-Staub, CFA and welcome our new Executive Directors, Whitney Shepard and Bryant Sewell! We invite you to join our celebration and come together around a shared vision of prosperity and environmental sustainability for all as we move forward. If you haven’t already registered, please reserve your spot and share the link with your friends: https://lnkd.in/gQCC3svZ

Check out co-executive directors Whitney Shepard and Bryant Sewell’s new piece in ImpactAlpha on what's next in #ESG and how to keep making progress in an increasingly hostile political environment! "The recent anti-ESG and anti-DEI backlashes have provided the largest asset managers with the cover and short-sighted justification to return to rubber-stamping the actions of companies that pollute the planet and harm workers and communities. These large asset managers operate as unappointed quasi-regulators of governance standards and are poised to have more power under the incoming Trump administration. Their countenancing of harmful corporate behavior has exacerbated economic inequality within our country and fanned the flames of resentment and backlash. Given the scale and urgency of these combined threats, it is no longer enough for responsible investors to rely solely upon dialogue; they must demand action."

Our latest newsletter addresses how a systemic perspective strengthens shareholder stewardship. In it, we highlight increased attention to and support for portfolio-level risk and #SystemStewardship arguments, and we cite examples of this appearing in articles and reports from Oxfam, Rights CoLab, Institute for Energy Economics and Financial Analysis (IEEFA), CFA Institute, Global Sustainable Investment Alliance, Principles for Responsible Investment, and International Sustainability Standards Board (ISSB). We also provide guidance on how to integrate system stewardship into feedback on ISS | Institutional Shareholder Services' open comment period, with details on a webinar on the topic we're co-hosting with Majority Action, the Racial Justice Investing Coalition, and Interfaith Center on Corporate Responsibility (ICCR). We further include details on a webinar at which our CEO Rick Alexander is speaking alongside Tom Gosling, Rickard Nilsson, and Xander Urbach, hosted by Esgaia. And last but not least, we offer details on how to donate to TSC as you consider your end-of-year giving plans. Give it a read and let us know what you think! https://lnkd.in/eS6PDNbZ Diana Kearney Sharmeen Contractor Paul Rissman Joanne Bauer Paul Chandler Whitney Shepard Laura D. Josh Zinner

?? ICYMI- Yesterday?38 labor unions, investors, and advocates submitted a letter to the Federal Deposit Insurance Corporation (FDIC) in support of a?proposed rule?that would increase oversight of asset managers with substantial voting power in banks. The proposal would bolster FDIC oversight when asset managers gain control of over 10 percent of voting securities of bank holding companies with FDIC-supervised subsidiaries. “The FDIC is, thankfully, tackling the significant implications of asset manager concentration and ownership of banks,”?said Natalia Renta, senior policy counsel for corporate governance and power at Americans for Financial Reform Education Fund. “Regulators need to catch up to the reality that the growth and concentration of the asset management industry has fundamentally reshaped how public companies—including listed banks—make decisions." As a signatory, Majority Action recognizes the importance of the FDIC taking action to establish greater transparency and accountability from the largest asset managers, and we will continue to support efforts that make this possible! Read more about these critical efforts on Americans for Financial Reform Education Fund's website?here!:?https://lnkd.in/gpv4y6JY

[ICYMI] We are thrilled to have welcomed Whitney Shepard and Bryant Sewell, two veteran staff leaders, as Majority Action’s new co-Executive Directors. We are grateful to Eli Kasargod-Staub, CFA-Staub, who co-founded and led Majority Action for the past seven years and united in our enthusiasm about Whitney and Bryant’s strategic vision, passion for our mission, and inclusive leadership as they build on Majority Action’s strengths and lead us into new possibilities. Please consider making a donation to support our growing organization and learn more about the leadership transition here: https://lnkd.in/gkC5GDGh

[Announcement] After nearly seven years of building and leading Majority Action, our Co-founder and Executive Director, Eli Kasargod-Staub, CFA, has decided to transition out of his role. We are thrilled to announce that following three months of deep and inspired collaboration between the entire Majority Action staff and board of directors, the board has unanimously voted to appoint two veteran staff leaders, Whitney Shepard and Bryant Sewell, as the organization’s new co-Executive Directors. We are united in our excitement about Whitney and Bryant’s strategic vision, passion for our mission, and inclusive leadership as they build on Majority Action’s strengths and lead us into new possibilities. Please find our press release here: https://lnkd.in/g-Pf-hiM

[Reminder] Tomorrow, Sept. 5th at 5pm EDT, is the deadline to submit responses to ISS’ Annual Global Benchmark Policy Survey. Please check out the model survey responses that were put together by Racial Justice Investing, Interfaith Center on Corporate Responsibility (ICCR), Sierra Club Foundation, and Majority Action as well as The Shareholder Commons, who contributed to the content regarding the importance to investors of systemic risk and portfolio impact. https://lnkd.in/guAAq6Zq

[Take action] The two largest proxy advisors, ISS and Glass Lewis, have released their respective client surveys! We invite survey respondents to refer to the model responses for ISS’ survey (due on Sept. 5th) and model responses for Glass Lewis’ survey (due on August 30th) that were put together by investors, members, and staff of Interfaith Center on Corporate Responsibility (ICCR), Sierra Club Foundation, Racial Justice Investing, and Majority Action as well as The Shareholder Commons, who contributed to the content regarding the importance to investors of systemic risk and portfolio impact. If you would like to attend a workshop to engage with us further on these surveys, please email Anandi at [email protected] to receive the calendar invite. ISS Model Survey Responses: https://lnkd.in/ggcYbq75 Glass Lewis Model Survey Responses: https://lnkd.in/g_FWfjf9