Changing Corporate Behavior Through Shareholder Activism

Nathan Cummings Foundation (NCF) uses our voice and standing as an investor to shift markets and change corporate behavior to further progress on climate change and inequality while protecting long-term shareholder value. We work to change interpretations of the rules governing corporate power, vote proxies associated with the stocks we own, file shareholder resolutions on issues at the intersection of our programmatic interests and long-term shareholder value, and encourage dialogue among shareholders, nonprofit groups, and corporate managers. Read our guide to Changing Corporate Behavior through Shareholder Activism.

In 2002, we established Shareholder Activity Guidelines that guide how we consider our broad programmatic values, including those of diversity, equity, inclusion, accountability, and transparency, when engaging the companies we own.

Shareholder Resolutions

NCF works both independently and with other investors to file shareholder resolutions on issues with implications for both long-term shareholder value and the Foundation’s focus areas. Over the last fifteen years, NCF has filed more than 200 shareholder resolutions on issues ranging from climate change to executive compensation. A substantial number of the Foundation’s resolutions were withdrawn following successful negotiations with companies. Others have proceeded to a vote year after year with little to no interaction with the receiving company. Votes on NCF’s shareholder resolutions range from a low of two percent at a company with dual classes of stock, to a high of 98.9 percent for a 2013 resolution requesting that BorgWarner Inc. declassify its board of directors. Click here for more information about the results of NCF’s Shareholder Resolutions.

Proxy Voting