Investors won a shareholder proposal at Procter & Gamble aimed at urging the consumer goods giant to disclose the impact it has on forests, specifically its use of palm oil and pulp in developing economies. BlackRock voted for the proposal, making good on its shift toward supporting more climate-related initiatives, an issue it historically left to management’s discretion.
In activism news, energy company Exelon Corporation is mulling the sale of its non-utility assets, Bloomberg reported, citing sources. The news comes a week after activist Keith Meister, founder of Corvex Management, unveiled his stake in the company at the 13D Monitor Active/Passive event, and walked through his value creation thesis.
Duke Energy launched its first ever ESG day last Friday, which was postponed in May and reimagined as a virtual event. The lineup featured Lynn Good, chairman, president and CEO of Duke, as well as senior executives and board director William Kennard, and the company doubled-down on its efforts to transition to clean energy to address climate change. The event sets the stage for other large companies to host similar events to tell their ESG story and lay out the initiatives in place for long-term growth.
Have a good weekend,
Michael and Joel