Impact Blog
Calvert's engagement approach and the road to clean energy

The views expressed in these posts are those of the authors and are current only through the date stated. These views are subject to change at any time based upon market or other conditions, and Calvert disclaims any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions for Calvert are based on many factors, may not be relied upon as an indication of trading intent on behalf of any Calvert fund. References to individual companies for Engagement or Research purposes are provided for illustrative purposes only and may not be representative of the results of all of Calvert’s engagement efforts. The discussion herein is general in nature and is provided for informational purposes only. There is no guarantee as to its accuracy or completeness. Past performance is no guarantee of future results.

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      By Stuart Dalheim, Shareholder Engagement Manager, Calvert Research and Management

      Washington - It has been 48 years since the first Earth Day was celebrated in the United States, and the push towards clean energy has never been more urgent.

      Calvert's advocacy efforts in this area remain comprehensive. We reached out to more than a dozen companies on climate and energy issues in Q4 2017, engaging in discussions with many of them. We ultimately filed two shareholder proposals on greenhouse gas emissions reductions.

      In addition, Calvert continued our dialogue with a large steel and steel products company addressing the company's work on energy management and performance on greenhouse gas emissions. Kristina Friedman and I visited a steel mill outside of Charleston, South Carolina on April 5. We met with plant management and staff, and were joined by environmental and investor relations representatives from corporate headquarters. The meeting allowed us to see the day-to-day operations, ask questions and deepen our understanding of the company. Once out of our safety gear, we continued our discussions about energy management, reporting and goal setting.

      Calvert also is participating in Climate Action 100, a new five-year investor initiative to engage more than 100 of the world's largest corporate greenhouse gas emitters to curb emissions, strengthen climate-related financial disclosures and improve governance on climate change. As part of this initiative, Calvert will lead engagement with some companies and support the engagement at others. The engagement will officially begin in North America in the summer of 2018.

      Looking back at 2017

      Calvert continued its work on the climate and energy challenge in 2017, seeking to understand how companies are preparing for and benefiting from the transition to a lower carbon energy system.

      Calvert filed shareholder proposals on energy and climate change with four companies for the 2017 proxy season. We established productive dialogues with three companies to address disclosure of energy and greenhouse gas emissions management and performance, and to encourage them to improve their performance and reduce their environmental footprints.

      Calvert withdrew the proposal at one energy company that has strengthened reporting on greenhouse gas emissions and on programs implemented to reduce emissions and has agreed to continue a dialogue with Calvert regarding the company's methane management efforts.

      We also co-filed a proposal at a major independent power producer asking the company to assess the business in the context of the international focus on limiting climate change warming to 2 degrees. The proposal earned 40 percent support from shareholders.

      Bottom line: Energy issues serve as a critical issue for shareholder engagement. Calvert will continue to work with companies on greenhouse gas emissions reductions and the transition to a lower carbon energy system.