The Financial CHOICE 2.0 Act, passed in June by the House and now advancing to the Senate, not only guts the Dodd Frank measures designed to protect consumers and prevent another 2008 financial meltdown, it also takes direct aim at the shareholder resolution process — we’re now fighting to defend our basic right to speak to corporations through shareholder resolutions. Resolutions have been a powerful tool in creating positive change at corporations, benefiting people and the environment while strengthening bottom lines. The #WrongCHOICEAct would restrict resolutions to shareholders who own at least 1% of a company — for the kind of companies we regularly engage, that means shareholders would have to own several billion dollars in one company’s shares, effectively eliminating the entire process. The #WrongCHOICEAct also seeks to repeal Dodd Frank’s conflict minerals disclosure rule, which would be a major setback to corporate transparency and human rights efforts. We are rallying shareholders to resist being silenced, keep corporations accountable, and demand that this channel of communication with the companies they own stays open and vibrant.
