In the October 2007 issue of Toxic Chemicals in Products, the Newsletter of the Investor Environmental Health Network, the newsletter celebrated the "Impressive Results from Shareholder Resolutions", including news about the "45% [44.8%] vote on a resolution at Hasbro focusing on PVC (polyvinly chloride) and requesting a sustainability report was the highlight of the successful 2007 proxy season for IEHN resolutions... the second highest vote on record for a sustainability report resolution opposed by corporate mangement." From what Bill was saying during our first intensive, this seemed like a very successful voting percentage, so I decided to look into this further. Toxins in toys is a very hot topic right now, with all the news about lead in Chinese toys made for Hasbro and other companies. (SEC Listing)
I went and looked for the Sustainability Report request and found a copy of it filed in Shareholder Resolutions under Hasbro - Sustainability Report. The request included language stating proposed grounds for the report was that "investors increasingly seek disclosure of companies' social and environmental practices in the belief they impact shareholder value". I found myself asking who instigated this campaign? How did they engage Hasbro? On CSRWire.com I found out that a group of catholic nuns, the Domincan Sisters of Adrian, Michigan, worked with the Portfolio Advisory Board, and the Camilla Madden Charitable Trust (CMCT) to convice shareholders to engage with the Board of Trustees at Hasbro, Inc. "Speaking for the resolution filers, Margaret Weber, coordinator of Corporate Responsibility for the Adrian Dominican Sisters in Adrian, Michigan, and also a representative for the Camilla Madden Charitable Trust, commented, "The high vote for this proposal from shareholders indicates that Hasbro needs to meet the standard for accountability on sustainability issues and also that shareholders understand the potential liabilities with continued use of PVC in children’s toys."
Finally, I went to the Hasbro corporate site, to their social responsibility section. There they talk about product safety, sustainable practices, the reduction of greenhouse gas emissions and recycling policies, they don't discuss this particular shareholder resolution. It would be great to find a little more info on how the filers devised their plan of attack and what their mode of communication was. If anyone can learn any additional information, I'd be interested in sharing it.
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