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Friday, December 13, 2024

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Investors, activists both work to shape companies' climate goals

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Wednesday, November 13, 2024   

The food we consume is a significant contributor to global greenhouse gas emissions, with beef production -- key to the fast food industry -- among the leading sources.

Pressure on major fast-food chains to set measurable climate goals has begun to build, not only from environmental groups but from a somewhat unexpected source: shareholders.

Kevin Chuah, assistant professor of international business and strategy at Northeastern University in Boston, said the shift reflects a broader trend in shareholder activism.

"The public campaigns tend to be those that include shareholder proposals, can involve litigation," Chuah pointed out. "It could be as simple as writing a public letter to a company or to a group of companies asking for a demand."

He noted the strategies have led companies like Jack in the Box and Wingstop to set broad climate goals, driven by nonprofits focused on environmental accountability. He acknowledged to avoid resistance from large investors, the goals tend to stay general, allowing companies some discretion in defining their environmental commitments.

In addition to fast food chains, shareholder activism extends across other industries, from agriculture to fossil fuels. The goals may be to influence corporate practices on issues like climate goals, diversity and equity. Chuah emphasized the activism is part of a broader system, where not only shareholders but also regulators and financial entities play a role in urging greater corporate responsibility.

"There have been many instances of nonprofits and religious groups being quite influential," Chuah observed. "They've done it either because of persistence, because they've brought these issues back to companies over time. Another has been where they're collaborating with others, approaching the company with a larger group."

He added shareholder influence has managed to boost corporate climate responsibility efforts. Many hope growing such efforts, through private talks or public proposals, will lead to real emission reductions, especially in high-impact sectors like food production.

This story is based on original reporting by Grace Hussain for Sentient.


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