In the political realm, getting 41% of the vote is somewhat embarrassing. But where shareholder votes are concerned, 41% is practically a blowout. Getting 41% voted in favor of your shareholder proposal means that it has gotten the support of some of the toughest nuts to crack — institutional investors who are inclined to vote as company management recommends on nearly all issues that come up on the ballot.
So we’re very pleased to announce that on April 30, 41% was the magic number for Clean Yield Asset Management’s proposal at AGL Resources, which asked the company to update its nondiscrimination policies to include “gender identity.” The Atlanta-based company is the largest natural gas distributor in the U.S.
Currently, federal law is silent on gender identity discrimination, and state and local laws vary. Corporations and other private employers are leading the way on this issue (see the resolution text for details), and we’re hopeful that the voting results will encourage AGL to reconsider and adopt best practices.