The Clean Yield – Fall 2014 Newsletter is Now Online

2014 Proxy Season Review

Forget Game of Thrones. The real drama this year concerned the fate of Clean Yield’s shareholder proposals and the outcomes of our dialogues with corporations. We’ve been in talks with HBO — for what seems like forever — about a pilot (working title: Proxy Apocalypse), but since nothing’s been signed, we’re still at liberty to review what worked this year and what didn’t.

Walgreens, We Still Need To Talk

American taxpayers breathed a sigh of relief in August, when Walgreen Company announced it would not pursue a tax-dodging “inversion” as part of its merger with Alliance Boots. But its policies on water management, energy usage and use of toxic ingredients in its brand-name products lag behind those of Alliance Boots, which led Singing Fields Foundation to file a shareholder proposal.


Vermont Lowers Barriers to Small Investment

Changes to the Vermont Small Business Offering Exemption (VSBOE) will allow all Vermont investors — not just the “accredited” few — to support Vermont SMEs through direct equity offerings. The modifications will simplify the process and reduce costs associated with securities registration, allow businesses to raise more capital, and allow for a broader base of investors.


Bar Harbor Bankshares (BHB): A Maine Dish

With the big banks still Too Big To Fail and yet perfectly capable of doing so,  we’re pleased to have recently added another a well-managed, small New England bank to our client portfolios. Bar Harbor Bankshares offers an attractive dividend yield and prospects for moderate dividend and earnings growth.



Exactech (EXAC): Good to the Bones

An estimated one million knee replacement procedures are performed worldwide each year (ouch!). For the aged, clumsy or just downright unfortunate, Exactech develops, manufactures, and sells orthopedic implant devices, related surgical instruments, and biological material and services to make patients more mobile. Its products are used in the restoration of bones and joints that have deteriorated as a result of injury or disease, such as arthritis.