Shareholder Activities: Press Coverage & NCF-Authored Articles

Press Coverage & NCF-Authored Articles

Investors achieve important victory with economy-wide climate risk disclosure guidance

Leading investors hailed the SEC’s landmark decision to issue interpretive guidance clarifying what public companies should disclose to investors regarding climate risks and opportunities. The Nathan Cummings Foundation and numerous other investors have been requesting such guidance for a number of years in light of the issue’s potentially significant implications for their investments.

Click here to read more

Wall Street compensation continues to make headlines as investors press for more information on pay disparity

In the wake of last year’s near collapse of the financial system, big bonuses for Wall Street executives have drawn the attention of both investors and the press. A recent Fortune article on CNNMoney.com explores some of the concerns about Wall Street’s “eye-popping paychecks” and outlines why investors like the Nathan Cummings Foundation remain concerned about Wall Street compensation practices despite recent attempts at reform.

Click here to read more

SEC Says Climate Change Disclosure a Priority
By Barry B. Burr
June 16, 2009

In the wake of a letter coordinated by the Investor Network on Climate Risk (INCR) and signed by more than 40 institutional investors, including the Nathan Cummings Foundation, the SEC has announced plans to focus on climate change disclosure requirements. Institutional investors like NCF have long argued that increased disclosure of climate related risk is necessary for improved investment decision making.

Click here to read more

Minneapolis / St. Paul Business Journal covers NCF Say on Pay resolution
by Sam Black Staff Writer
April 2009

Executive compensation has been a hot topic recently, especially in light of some of the very generous pay packages awarded at poorly performing companies. The Nathan Cummings Foundation is the lead filer of a “say on pay” proposal asking UnitedHealth Group to provides shareholders the opportunity to vote on an advisory resolution to ratify the compensation of the company’s named executive officers (“NEOs”). The proposal and resulting vote are non-binding and would not affect any compensation paid or awarded to any NEO, but rather provide a mechanism for shareholders to express feedback on the company’s compensation philosophy and pay package.

Click here to read more

An Early Look at ESG Proposals
By Heidi Welsh, ESG Research Team, RiskMetrics Group
January 2009

According to RiskMetrics Group, 2009 looks set to be another record-breaking year in terms of the sheer number of environmental, social and governance (ESG) proposals appearing on corporate proxy statements. Among the campaigns notable for an increase in the number of resolutions filed for 2009 are two that the Nathan Cummings Foundation has been actively involved in: one focusing on health care reform and another centered on a push to increase disclosure of corporate political contributions. Climate change proposals, including an NCF-led campaign in the homebuilding sector, are also expected to increase in number in 2009.

Click here to read more

Investors See Doubling of Shareholder Proposals on Health Care Reform, Growing Support from Corporate America in 2009

Shareholder resolutions focusing on climate change achieved breakthrough results in 2008, reflecting growing investor concerns over global warming and its effects on long-term shareholder value. The Nathan Cummings Foundation was one of a number of institutional investors that together filed more than 50 shareholder resolutions on climate change in 2008.

CCR Health Care Reform News Release - 2009: The Year of Health Care Reform?

The Wall Street Journal Health Blog - Religious Investors Push Companies to Embrace Health Reform

The Catholic Review - No Time to Waste: SCHIP vote just one step on road to health reform

SocialFunds.com - Health Care Reform Takes Center Stage for 2009 Proxy Season

Climate resolutions "having big impact"
By Jonathan Birchall in New York
Published: August 21 2008 03:00 | Last updated: August 21 2008 03:00

Shareholder resolutions focusing on climate change achieved breakthrough results in 2008, reflecting growing investor concerns over global warming and its effects on long-term shareholder value. The Nathan Cummings Foundation was one of a number of institutional investors that together filed more than 50 shareholder resolutions on climate change in 2008.

Click here read more

Centex Moves on Environmental Concerns
by John Caulfield
Posted on www.builderonline.com on July 14, 2008

Centex Corporation recently announced plans to implement its Energy Advantage program in all homes it builds throughout the United States beginning on January 1, 2009. The announcement comes in the wake of several years of shareholder filings, led by the Nathan Cummings Foundation, asking the company to disclose information on its approach to energy efficiency and climate change. Centex Energy Advantage homes are estimated to achieve a 10 to 22% efficiency improvement when compared to a standard efficiency house built to the current code. Taken together, the homes will avoid the production of thousands of tons of GHG emissions over their lifetimes.

Click here to read this article

Executive Pay Weighs Heavy with Shareholders
By Anne Moore Odell
Published on www.socialfunds.com on June 4, 2008

According to this article by Anne Moore Odell, as most Americans see their paychecks stretched tighter by rising costs, the huge paychecks and special perks given to the people running publicly traded companies are under closer scrutiny than ever by shareholders. This year, more than 90 "say on pay" resolutions were filed by investors including the Nathan Cummings Foundation, the Needmor Fund and the City of New York Pension Fund asking that shareholders be given an opportunity to participate in an advisory vote on executive compensation.

Click here to read this article

NCF Joins 18 Other Institutional Investors to Press Exxon Mobil on Climate Change
By PRNewswire
Published on www.prnewswire.com, May 21, 2008

The Nathan Cummings Foundation has joined 18 other institutional investors holding 91 million shares of Exxon Mobil stock to publicly press the oil giant to improve its governance practices and take action to address the risks and opportunities associated with climate change. In keeping with its focus on sustainable profits and active ownership, the Foundation co-filed proposal #15 on the Exxon Mobil proxy which asks the company to establish GHG emission reduction goals. This and other climate change proposals filed at Exxon were coordinated by Ceres, an NCF grantee.

Click here to read this article

Valero Advocates for US CO2 Policy
By Jessca Resnick-Ault, Dow Jones Newswires
Published on www.downstreamtoday.com, May 8, 2008

This piece by Dow Jones writer Jessica Resnick-Ault focuses on the evolution of climate change policy at Valero Energy. The article includes a look at a shareholder resolution filed in 2004 by the Nathan Cummings Foundation requesting that Valero form a board committee to evaluate the company's response to climate change. Although the company was initially reluctant to implement the resolution's request, Valero Energy has since formed the requested climate change committee and recently stated that it would like to see the development of a comprehensive national climate change policy.

Click here to read this article

Foundations Move Toward Mission Related Investing, One Foundation at a Time
By Anne Moore Odell
Published on SocialFunds.com, February 15, 2008

In "Foundations Move Toward Mission Related Investing, One Foundation at a Time", Anne Moore Odell looks at how concerns about climate change may push foundations to focus more intently on active ownership strategies and responsible investment. The article credits the Nathan Cummings Foundation with being a leader in this area and explores the Foundation's approach to responsible investment.

Click here to read this article

Foundations Align Investments with their Charitable Goals
By Charles Piller, Los Angeles Times Staff Writer
Published in the Los Angeles Times, December 29, 2007

This article on the growth of responsible investment practices in the foundation world mentions the Nathan Cummings Foundation as one of a small number of foundations that have long been focused on responsible investment and active ownership. NCF is also credited, along with several others, with helping to move more foundations towards better aligning their investment practices with their charitable goals.

Click here to read this article

The Power of Proxies and Shareholder Resolutions
By Andrew Tuch, co-editor, Harvard Law School Corporate Governance Blog Posted on http://blogs.law.harvard.edu, Friday October 19, 2007

NCF's approach to active ownership was featured in the Harvard Law School Corporate Governance blog following a presentation to Harvard Law School students by Lance E. Lindblom, President & CEO of the Nathan Cummings Foundation.

Click here to read more

NCF Weighs In on SEC Proxy Access Proposals
Recent SEC proposals focusing on proxy access and shareholder resolutions have generated plenty of controversy, with the SEC receiving thousands of comments from concerned investors.

Click here to read NCF's comments

NCF, Others Call on SEC to Force Corporate Climate Disclosure
The Nathan Cummings Foundation and a coalition comprised of 21 other groups including Ceres, CalPERS and a number of state treasurers have petitioned the Securities and Exchange Commission to require publicly traded companies to assess and disclose financial risks relating to climate change.

Click here to read more

Foundations Test Proxy Power
By Sally Beatty
Published in the Wall Street Journal, January 19, 2007

The Wall Street Journal covers the Nathan Cummings Foundation's shareholder work and explores the growing number of foundations looking to reinforce their philanthropic mission through their status as institutional investors.

This article is available to Wall Street Journal subscribers and may be accessed online using the link below.

Click here to read this article

Gates Foundation Faces Multibillion-Dollar Dilemma
By Kristi Heim, Seattle Times Business Reporter
Published in the Seattle Times, January 14, 2007

Follow-up coverage of the controversy surrounding the Gates Foundation's investments.

Click here to read this article

Gates Foundation to Reassess Investments
By Charles Piller, Times Staff Writer
Published in the Los Angeles Times, January 11, 2007

This follow-up piece to the investigative series in the LA Times cites NCF as a leader in the consideration of social investment issues and contains insightful commentary on the issue by NCF President and CEO Lance E. Lindblom.

Click here to read this article

Money Clashes with Mission
By Charles Piller, Times Staff Writer
Published in the Los Angeles Times, January 8, 2007

The second article in a two-part series investigating the contradictions between the Gates Foundation's investments and its grant making. The article includes references to NCF and a number of its grantees.

Click here to read this article

Dark Cloud Over Good Works of Gates Foundation
By Charles Piller, Edmund Sanders and Robyn Dixon, Times Staff Writers
Published in the Los Angeles Times, January 7, 2007

The first article in a two-part series investigating the contradictions between the Gates Foundation's investments and its grant making. NCF is cited as an example of a foundation that not only votes its proxies, but takes its activism one step further by filing shareholder resolutions.

Click here to read this article

Investors Persuade Big-Box Retailers to Disclose Energy and Climate Performance
Published by GreenBiz.com, March 6, 2006

In response to shareholder requests, two leading big-box retailers and the nation's largest shopping mall company have agreed to significantly expand reporting and disclosure on energy efficiency performance, with the two big-box retailers also agreeing to discuss greenhouse gas emissions.

Click here to read this article

A Focus on Corporate Responsibility
By Ben Gose
Published in the Chronicle of Philanthropy, August 4, 2005
The Nathan Cummings Foundation is among a growing number of grant makers that are paying more attention to corporate governance and responsibility at the companies in which they invest. Cummings has also been among the most aggressive foundations in filing shareholder resolutions.

Click here to read this article

Talk of Integrity Amid Scrutiny
By Ian Wilhelm
Published in the Chronicle of Philanthropy, April 28, 2005
The Nathan Cummings Foundation proposes shareholder resolutions, in which a stockholder can request information or changes at a company. While the resolutions are nonbinding, meaning the company does not have to respond to them, they usually influence corporate decisions, said Caroline L. Williams, CFO.

Click here to read this article

The Price of Politics
By Lance E. Lindblom, President & Chief Executive Officer, The Nathan Cummings Foundation
Published in Pharmaceutical Executive, October 2004
The Foundation's President urges the pharmaceutical industry to adopt a business model less dependent on political influence.

Click here to read this article

Foundation President participates in SEC Roundtable Discussion, March 10, 2004
The Securities Exchange Commission's proxy access proposal is one of the most important and hotly contested proposals in years. As a panelist at the SEC's roundtable discussion on shareholder director nominations, the Foundation's President stressed the importance of creating incentives for more effective corporate governance.

Click here to read more

Who's Minding the Store?
By Caroline Williams, Chief Financial and Investment Officer, The Nathan Cummings Foundation
Published in Foundation News & Commentary, Mar/Apr 2003 Vol. 44, No 2

Click here to read this article

We're Owners, Not Traders
By Lance E. Lindblom, President & Chief Executive Officer, The Nathan Cummings Foundation
Published in Foundation News & Commentary, Sept./Oct. Vol. 43, No. 5

Click here to read this article




	Press Coverage & NCF-Authored Articles Investors achieve important victory with economy-wide climate risk disclosure guidance Leading investors hailed the SEC’s landmark decision to issue interpretive guidance clarifying what public companies should disclose to investors regarding climate risks and opportunities. The Nathan Cummings Foundation and numerous other investors have been requesting such guidance for a number of years in light of the issue’s potentially significant implications for their investments. Click here to read more Wall Street compensation continues to make headlines as investors press for more information on pay disparity In the wake of last year’s near collapse of the financial system, big bonuses for Wall Street executives have drawn the attention of both investors and the press. A recent Fortune article on CNNMoney.com explores some of the concerns about Wall Street’s “eye-popping paychecks” and outlines why investors like the Nathan Cummings Foundation remain concerned about Wall Street compensation practices despite recent attempts at reform. Click here to read more SEC Says Climate Change Disclosure a Priority By Barry B. Burr June 16, 2009 In the wake of a letter coordinated by the Investor Network on Climate Risk (INCR) and signed by more than 40 institutional investors, including the Nathan Cummings Foundation, the SEC has announced plans to focus on climate change disclosure requirements. Institutional investors like NCF have long argued that increased disclosure of climate related risk is necessary for improved investment decision making. Click here to read more Minneapolis / St. Paul Business Journal covers NCF Say on Pay resolution by Sam Black Staff Writer April 2009 Executive compensation has been a hot topic recently, especially in light of some of the very generous pay packages awarded at poorly performing companies. The Nathan Cummings Foundation is the lead filer of a “say on pay” proposal asking UnitedHealth Group to provides shareholders the opportunity to vote on an advisory resolution to ratify the compensation of the company’s named executive officers (“NEOs”). The proposal and resulting vote are non-binding and would not affect any compensation paid or awarded to any NEO, but rather provide a mechanism for shareholders to express feedback on the company’s compensation philosophy and pay package. Click here to read more An Early Look at ESG Proposals By Heidi Welsh, ESG Research Team, RiskMetrics Group January 2009 According to RiskMetrics Group, 2009 looks set to be another record-breaking year in terms of the sheer number of environmental, social and governance (ESG) proposals appearing on corporate proxy statements. Among the campaigns notable for an increase in the number of resolutions filed for 2009 are two that the Nathan Cummings Foundation has been actively involved in: one focusing on health care reform and another centered on a push to increase disclosure of corporate political contributions. Climate change proposals, including an NCF-led campaign in the homebuilding sector, are also expected to increase in number in 2009. Click here to read more Investors See Doubling of Shareholder Proposals on Health Care Reform, Growing Support from Corporate America in 2009 Shareholder resolutions focusing on climate change achieved breakthrough results in 2008, reflecting growing investor concerns over global warming and its effects on long-term shareholder value. The Nathan Cummings Foundation was one of a number of institutional investors that together filed more than 50 shareholder resolutions on climate change in 2008. CCR Health Care Reform News Release - 2009: The Year of Health Care Reform? The Wall Street Journal Health Blog - Religious Investors Push Companies to Embrace Health Reform The Catholic Review - No Time to Waste: SCHIP vote just one step on road to health reform SocialFunds.com - Health Care Reform Takes Center Stage for 2009 Proxy Season Climate resolutions "having big impact" By Jonathan Birchall in New York Published: August 21 2008 03:00 \| Last updated: August 21 2008 03:00 Shareholder resolutions focusing on climate change achieved breakthrough results in 2008, reflecting growing investor concerns over global warming and its effects on long-term shareholder value. The Nathan Cummings Foundation was one of a number of institutional investors that together filed more than 50 shareholder resolutions on climate change in 2008. Click here read more Centex Moves on Environmental Concerns by John Caulfield Posted on www.builderonline.com on July 14, 2008 Centex Corporation recently announced plans to implement its Energy Advantage program in all homes it builds throughout the United States beginning on January 1, 2009. The announcement comes in the wake of several years of shareholder filings, led by the Nathan Cummings Foundation, asking the company to disclose information on its approach to energy efficiency and climate change. Centex Energy Advantage homes are estimated to achieve a 10 to 22% efficiency improvement when compared to a standard efficiency house built to the current code. Taken together, the homes will avoid the production of thousands of tons of GHG emissions over their lifetimes. Click here to read this article Executive Pay Weighs Heavy with Shareholders By Anne Moore Odell Published on www.socialfunds.com on June 4, 2008 According to this article by Anne Moore Odell, as most Americans see their paychecks stretched tighter by rising costs, the huge paychecks and special perks given to the people running publicly traded companies are under closer scrutiny than ever by shareholders. This year, more than 90 "say on pay" resolutions were filed by investors including the Nathan Cummings Foundation, the Needmor Fund and the City of New York Pension Fund asking that shareholders be given an opportunity to participate in an advisory vote on executive compensation. Click here to read this article NCF Joins 18 Other Institutional Investors to Press Exxon Mobil on Climate Change By PRNewswire Published on www.prnewswire.com, May 21, 2008 The Nathan Cummings Foundation has joined 18 other institutional investors holding 91 million shares of Exxon Mobil stock to publicly press the oil giant to improve its governance practices and take action to address the risks and opportunities associated with climate change. In keeping with its focus on sustainable profits and active ownership, the Foundation co-filed proposal #15 on the Exxon Mobil proxy which asks the company to establish GHG emission reduction goals. This and other climate change proposals filed at Exxon were coordinated by Ceres, an NCF grantee. Click here to read this article Valero Advocates for US CO2 Policy By Jessca Resnick-Ault, Dow Jones Newswires Published on www.downstreamtoday.com, May 8, 2008 This piece by Dow Jones writer Jessica Resnick-Ault focuses on the evolution of climate change policy at Valero Energy. The article includes a look at a shareholder resolution filed in 2004 by the Nathan Cummings Foundation requesting that Valero form a board committee to evaluate the company's response to climate change. Although the company was initially reluctant to implement the resolution's request, Valero Energy has since formed the requested climate change committee and recently stated that it would like to see the development of a comprehensive national climate change policy. Click here to read this article Foundations Move Toward Mission Related Investing, One Foundation at a Time By Anne Moore Odell Published on SocialFunds.com, February 15, 2008 In "Foundations Move Toward Mission Related Investing, One Foundation at a Time", Anne Moore Odell looks at how concerns about climate change may push foundations to focus more intently on active ownership strategies and responsible investment. The article credits the Nathan Cummings Foundation with being a leader in this area and explores the Foundation's approach to responsible investment. Click here to read this article Foundations Align Investments with their Charitable Goals By Charles Piller, Los Angeles Times Staff Writer Published in the Los Angeles Times, December 29, 2007 This article on the growth of responsible investment practices in the foundation world mentions the Nathan Cummings Foundation as one of a small number of foundations that have long been focused on responsible investment and active ownership. NCF is also credited, along with several others, with helping to move more foundations towards better aligning their investment practices with their charitable goals. Click here to read this article The Power of Proxies and Shareholder Resolutions By Andrew Tuch, co-editor, Harvard Law School Corporate Governance Blog Posted on http://blogs.law.harvard.edu, Friday October 19, 2007 NCF's approach to active ownership was featured in the Harvard Law School Corporate Governance blog following a presentation to Harvard Law School students by Lance E. Lindblom, President & CEO of the Nathan Cummings Foundation. Click here to read more NCF Weighs In on SEC Proxy Access Proposals Recent SEC proposals focusing on proxy access and shareholder resolutions have generated plenty of controversy, with the SEC receiving thousands of comments from concerned investors. Click here to read NCF's comments NCF, Others Call on SEC to Force Corporate Climate Disclosure The Nathan Cummings Foundation and a coalition comprised of 21 other groups including Ceres, CalPERS and a number of state treasurers have petitioned the Securities and Exchange Commission to require publicly traded companies to assess and disclose financial risks relating to climate change. Click here to read more Foundations Test Proxy Power By Sally Beatty Published in the Wall Street Journal, January 19, 2007 The Wall Street Journal covers the Nathan Cummings Foundation's shareholder work and explores the growing number of foundations looking to reinforce their philanthropic mission through their status as institutional investors. This article is available to Wall Street Journal subscribers and may be accessed online using the link below. Click here to read this article Gates Foundation Faces Multibillion-Dollar Dilemma By Kristi Heim, Seattle Times Business Reporter Published in the Seattle Times, January 14, 2007 Follow-up coverage of the controversy surrounding the Gates Foundation's investments. Click here to read this article Gates Foundation to Reassess Investments By Charles Piller, Times Staff Writer Published in the Los Angeles Times, January 11, 2007 This follow-up piece to the investigative series in the LA Times cites NCF as a leader in the consideration of social investment issues and contains insightful commentary on the issue by NCF President and CEO Lance E. Lindblom. Click here to read this article Money Clashes with Mission By Charles Piller, Times Staff Writer Published in the Los Angeles Times, January 8, 2007 The second article in a two-part series investigating the contradictions between the Gates Foundation's investments and its grant making. The article includes references to NCF and a number of its grantees. Click here to read this article Dark Cloud Over Good Works of Gates Foundation By Charles Piller, Edmund Sanders and Robyn Dixon, Times Staff Writers Published in the Los Angeles Times, January 7, 2007 The first article in a two-part series investigating the contradictions between the Gates Foundation's investments and its grant making. NCF is cited as an example of a foundation that not only votes its proxies, but takes its activism one step further by filing shareholder resolutions. Click here to read this article Investors Persuade Big-Box Retailers to Disclose Energy and Climate Performance Published by GreenBiz.com, March 6, 2006 In response to shareholder requests, two leading big-box retailers and the nation's largest shopping mall company have agreed to significantly expand reporting and disclosure on energy efficiency performance, with the two big-box retailers also agreeing to discuss greenhouse gas emissions. Click here to read this article A Focus on Corporate Responsibility By Ben Gose Published in the Chronicle of Philanthropy, August 4, 2005 The Nathan Cummings Foundation is among a growing number of grant makers that are paying more attention to corporate governance and responsibility at the companies in which they invest. Cummings has also been among the most aggressive foundations in filing shareholder resolutions. Click here to read this article Talk of Integrity Amid Scrutiny By Ian Wilhelm Published in the Chronicle of Philanthropy, April 28, 2005 The Nathan Cummings Foundation proposes shareholder resolutions, in which a stockholder can request information or changes at a company. While the resolutions are nonbinding, meaning the company does not have to respond to them, they usually influence corporate decisions, said Caroline L. Williams, CFO. Click here to read this article The Price of Politics By Lance E. Lindblom, President & Chief Executive Officer, The Nathan Cummings Foundation Published in Pharmaceutical Executive, October 2004 The Foundation's President urges the pharmaceutical industry to adopt a business model less dependent on political influence. Click here to read this article Foundation President participates in SEC Roundtable Discussion, March 10, 2004 The Securities Exchange Commission's proxy access proposal is one of the most important and hotly contested proposals in years. As a panelist at the SEC's roundtable discussion on shareholder director nominations, the Foundation's President stressed the importance of creating incentives for more effective corporate governance. Click here to read more Who's Minding the Store? By Caroline Williams, Chief Financial and Investment Officer, The Nathan Cummings Foundation Published in Foundation News & Commentary, Mar/Apr 2003 Vol. 44, No 2 Click here to read this article We're Owners, Not Traders By Lance E. Lindblom, President & Chief Executive Officer, The Nathan Cummings Foundation Published in Foundation News & Commentary, Sept./Oct. Vol. 43, No. 5 Click here to read this article
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