Guns, Abortion and Race Heat Up Company Annual Meetings
Social issues coming to a vote this year increased 50% to record levels from 2021.
The Sturm, Ruger & Co. booth at the National Rifle Association (NRA) Annual Meetings.
Photographer: Daniel Acker/Bloomberg
As Americans struggle to find common ground on a growing list of social issues, investors are demanding some of the country’s biggest companies take action.
A majority of Sturm Ruger & Co.'s shareholders want the gunmaker to investigate the human rights impact of its firearms. McDonald’s Corp. and Apple Inc. and at least a half dozen other companies have been asked to measure and account for potential racial disparities in the workforce and local communities. Abortion also was on the agenda at several company meetings, including Lowe's Cos. and Walmart Inc.
A record number of shareholder proxy questions addressing issues of racial justice, gender equality and gun violence have been on the agenda at annual meetings this year. While a majority failed — most shareholders campaigns do — some initiatives received significant backing. Average support for racial audits has been running at about 46% and eight of the resolutions passed, according to Bloomberg Intelligence. BlackRock Inc. recently released research that showed about two-thirds of resolutions that get 30% to 50% support lead to companies partially or fully meeting the requests.