Life as a shareholder advocate can be unpredictable – some of my work has a consistent flow, but I certainly wasn’t expecting an impromptu call from a CEO.
Green Century shareholder advocates often use the stakes in different companies on behalf of Green Century, as a way of influencing management decisions on deforestation, carbon emissions, climate change, single-use plastic reductions and other issues with environmental impacts. My work involves pressing insurance companies to stop offering coverage for new fossil fuel projects. Not surprisingly, these insurers are not interested in changing their insurance strategies.
During the year, shareholder advocates research the environmental risks that companies are exposed to or, worse yet, they create. And, we then communicate with companies by writing, calls, and face-to-face dialogue. When we can’t agree on a course of action, we present our concerns to fellow shareholders at companies’ annual meetings.
Fast forward to the Travelers’ annual meeting in Hartford, CT. After I presented Green Century’s shareholder proposal, I went on a treasure hunt to meet the company’s board of directors. Security guards were blocking my path to the board, but I managed to meet three directors. I was thrilled.
I also asked to speak to Travelers’ CEO Alan Schnitzer, but he was busy. Then something special happened. As I reached my car to go home, Alan Schnitzer called me. I was sure it was a prank. It wasn’t.
We exchanged pleasantries, but the conversation steered toward Green Century shareholder proposal. He wasn’t happy with it. We had to agree to disagree on whether insuring new fossil fuel projects was the right thing to do. Spoiler alert – I didn’t think it was. I still don’t.
A call from a CEO is a rare occurrence, and it signaled to me that Green Century’s advocacy efforts were hitting their mark. However, I give a lot of credit to Travelers’ CEO for taking the time to call and listen to my concerns.
Being tenacious, and professionally polite, can pay big dividends. Further, the effort to meet board members helped humanize the relationship between Green Century and Travelers. I’ll meet with Travelers again later this year, but now we have a stronger rapport.
It’s a privilege to be a shareholder advocate working on the toughest environmental challenges the world faces. Encounters with CEOs can result in better connections with corporate management. We always look for ways to collaborate, so we welcome phone calls from CEOs. Let’s work on solutions together.
— Andrea Ranger
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