Are these a noble exercise in shareholder democracy? Proxy voting comes with a cost, in paper and in legal bills, and it looks quixotic to the folks who run corporations. “The current shareholder proposal process has been hijacked by corporate gadflies and political activist investors,” complained John Engler, president of Business Roundtable, at a congressional hearing last September. You can get a guide to upcoming shareholder votes from As You Sow, a nonprofit that follows predictable do-gooder causes like tamping down executive pay and shunning fossil fuels. I was informed that my version of shareholder democracy might conflict with Vanguard’s fiduciary obligations.

Source: Forbes April 20, 2017 20:15 UTC