Oct 20

Shareholder activism

Nuns tell companies to get real over virtual AGMs

The Sisters of St Francis of Philadelphia, known for their work with the poor and elderly, have a new mission: tackling corporate America over online-only shareholder meetings.

The 400-strong order of Catholic nuns, whose motto is “No Risk . . . No Gain”, have filed resolutions with Conoco Phillips, the oil group, and Comcast, the telecoms company, over their decisions to scrap physical annual general meetings for shareholders.

The nuns, no stranger to the metaphysical realm, are calling for businesses to reintroduce face-to-face meetings with direct access to boards to run next to virtual events. “We fear a reduction in access for shareholders [due to online-only meetings],” they said.

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