At the Coles AGM in Melbourne, over 39% of shareholders rallied against the board’s recommendation and supported a world-first resolution that calls on the company to address the impacts their farmed seafood, such as Macquarie Harbour salmon, has on endangered species like the Maugean Skate.
Adam Verwey, CEO and co-founder of SIX, said:
'This is the largest vote for a shareholder resolution anywhere in the world this year. It sends a big message to the boards of the big supermarkets.'
The resolution was led by SIX, together with leading NGOs Environment Tasmania, Neighbours of Fish Farming, and Ekō, as well as leading ethical advice groups Ethinvest, Ethical Investment Advisers and Tasethical.
The historic vote follows the Woolworths AGM in Sydney on 31 October, where shareholders gave one of the highest votes ever on a nature resolution - with over one in three shareholders voting in favour of the resolution.
That has now been surpassed by the even higher vote at Coles, supported by the biggest Australian super funds representing millions of members!
Sustainable Seafood Campaign Director at Living Oceans Society and Vice Chair of Environment Tasmania, Kelly Roebuck said:
'Not one but two high votes at the big supermarkets’ AGMs show that shareholders are losing patience with companies failing to act on nature-related risks. Tasmanians like myself have had to go as far as becoming shareholders and traveling interstate to this AGM to get a message to the board: don’t be associated with the potential extinction of a unique Australian animal.'
In places where shareholder resolutions are common, like the USA and Europe, a vote of around 15% would usually be strong enough to prompt a company to act.
Shareholders and NGOs will be watching the supermarkets closely now, to see how they act in the wake of these serious concerns expressed by so many of their shareholders.
Environmental Campaigner at Neighbours of Fish Farming, Jess Coughlan, also attended the AGMs and reflected that:
'What this vote shows is overwhelming support for change. Nature needs it, and shareholders and superfunds are here for it.'
SIX and our campaign partners will follow up with the two companies, as will many of the big super funds who supported our resolution.
We’ll keep our growing community of shareholder activists and ethical investors updated as soon as we know more.
Header photo (from left to right): Phoebe Rountree (SIX), Jess Coughlan (Neighbours of Fish Farming), Kelly Roebuck (Environment Tasmania) and Adam Verwey (SIX) handing out flyers to shareholders outside the Coles AGM.
