Azzad increases investor activism, files first corporate shareholder resolution
Shareholder activism is an important part of Azzad’s ethical investing philosophy. In recent months, we have elevated our involvement in advocacy efforts by engaging corporations on matters of policy, in addition to our longstanding practice of proxy voting in accordance with our ethical guidelines. As part of our move into more active shareholder advocacy, Azzad has recently signed onto several investor statements, campaigns organized by impact investors with the goal of effecting a change in corporate practice. One example is this letter delivered to food company Nestle and organized by the Interfaith Center on Corporate Responsibility (ICCR), an advocacy group of which Azzad is a member. Nestle is a major customer of Tampaco Foils, Ltd., in Bangladesh where, on September 10, a boiler explosion, fire, and building collapse killed 35 workers and injured scores more. As an owner of Nestle stock on behalf of our clients, we delivered the letter, which was co-signed by 66 institutions representing more than $2.3 trillion in assets, calling for Nestle to exercise its influence with Tampaco Foils and demand increased worker protections. Earlier this year, Azzad also signed an investor statement addressed to the U.S. Department of Justice calling for an investigation into Exxon