Elliott Management abandons plans, Gen Z investors most likely to vote at the next AGM, Shell investor concerns and more

The Activist Investor

Apr 4 2023 • 4 mins

Here are some highlights from the world of shareholder activism news for the week.

Activist investor Elliott Management abandons plans to nominate directors to Salesforce’s board.

Elliott was one of several activist investors who in January of this year took multi-billion dollar stakes looking to leverage their shareholder power and improve the software company’s profitability.

Salesforce and Elliott reached an agreement early Monday morning after the company delivered better-than-expected earnings in March, reassuring investors that management was now committed to boosting profits and efficiency.

Jesse Cohn, who leads activism efforts at Elliott, said he was deeply impressed by the company’s new growth commitments and their ambitious plans to increase value for shareholders.

Read more about it here

Retail investor AGM turnout is highest amongst Gen Z investors.

The majority of US retail investors believe companies should be held accountable for the damage they cause to the environment and society, yet, less than half have actually voted at a company’s annual general meeting (AGM) before, according to new research from Tulipshare.

Our latest AGM survey found that while 71% of retail investors are calling for damage control across companies listed on US stock exchanges, only 40% have participated in an AGM of a company they own shares in.

The age group which saw the highest turnout was 18-24-year-olds. They were also the investors who believed their votes could make a difference and have an impact on the outcome of the AGM.

While it is encouraging to see more people taking ownership of their investments, the survey also revealed that traditional brokers and investment platforms need to do more in educating investors about their shareholder rights, as only 47% said they had received a notification from their provider informing them that they were eligible to vote at a company’s upcoming AGM.

Read more about our survey here

Shell investors are increasingly concerned about energy security following the crisis brought on by Russia’s invasion of Ukraine.

Despite continued pressure from climate activists for the company to aggressively cut emissions, Sinead Gorman, Shell’s Chief Financial Officer, echoed statements previously made by the company’s CEO that moving away from oil and gas production was not healthy for the business and would hurt consumers.

The statements follow BP who said last month that it would pause plans to reduce production in order to guarantee a reliable energy supply following disruption caused by Russia’s invasion of Ukraine.

Read more about it here

Tulipshare launches a new platform uniting retail investors around the world

It was also a big week for Tulipshare as we launched a new platform looking to unite retail investors around the world, allowing anyone who has exposure to US stocks to exercise their shareholder rights in a simple and transparent way, even if Tulipshare is not their primary broker.

If you live outside the UK you can now pledge your support to any of our 50 + Tulipshare campaigns thanks to the launch of our Pledge Your Shares app.

Users who sign up and pledge their shares to a specific campaign or shareholder proposal will receive notifications about Tulipshare’s engagements with target companies, whilst also learning how to vote their shares ahead of a company’s AGM.

This will comprise of regular newsletters containing the information investors need to know about all their holdings’ ESG commitments, company news, and campaign updates.

Users will also have access to a breakdown of what’s on a company’s proxy statement as well as a timeline of key dates ahead of the AGM to make sure investors know how and when to vote their shares.

Read more about it here

Tulipshare's activism team files a proposal at Nike

And finally, this week Tulipshare’s activism team filed a proposal requesting Nike’s board oversee a report to shareholders assessing the effectiveness of its existing supply chain management infrastructure in ensuring alignment with Nike’s equity goals and human rights commitments.

With a proposal now on the voting ballot for Nike’s upcoming AGM, we believe that all investors - no matter the size of their investments - have the power to encourage the company to adopt stronger environmental and social commitments ensuring that one of the most beloved companies in the world is being responsibly managed with leadership accounting for all material risks and opportunities.

Read more about it here

Head over to tulipshare.com. to read all about the stories covered in this week’s newsletter and podcast.

That’s all for this week. Until next time!