This quarter’s shareholder advocacy update underscores an important theme: corporate credibility is linked to whether companies can sustain their stated commitments when they face political pressure, strategic tradeoffs, or changing market conditions. Across issues including political spending, climate risk, data privacy, freedom of expression, and governance, Trillium pressed companies to explain not only what they have promised, but how their actions, oversight structures, and disclosures support long-term value creation.
Several of the outcomes described in this report also show why headline vote totals do not always tell the full story. First-year proposals at Elevance, Home Depot, Alphabet, Target, and NextEra[1] drew varying levels of support, but in each case the context matters: novel proposals can establish a foundation for future engagement; insider voting power can obscure independent investor sentiment; and strong support for proposals or director opposition can reveal growing concern about risk management and board oversight. Just as important, some of the quarter’s most meaningful outcomes came through dialogue, including BJ’s Wholesale late agreement to renewed sustainability reporting, board access, and ongoing dialogue after Trillium escalated with the possibility of an independent proxy solicitation. Taken together, these examples show how shareholder advocacy can create leverage, surface risks that might otherwise remain underexamined, and connect environmental and social concerns to broader questions of governance, accountability, and corporate strategy.
2Q 2026 Impact by the numbers:
- New Engagements: 16
- Successful[12] Engagements: 5
- Sign-on Letters: 8
Climate – BJ’s Wholesale
Climate-driven events like droughts and storms are impacting agricultural supply chains, giving food retailers such as BJ’s Wholesale Club (BJ’s) a role in reducing greenhouse gas (GHG) emissions. Retailers can help by sourcing renewable energy, improving energy efficiency, and preventing refrigerant leaks.
Because Trillium believes each company is responsible to reduce its fair share of GHG emissions, we asked BJ’s to take action to set a target to do just that. Fortunately, in 2022, it responded to Trillium’s request and set an ambitious GHG emissions reduction target. Unfortunately, it withdrew its commitment in 2024. In response to BJ’s move away from climate-focused practices, Trillium filed a proposal calling on the company to discuss increasing the scale, pace, and rigor of its GHG emission reduction efforts, which received strong shareholder support (30.4%) in 2025. However, because BJ’s continued not to act, even in the face of such a strong message, Trillium refiled the proposal in 2026.
As discussed in Trillium’s Q1 advocacy impact report, BJ’s alerted us that it intended to exclude our shareholder proposal from its proxy ballot, taking advantage of a new and permissive SEC policy giving companies significant latitude to exclude shareholder proposals. However, Trillium countered by preparing to employ a relatively unused tool called an independent proxy solicitation (also known as a zero slate contest). Using this approach, we intended to seek shareholder proxies which would include our original GHG proposal as well as four good governance proposals. Subsequent to our decision, BJ’s reversed course, informing us it would include our proposal on its own ballot.
However, two days prior to the annual meeting, BJ's contacted Trillium and asked whether we would consider withdrawing our proposal. Technically, a proponent can withdraw a shareholder proposal any time before an annual meeting, but it is very rare for companies to seek withdrawal so late in the process. Happily, BJ’s appeared to have completed an about-face as it offered to deliver on the core request of the proposal: publishing a report on the strategies, initiatives, metrics, and milestones the company would employ to reduce emissions and specifically report on efforts to reduce potent greenhouse gas refrigerants, improve energy efficiency in its stores and warehouses, and procure renewable energy.
The day before the annual meeting, Trillium signed a withdrawal agreement with BJ’s that allows us to meet with a member of the board of directors, regularly check in with the company as it develops its first sustainability report since 2023, and continue to press the company to increase its ambition to reduce its GHG emissions, and ultimately, its contributions to climate change.
This outcome demonstrates how persistence, escalation, and constructive engagement can work together to move a company from resistance toward renewed accountability. While BJ’s still has significant work ahead, the agreement creates an important opening to press for more transparent reporting, stronger climate ambition, and meaningful follow-through.
Climate – Alphabet
Alphabet is among the big tech firms driving electricity demand by building enormous or “hyperscale” data centers to support its growing artificial intelligence business. Trillium had previously engaged the company on responsible growth and the environmental impacts associated with AI-related expansion, alongside ongoing concerns about data governance and consumer protections. In June, investors weighed in on Trillium’s shareholder proposal, which seeks greater transparency on whether the company will reach its 2030 climate and clean energy targets. In the proposal, we highlighted the need to better inform shareholders, as Alphabet may be exposed to reputational risk and threats to its credibility if it fails to deliver on its target. Alphabet held its annual general meeting of shareholders on June 5, 2026, and Trillium’s proposal received a 7.4% approval rate. While this percentage may seem low, Alphabet executives and founders can wield their substantial voting power to vote down shareholder proposals they disagree with. When removing their influence, the independent vote was 19.6% in favor, indicating sustained interest in Alphabet’s climate performance.
Climate – NextEra Energy
NextEra Energy (Nextera) is the largest developer of renewable energy in the world. Its regulated utility, Florida Power and Light has regularly deployed solar and battery storage systems and has been phasing out its fossil fuel assets, including one of its coal plants. In 2022, NextEra set an industry-leading target to zero out all of its carbon emissions by 2045.
In 2025, however, NextEra made a significant strategic shift: it announced plans to build new natural gas plants for hyperscaler clients in order to power large data center projects and, at the same time, it abandoned its 2045 zero-carbon target.
Consequently, NextEra’s carbon emissions are very likely to rise, which unfortunately may contribute to the negative impacts of climate change. Because climate change poses risks to long-term investors, Trillium filed a shareholder proposal with the company asking it to develop a report describing how it could align its operations and investments with the goals of the Paris Climate Agreement. While NextEra acknowledged Trillium's climate concerns, it did not agree to our request, and the proposal headed for a vote at the company's annual meeting of shareholders on May 21, 2026.
We flew to Cedar Rapids, Iowa to present our proposal to the board and management, and the vote result well exceeded our expectations. Announced at the meeting, 34.6% of the shares voted supported our proposal. Not only was this a remarkable result for a
first-time proposal, it also indicated to us that other investors were equally concerned about NextEra's strategic reversal and ready to express their concerns through their votes.
Four days before the annual meeting, NextEra had announced its planned acquisition of Dominion Energy, which powers the largest concentration of data centers in the world, an area dubbed "Data Center Alley.”[2] With many federal and state regulatory hurdles ahead, we are looking to see how this expression of shareholder concern on NextEra's pivot from its climate commitments influences decisions governing its acquisition of Dominion Energy.
Political Spending – Elevance Health
Elevance Health, a health insurer serving 112 million people, has built a public profile around sustainability, health equity and inclusion. It has committed to net zero greenhouse gas emissions by 2050, reached its 100% renewable electricity goal four years ahead of schedule, earned NCQA Health Equity Plus accreditation across twenty-one Medicaid plans, and invested $46 million in affordable housing. That record makesits political spending especially important for investors to understand. As the Center for Political Accountability noted in 2024, Elevance’s political spending is closely tied to partisan 527 organizations – opaque political operations that focus on partisan activities often at odds with the company’s ESG profile.[3]
Since 2010, Elevance has reportedly contributed more than $9.7 million to the Republican Governors Association and $1.3 million to the Republican Attorneys General Association. These partisan 527 groups typically collect corporate funds and direct them to candidates and political efforts over which their company contributors have no direct control. For a company that emphasizes health equity, climate action, and LGBTQ+ inclusion, like Elevance, this apparent misalignment can create reputational exposure, raise questions about board oversight, and undermine confidence that corporate resources are being well spent. In the first half of 2025 alone, Elevance spent $1.6 million on 527 contributions.[4]
Trillium raised these concerns, focusing on accountability and long-term value, with Elevance in August 2025 and met with its leadership in September. In that dialogue, the company defended the spending as worthwhile but was unable to identify a measurable return on that investment or explain how shareholders should assess its value. That left a basic investor question unanswered: what evidence shows that this spending benefits the company rather than simply exposing it to avoidable risk?
In November 2025, we filed a shareholder proposal asking the board to commission an independent study on the impact of adopting a policy prohibiting corporate contributions to partisan 527s. Importantly, the proposal did not ask Elevance to withdraw from public policy engagement or cease political spending altogether. Instead, it sought a disciplined, evidence-based assessment of whether these contributions produce demonstrable benefit for the company.
The proposal went to a vote at Elevance’s May 2026 annual meeting and received 8.7% support. For a first-year proposal on a relatively novel issue, we find that to be a meaningful result. We intend to build on that foundation and continue pressing Elevance to answer a straightforward question: does this spending create demonstrable value for the company?
In [the Elevance] dialogue, the company defended the spending as worthwhile but was unable to identify a measurable return on that investment or explain how shareholders should assess its value. That left a basic investor question unanswered: what evidence shows that this spending benefits the company rather than simply exposing it to avoidable risk?
Immigration and Freedom of Expression – Apple
As we discussed in an earlier report, in October 2025 Trillium wrote to Apple with our governance and human rights concerns following Apple’s removal of the “ICEBlock” application, which allowed users to report sightings of ICE agents. The issue continues to develop as on June 16, 2026, the House Judiciary Committee minority leadership disclosed more information about its investigation, which now includes a direct request to Apple for documents and communications related to the removal of ICE-monitoring apps.[5]
This Congressional action led us to send a comprehensive follow-up letter to Apple, reiterating concerns about reputational, governance, and human rights risks associated with its removal of the ICEBlock app. Our letter acknowledged Apple's apparently helpful cooperation with congressional oversight as positive risk mitigation and consistent with Apple's governance traditions.
But given the ongoing controversy, Trillium made three core requests: (1) that Apple reverse its decision and restore ICEBlock and similar apps to the App Store, consistent with the company's history of protecting civil rights and freedom of expression and in light of a federal court's preliminary finding that the government likely violated the First Amendment by coercing removal of protected speech; (2) that Apple publicly release its past and forthcoming correspondence with Congress to enhance transparency and accountability to investors and stakeholders; and (3) that Apple provide substantive responses to governance questions regarding board and executive oversight of content moderation decisions, risk management related to government pressure on free expression, and alignment with internationally recognized human rights standards. The letter emphasized that building on Apple's congressional engagement through transparency, principled decision-making, and corrective action could substantially mitigate reputational and legal risk while reinforcing Apple's standing as a leader on civil rights and corporate governance.[6]
Data Privacy – Home Depot[7]
Many day laborers wait in Home Depot parking lots seeking employment, and in the past year, some of these parking lots have been the sites of U.S. Immigration and Customs Enforcement (ICE) raids. Against that backdrop, Trillium and other Interfaith Center on Corporate Responsibility (ICCR) members filed a shareholder proposal in November requesting that Home Depot’s board issue a report assessing risks to customers’ data privacy rights arising from the company’s sharing of sensitive customer data with third parties, including law enforcement, public, and government authorities.
The proposal was prompted by several intersecting concerns. Home Depot collects sensitive customer information, including demographic, biometric, and precise geolocation data, and states that it may share certain information with government authorities. The company also uses Automated License Plate Reader cameras in its parking lots, provided by Flock Safety, whose nationwide network aggregates data from connected cameras and has been reported to be accessible to federal authorities. In our view, these practices raise questions about whether customer data collected for store safety or operational purposes could be used in ways that go beyond the company’s original intent.
We were also concerned that reliance on vendor-managed surveillance systems and vendor-provided audit reports, without independent verification, may leave governance gaps that make it harder to detect unauthorized access, data misuse, or discriminatory impacts. Those concerns are heightened by evolving privacy laws, prior privacy-related legal and regulatory scrutiny involving Home Depot, and public attention to Flock Safety’s cybersecurity and privacy safeguards.
Trillium and ICCR members held two meetings with Home Depot in 2026 to better understand the company’s technology policies, vendor oversight practices, and governance mechanisms, and to advocate for stronger safeguards. The company’s response did not provide sufficient assurance that these risks were being independently assessed or mitigated beyond legal compliance. The proposal therefore proceeded to a vote at the company’s May annual meeting and received 8.9% support. While modest in absolute terms, we view that result as a meaningful signal for a first-year proposal on an emerging data privacy and civil rights risk, and as a foundation for continued engagement on independent oversight, consent, and stronger controls over third-party surveillance infrastructure on company property.
Community Impacts, Environmental Justice, and Racial + Gender Equity – Roper Technologies
Roper Technologies, a holding company in the technology sector, is the parent company of Neptune Technology Group, a water meter maker in Alabama, whose products help utilities monitor water usage and detect leaks.
Unfortunately, Neptune has been accused of poor employment conditions and negative community impacts according to a two-year study by a labor organization, Jobs to Move America. Among the allegations are unequal pay for women versus men and white versus non-white workers, poor health and safety practices leading to high rates of workplace injuries, and environmental justice issues connected to Neptune's toxic waste disposal practices.[8] In pursuit of a more equitable and sustainable working model, Neptune workers and Alabama residents are seeking a Community Benefits Agreement, which is a formal and enforceable agreement between the company and the community at large.
For Trillium, amplifying this local perspective falls squarely in line with our values of environmental justice, racial equity, gender equity, and just and favorable working conditions. In April, we joined Interfaith Center on Corporate Responsibility (ICCR) members to send a letter to Roper detailing our concerns about Neptune’s practices and urged the company to negotiate the Community Benefits Agreement as requested by the community. In addition, we traveled to Roper’s annual general meeting in May, alongside Nathan Cummings Foundation and a community member from Alabama, to meet directly with Roper’s management and board of directors. Roper committed to a follow-up meeting with investors later in the year, where we intend to continue advocating that Roper, via Neptune, build a constructive relationship with the impacted community in Alabama.
LGBTQ+ Inclusion – United Rentals, Waste Management, Sprouts Farmers Markets, Broadcom, Intercontinental Exchange
Like other marginalized groups, the LGBTQ+ community faces continuous attacks in today’s political environment. Through it all, our commitment to advocating for LGBTQ+ rights remains strong.
We have long used the Human Rights Campaign’s Corporate Equality Index (HRC CEI), an annual survey of LGBTQ+ workplace inclusion, to benchmark our portfolio companies on their inclusiveness. This year, amidst the diversity, equity, and inclusion (DEI) backlash, the CEI saw a 65% decrease in participation from Fortune 500 companies – and some of our portfolio companies were no exception.[9]
From a values standpoint, inclusive policies and equal benefits send a message of respect and tolerance and convey a tangible commitment to the principle that equal work deserves equal compensation. There is furthermore a strong business case for inclusion, such as the potential for improved productivity and retention.[10] In an unfavorable political environment, Trillium believes it is even more important to continue speaking up for LGBTQ+ rights. In May, we sent letters to six companies in Trillium’s strategies, including AutoZone, United Rentals, Waste Management, Sprouts Farmers Markets, Broadcom, and Intercontinental Exchange, regarding their LGBTQ+ policies, practices, and public participation in the CEI.
Pesticides & Corporate Governance – Target
Trillium’s engagement this year with Target reflects an effort to address both environmental risks in the company’s supply chain and broader concerns about governance, accountability, and long term strategy. Importantly, however, our engagement takes place in the context of a company that has, on the whole, made meaningful commitments on sustainability and supply chain responsibility. Its efforts demonstrate that the company has the capacity to lead on complex sustainability challenges—but also underscore the gap in execution in key areas like DEI and pesticides.
Our pesticides engagement with the company builds on several years of dialogue. Grounded in our commitment to environmental justice and human health, we pressed Target to address the risks associated with synthetic pesticide use, particularly given its growing exposure through private label food products. These concerns intensified following third party testing that identified hazardous pesticide residues in Target brand baby food, raising both health risks and potential reputational harm in a highly sensitive product category. Despite commitments from the company in 2023 to engage third party experts and advance its approach after we filed a shareholder proposal, progress remained limited. While Target expanded its narrative on regenerative agriculture, it did not establish clear pesticide reduction targets, track usage, or disclose meaningful data, leaving investors without information to assess risk.
After continued engagement failed to produce concrete outcomes, Trillium escalated by filing a shareholder proposal in December 2025 with Mercy Investment Services requesting disclosure on the presence of pesticides in Target’s private label products and efforts to measure and reduce them. The proposal received 17.2% support at Target’s June 2026 annual meeting—a strong result for a first time proposal, especially as large asset managers retreat from voting for ESG proposals. This level of support signaled that a meaningful and growing segment of shareholders shares our concerns about pesticide risk, transparency, and Target’s lagging position relative to peers.
At the same time, our long standing engagement on environmental and social issues increasingly intersected with broader concerns about Target’s performance and governance. The company faced declining sales, reduced customer traffic, and erosion of brand trust, alongside reputational challenges stemming from inconsistent positions on DEI as it responded to pressure groups.[11] In our view, these challenges were not isolated, but indicative of a pattern of reactive decision-making and insufficient board
oversight. Although CEO Brian Cornell retired in February 2026, he serves as the Executive Chair of the board and a “special advisor,” with compensation exceeding $7 million in cash and stock, signaling continuity with the past.
In response, Trillium joined with Mercy Investment Services and SOC Investment Group to launch a “vote no” campaign against Executive Chair Brian Cornell and Lead Independent Director Christine Leahy. This escalation reflected our conclusion that meaningful progress—on pesticides, DEI, or broader strategy—would require stronger governance and accountability at the board level, and that Target would be best served by a truly independent board chair, in line with best practice.
The results of the campaign demonstrated significant investor momentum. Votes against Brian Cornell rose to 12.8%, up from 9% the prior year, while votes against Christine Leahy increased dramatically to 11.5%, more than tripling from 3.6% the year before. These results represent a substantial shift in shareholder sentiment, particularly for a large cap company where director opposition typically remains in the low single digits. Taken together with strong 38% support for a shareholder proposal from The Accountability Board asking for an independent board chair, the vote outcomes underscored growing dissatisfaction with the status quo and reinforced investor expectations for more independent leadership and effective oversight.
Across both the pesticides proposal and the vote no campaign, Trillium’s work helped elevate investor awareness, build coalitions, and apply coordinated pressure on the company to address material risks. The pesticide vote demonstrated that chemical risk in the supply chain is no longer a niche concern, while the director opposition votes made clear that governance and accountability are central to resolving these challenges. Together, these outcomes reflect a broader push for Target to adopt more transparent, consistent, and forward-looking practices.
With a new CEO now in place, we see an important opportunity for recalibration. The level of investor support achieved across these efforts sends a clear signal that shareholders are looking for meaningful change—both in how Target manages environmental and social risks, and in how its board oversees long-term strategy.
These results [at Target] represent a substantial shift in shareholder sentiment, particularly for a large cap company where director opposition typically remains in the low single digits. Taken together with strong 38% support for a shareholder proposal from The Accountability Board asking for an independent board chair, the vote outcomes underscored growing dissatisfaction with the status quo and reinforced investor expectations for more independent leadership and effective oversight.
Strength in Numbers
Trillium believes in the importance of standing alongside other organizations by lending its name to joint letters and collaborative efforts. Achieving meaningful change often requires a chorus of voices that demonstrate both breadth and depth of investor support. This quarter, we signed on as signatories to letters engaging companies, their shareholders, their legislators, and the broader investor community.
Climate Change
We cosigned the nonprofit CDP’s annual, broad-reaching letter on environmental disclosures, the CDP Non-Disclosure Campaign. Participating in this initiative allows us to support engagement with hundreds of companies over many years. Through this letter, CDP encourages thousands of companies to measure and release climate, forest, and water data.
Ben and Jerry’s
In advance of The Magnum Ice Cream’s AGM, we joined Northstar Asset Management’s letter to their board about Ben and Jerry’s sustainable governance and independent board structure. The letter asks The Magnum Ice Cream Company to provide financial transparency – through governance, performance, and liability disclosures – related to Ben and Jerry's board structure. The letter generated press, and while The Magnum Ice Cream Company communicated that they respectfully disagreed with our position, they invited further dialogue.
Toxic Substances Control Act
Trillium supported the American Sustainable Business Network’s letter to US Congress seeking to prevent the gutting of the Toxic Substances Control Act. Our participation built on Trillium’s long history and efforts to promote safer chemistry and oppose harmful and polluting substances.
Executive Compensation
Lastly, we lent our weight to an investor statement by the Interfaith Center for Corporate Responsibility (ICCR) laying out the case for responsible compensation practices. Trillium believes in the importance of field-building. We strive to address the issue of income disparity and staggering executive compensation in many ways –
through our proxy voting, company dialogue, and support for workers – and this investor statement builds investor voice and power on the issue of responsible compensation practices.
About Trillium Asset Management
Trillium Asset Management, LLC (Trillium) offers investment strategies and services that advance humankind towards a global sustainable economy, a just society, and a better world. For over 40 years, the firm has been at the forefront of ESG thought leadership and draws from decades of experience focused exclusively on responsible investing. Trillium uses a holistic, fully integrated fundamental investment process to uncover compelling long-term investment opportunities. Devoted to aligning stakeholders’ values and objectives, Trillium combines impactful investment solutions with active ownership. The firm delivers equity, fixed income, and alternative investments to institutions, intermediaries, high net worth individuals, and other charitable and non-profit organizations with the goal to provide positive impact, long-term value, and ‘social dividends™.’
Important Information: The views and opinions above are as of June 2026 and are subject to change. There is no assurance that impact or investment objectives will be achieved. This is not a recommendation to buy or sell any of the securities mentioned. It should not be assumed that investments in such securities have been or will be profitable. The specific securities were selected on an objective basis and do not represent all of the securities held purchased, sold or recommended for advisory clients.
For marketing and information purposes. For global professional / qualified / accredited / institutional clients and investors.
