Sustainability Reporting describing the company’s environmental, social and governance business practices—co-filed with Walden Asset Management

Hydraulic Fracturing: Community Impacts – Risk Assessment -- disclosure on the impacts of fracking on local community and the financial risks of these impacts. This resolution includes both environmental impacts to water quality, health impacts from exposure to water and air, and is broad enough to include social ills documented in fracking towns.

Here is a sampling of the significant press coverage after last year’s votes.

New: Political Spending Resolution – response to Citizens United ruling. Calls on corporations to review policies and oversight processes related to political spending and public policy, both direct and indirect including through trade associations, and present a summary report by September 2012.

OLD SPRING HARBOR, NY, Jan 09, 2012 (MARKETWIRE via COMTEX) -- The Association of BellTel Retirees ( www.BellTelRetirees.org ), representing 230,000 Verizon VZ +0.02% retirees and which has waged numerous shareowner proxy campaigns at the company over the last 12 years, is highly distressed by reports ("Verizon details $20 Million More in Pay," Wall Street Journal 1/5/2012) that Verizon failed to disclose to shareowners $20 million in additional compensation it paid out to former CEO Ivan Seidenberg in 2009 and 2010 alone.

The $20 million in undisclosed compensation relates to above-target payouts on Performance Stock Units (PSUs), a form of restricted stock that is the subject of a shareholder proposal that the retirees' Association received substantial support from Verizon's owners at the 2011 Annual Meeting (the same proposal has been resubmitted for the 2012 meeting).

At Verizon's Annual Meeting last May, Association President Bill Jones stated that the performance hurdle associated with these PSUs does not align with stockholder interests since "senior executives would receive 100% of the target PSU award for median performance" compared to a peer group of companies selected by Verizon's Board.

Included among the many shareowners are tens-of-thousands of retirees who purchased stock in our company over decades-long careers and since entering retirement. We entrusted the company with a fiduciary responsibility to provide a high level of transparency to all of the public owners of its stock.

Since beginning our proxy efforts a dozen years ago, we have found it necessary to pursue changes to corporate governance to rein in Verizon Executive Golden Parachutes, overuse of Shadow Profits from the pension fund, excessive Performance Stock Unit levels to award bonuses to senior executives and the need to seek a Truly Independent Verizon board of directors free of members with clear conflicts of interest. In total retiree proxy efforts have led to ten corporate governance changes to better protect the rights of shareowners.

Retirees make up the largest block of non-institutional share holders in Verizon and, as owners, we must all be vigilant to protect our rights. The Association has consistently campaigned against Verizon's liberal policy of granting stock bonuses for sub-standard results to senior executives.

Among our results in the proxy, in 2007 ABTR successfully spearheaded the passage of Say on Pay proxy at Verizon. At the time Verizon became the largest publicly traded company to enact such a measure.

October 26, 2011

NEW YORK – Shareholders of AT&T Inc. have filed a proposal calling for the company “to publicly commit to operate its wireless broadband network consistent with network neutrality principles” that would maintain open access to the Internet on wireless networks.

The filing comes only weeks before implementation of new Federal Communications Commission rules on network neutrality that provide a broad exemption for wireless broadband networks – the fastest growing segment of the Internet.

AT&T has sought in the past to block shareholders from voting on network neutrality issues. A similar shareholder proposal on wireless networks was excluded from AT&T’s 2011 proxy ballot following a Securities and Exchange Commission staff ruling that net neutrality was not a “significant public policy issue.”

The latest AT&T proposal has been filed by institutional investors including the Nathan Cummings Foundation as well as individual investors including Mike D of the Beastie Boys. Unless the proposal is blocked again, it’s expected to be voted on at the company’s annual meeting in April 2012.

“Net neutrality is clearly a material issue of import for AT&T and for the whole country, which is why it’s critical that shareholders be heard,” said Farnum Brown, Chief Investment Strategist for Trillium Asset Management, LLC, an independent investment firm with more than $900 million under management, which represents some of the filers.

According to Laura Campos, director of shareholder activities at the Nathan Cummings Foundation, “This issue has important implications for both social and economic justice and long-term shareholder value. As a shareholder, the Foundation is concerned that over the longer-term, a failure to operate its wireless broadband network in accordance with the principles of network neutrality could negatively impact AT&T’s market share and damage its reputation with consumers.”

The AT&T shareholder proposal cites research by the Institute for Policy Integrity at New York University which concluded that an open Internet accounts for billions of dollars of economic value for Americans.”This economic and social value is an important factor in the growth of our economy and widely diversified investment portfolios,” the proposal states.

The proposal also notes that open Internet policies on wireless networks have particular importance for minority and economically disadvantaged communities. People of color access the Internet via cell phones at a much greater rate than their white counterparts, according to a report by the Pew Internet & American Life Project. “The digital freedoms at stake are a 21st century civil rights issue,” says Colorofchange.org, an organization representing African-Americans, which is cited by the shareholders.

The shareholder proposal calls on AT&T to proactively ensure that its wireless networks remain open and provide equal access and non-discriminatory treatment for all content.“

Maintaining the existing system of net neutrality for our mobile networks is a win-win – its good for economic growth and good for the principles of free expression that underpin our democracy – the greatest platform the world has known for sustainable economic growth,” said Jonas Kron, Deputy Director for Shareholder Advocacy at Trillium.

The shareholder initiative at AT&T was organized by Open MIC – the Open Media and Information Companies Initiative – a nonprofit organization that seeks to inform corporations’ responsible media management practices. “Net neutrality is necessary to insure competition, entrepreneurship, innovation, and free expression in the digital economy,” said Michael Connor, Open MIC’s Executive Director. “That’s why it is so important that the investor voice be heard.”

The complete text of the AT&T wireless network neutrality proposal is available on the Open MIC web site and can be downloaded here (PDF).

For more information about recent net neutrality issues, visit www.openmic.org.

The Open Media and Information Companies Initiative – Open MIC – is a non-profit organization working to promote a vibrant, diverse media ecosystem through market-based solutions. Founded in late 2006, Open MIC is a project of the Tides Center, a 501(c)(3) non-profit organization.

For more information, contact:Michael ConnorExecutive Director212-537-9401mconnor@openmic.orgwww.openmic.org

by Claude Solnik
Published: October 3, 2011

It looks like a few firms have agreed to open the books on their political donations, a year after the Supreme Court unceremoniously closed the door on once strict limits to contributions.

A trio of Fortune 500 companies whose stock is held by the New York State Common Retirement Fund have agreed to disclose their political campaign contributions and procedures, after requests from New York State Comptroller Thomas P. DiNapoli.

DiNapoli said Marriott International, Yum Brands (parent of Pizza Hut and Taco Bell) and Limited Brands(parent of Henri Bendel and Victoria’s Secret), whose stock is held by the state’s $146.9 billion retirement fund, agreed to disclose contributions to political campaigns and advocacy groups and outline their approval process for political contributions.

The comptroller and the Center for Political Accountability began a push last year for greater disclosure after the Supreme Court’s Citizens United decision opened the doors to big corporate contributions.

“There’s cause for concern when corporations make it their business to finance campaigns,” DiNapoli said. “Now we’re asking corporations to do the responsible thing for their shareholders and for the public. These three companies have heeded the call.”

After finding that about 70 of the S&P 500 companies had public policies regarding disclosing political donations, the comptroller and the center sent out letters requesting information from the remaining firms.

“We engaged with these companies. Some came forward and said we’ll work with you,” said Eric Sumberg, a spokesman for the comptroller. “We proposed shareholder resolutions at some.”

The retirement fund filed nine shareholder resolutions, leading to agreements with these three firms during the proxy season.

The New York State Common Retirement Fund as of Sept. 16 owned nearly $150 million combined in these firms’ shares including 1.6 million shares of Yum Brands worth $86.2 million; 873,292 shares of Limited Brands worth $35.2 million and 938,109 shares of Marriott International worth $27.4 million.

DiNapoli said he’s continuing to push for disclosure of corporate contributions as a way of monitoring spending of firms whose shares are held by the state an their interaction with the political process.

“Proxy season is in the spring,” Sumberg said. “Over the next couple of months, we’ll look at which companies to engage with the next season. Hopefully, we’ll have more successful engagements.”

Each summer, animal activists travel across the country to meet and discuss the latest topics of the animal rights movement. This year, animal agriculture was once again the focus. The Humane Society of the United States (HSUS) hosted its annual Taking Action for Animals Conference in Washington, D.C. on July 15-18, and Farm Animal Rights Movement’s Animal Rights 2011 Conference (AR 2011) was held two weeks later on July 21-25 in Los Angeles. Both events claimed to have “record-breaking” attendance, attracting a combined total of more than 1,600 activists from around the world, ranging in age from 20-60 years old.

Securing rights for farm animals and the promotion of a vegetarian or vegan lifestyle to the mainstream public were hot topics at both meetings. Attendees were given tips on how to utilize social media, create “undercover” videos and craft effective messages to share their views with others. Speakers and exhibitors also encouraged aspiring activists to hold demonstrations, signature drives for ballot initiatives and leafleting campaigns.

The largest activist groups attended and sponsored both meetings, although messaging differed between audiences. Nathan Runkle, Executive Director of Mercy For Animals, Erica Meier, Executive Director of Compassion Over Killing, and Gene Baur, President of Farm Sanctuary, spoke at both meetings. They encouraged a more aggressive, physical approach to eliminating animal agriculture at AR 2011, which is seen as the more extremist meeting. For more information about the most active animal rights groups, access the Alliance’s updated activist profile report.

Both conferences discussed a growing embrace of the vegetarian lifestyle in the mainstream media. Speakers used inflated statistics (often citing their own studies) to increase misconceptions about animal agriculture and its effects on the environment and one’s health. The sessions on farm animal rights were the most widely attended at both conferences, with five presentations devoted to the topic including, ”The Global Campaign Against Factory Farming,” “Advances in Farm Animal Protection,” and “Agriculture Campaigns.”

TAFA included a formal vegan banquet with keynote speakers HSUS President and CEO Wayne Pacelle and Congressman Jim Moran (D-Va.). Both speakers stressed the importance of lobbying and having a presence in Washington, D.C. to promote animal rights on Capitol Hill. TAFA and AR 2011 featured an exclusively vegan menu for all guests. It should be noted that, in contrast to the lifestyle choices advocated for by the conference speakers, 97 percent of Americans enjoy meat, milk, and egg products as part of their diet.

Throughout TAFA, HSUS shared examples of celebrities and mainstream media outlets that promote a vegetarian or vegan lifestyle. Though HSUS regularly attempts to portray itself as a mainstream organization, many of its conference speakers and attendees strongly advocate for animal rights. At AR 2011, the recommended tactics discussed were more extreme, including use of violence, sabotage to farms and other illegal actions.

Most people are not aware of these animal activist groups’ true motives to end all animal agriculture and rid the human diet of meat, eggs and dairy. For example, the “Meatless Monday” campaign is marketed as a mainstream idea to cut meat out of the diet for one day a week to improve one’s health and the environment. However, this well-funded campaign was founded by the husband of a wealthy, longtime animal rights activist and it actually pushes an extreme animal rights and environmental agenda by promoting false claims about animal agriculture.

“Meatless Monday” was discussed at both TAFA and AR 2011 by HSUS, Compassion Over Killing, and Mercy for Animals, all who referred to the campaign as a start to a vegetarian or vegan outreach lifestyle. Numerous celebrities, school systems, mainstream media and even cities were mentioned as having joined the campaign. Each presenter claimed that at least 51 percent of the American public is familiar with the “Meatless Monday” campaign, and that 18 percent actively participate, though a source for the statistic was not produced. Josh Balk of HSUS discussed the campaign as a way to not only get people to start eating vegetarian, but to “save 1.4 billion farm animals.”

The new agreement between HSUS and United Egg Producers to seek federal legislation for housing standards for egg laying hens was also discussed at both conferences. Audience members seemed upset about the agreement, noting HSUS “caved” by giving up its cage-free campaign. Others were frustrated because they had devoted time and energy to collecting signatures for the ballot. Kitty Jones, a 17-year-old student, was praised for her individual work of collecting more than 10,000 signatures for the proposed Washington state ballot initiative campaign. On the other hand, some of the activist groups viewed the agreement as a “monumental victory” for HSUS, although some attendees were wary of working with the agriculture industry. HSUS staff asserted that the biggest hurdle would be agricultural lawmakers in Congress.

Farmers and ranchers should educate themselves on the threat these groups represent. Unfortunately, most people are not aware of these extremists groups’ true agenda against animal agriculture. TAFA and AR 2011 showcased animal activists’ real beliefs that are often hidden behind emotionally appealing and celebrity funded public relations campaigns. It is critical that all stakeholders correct the misinformation presented by these activist groups, showcase the wonderful families and businesses involved in farming, ranching and food production and share with the public your commitment to your animals, the environment, food safety and continuous improvement. The Alliance will continue to work to bridge the gap between farmers and consumers to show that while today’s agriculture industry has evolved to meet the needs of society, the same core values remain.