Merger / Acquisition
We will oppose any merger with or acquisition of any company that does not comply with the Sierra Club's investment guidelines. When we analyze a company to determine if it qualifies to be included in our portfolios, we screen not only the company, but also its parent organizations and each of its subsidiaries for compliance with our guidelines.
We think that it is important that shareholders "know what they own," and therefore we support shareholder resolutions that require shareholder approval for each merger or acquisition proposal, regardless of its size. To us, whether it's an all-out merger or the acquisition of a small percentage of another company, if the acquired company is not in compliance with our investment guidelines, we will oppose it.
When a merger or an acquisition proposal is put in front of the shareholders for review, we take it seriously. Among the numerous governance issues that we analyze to determine the costs associated with a proposed sale or acquisition are the following: |
