Praxis co-files proposals to address inequality

Shareholder advocacy |

Topics include paid sick leave, COVID-19 vaccines, and racial equity

Praxis has co-filed four 2022 shareholder resolutions relating to inequality:

  • Vaccine pricing and accessibility – Johnson & Johnson 
    Johnson and Johnson logo
    This proposal asks for a report on how J&J’s receipt of government financial support for vaccines and therapeutics for COVID-19 is being considered when engaging in conduct that affects access to these products, such as setting prices. J&J has received substantial government funding for research and development and is distributing its vaccine on a nonprofit basis, although that is limited to emergency pandemic use. The company predicted that nonprofit pricing would likely stop by the end of 2021. However, scaling up production of low-cost vaccine is critical to ensuring universal access and optimal outcomes.
  • Paid sick leave – The Home Depot 
    Home Depot logo
    The proposal asks the company to adopt and publicly disclose a policy that all employees, part- and full-time, accrue some amount of paid sick leave as a core benefit. While most essential businesses offered temporary paid sick leave during the first year of the pandemic, many have since withdrawn this benefit or are phasing it out. Minorities, low-wage, part-time, immigrant, and service-industry workers are particularly unlikely to have access to paid sick leave.
  • Racial equity – Amazon 
    Amazon logo

    The proposal calls for a racial equity audit analyzing Amazon’s impacts on civil rights, equity, diversity and inclusion, and the impacts of those issues on Amazon’s business.
  • Racial equity – Walmart 
    Walmart logo

    This proposal requests that the board of directors oversee a public report on whether and how Walmart's racial justice goals and commitments align with the starting pay for all classifications of Walmart associates. Shareholders want to understand how Walmart is fulfilling its racial justice commitments by building equity for its associates through its wage structure.

Praxis is hopeful that these proposals will lead to constructive dialogue. Through each of them, Praxis’ goal is to build a more equitable world and encourage policy beneficial for all stakeholders.

The resolutions at The Home Depot, Johnson & Johnson, and Walmart were filed on behalf of the Praxis Value Index Fund. The resolution at Amazon was filed on behalf of the Praxis Growth Index Fund.

Chris Meyer, Stewardship Investing Research and Advocacy Manager | Praxis Mutual Funds

Author

Chris Meyer
Manager of Stewardship Investing Research and Advocacy

Shareholder Advocacy

At Praxis, our investments generate a competitive financial return and deliver a clear and direct benefit to people and our planet. We believe it is our responsibility to encourage companies toward responsible business behavior.

 

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Disclosure

As of Dec. 31, 2021, the Praxis Growth Index Fund has invested 1.69% of its assets in Home Depot, 0.07% in Johnson & Johnson and 5.48% in Amazon; the Praxis Value Index Fund has invested 0.60% of its assets in Home Depot, 2.62% in Johnson & Johnson and 1.17% in Walmart; and the Praxis Impact Bond Fund has invested 0.06% of its assets in Walmart. Fund holdings are subject to change. To obtain holdings as of the most previous quarter, visit praxismutualfunds.com.