What is a Shareholder Resolution (also called a Shareholder Proposal)?
A Shareholder Resolution is a brief document shareholders may file with the SEC; it is limited to asking a specific company to take particular action on a single request. Miller/Howard’s Resolutions focus on environmental, social, and governance policies and practices.
Why does Miller/Howard file Shareholder Resolutions?
Resolutions are an important component of Miller/Howard’s multi-faceted Shareholder Advocacy Program. Miller/Howard uses Shareholder Resolutions to spur companies to engage in dialogue, to educate other investors and regulators, and to support actions that we believe will protect and promote shareholder value.
What does success look like?
Shareholder Resolutions can serve multiple functions, so success can vary and is best gauged on an individual level. Spurring a company to engage in dialogue or commit to a specific action, or garnering support from other shareholders through votes at the Annual General Meeting, are examples of different kinds of success.
After filing, what next?
Miller/Howard will continue to attempt to engage the company in dialogue, always with the focus on encouraging company action that addresses the concerns identified in the Resolution. If dialogue is productive, we will withdraw the Resolution and continue our conversation with the company outside of the Resolution process. If dialogue is unproductive, we will exercise our voting discretion at the Annual General Meeting in support of the Resolution.