“By advocating for shareholder engagement and change from within, we contribute to a more sustainable and responsible business landscape. ”
— Andrew Behar
Andrew Behar, the CEO of As You Sow, is a well-known advocate for shareholder advocacy. With a rich background in documentary filmmaking, entrepreneurship, and technological innovation, he brings a unique perspective to shareholder advocacy.
Behar’s journey as a shareholder advocate was influenced by his personal experiences. Growing up near Long Island Sound in Connecticut, he witnessed the environmental impact of industry on his surroundings. These early observations of environmental degradation left a lasting impression on him.
Before dedicating himself to shareholder advocacy, Behar explored entrepreneurial endeavors, including a medical device company that earned him five patents and demonstrated his commitment to using technology for positive change.
Behar then transitioned to As You Sow in 2010. As CEO of a nonprofit organization, he began advocating for values-aligned investing and using shareholder influence to drive corporate responsibility.
Behar emphasizes that As You Sow practices shareholder advocacy, which focuses on engaging with companies to improve their practices. Shareholder activism, on the other hand, often involves taking over boards or liquidating companies, a different approach that doesn’t align with As You Sow’s goals.
The core philosophy of As You Sow is to compel companies to reduce material risks on various issues, including climate change, diversity, equity, inclusion, and more. Under Behar’s leadership, As You Sow has developed valuable tools to empower shareholders, including the Investor Value Tool and As You Vote Tool.
The goal is to create a win-win situation where companies make responsible decisions that benefit all stakeholders.
In this episode, we’ll explore Behar’s journey and the core principles of shareholder engagement, shedding light on how it works, where it falls short, and how it can be improved.
I really learned a lot from my discussion with Andrew, and I hope you will too!
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. You can watch the interview on YouTube here.
What was your favorite quote or lesson from this episode? Please let me know in the comments.
SCROLL BELOW FOR LINKS AND SHOW NOTES…
SELECTED LINKS FROM THIS EPISODE:
- Connect with Andrew Behar: LinkedIn, Twitter
- As You Sow
- Investor Values Tool
- As You Vote Tool
- The Shareholder Action Guide
SHOW NOTES:
[00:00] Episode introduction
[06:55] Andrew’s journey into shareholder advocacy
[15:31] Our rights as shareholders
[22:18] The concept of materiality in advocacy
[25:23] Investor Values and As You Vote Tools
[38:48] Shareholder activism vs shareholder advocacy
[45:38] Successful engagement campaigns
[50:31] As You Sow escalation process
[01:03:44] Driving change amidst culture wars
[01:04:38] Is Shareholder Advocacy always a win-win
[01:08:54] What asset managers need to do differently
[01:20:17] Disclosure issues with private equity
MORE ANDREW BEHAR QUOTES FROM THE INTERVIEW:
“As shareholders, we have certain rights to ask these companies to reduce the material risk to all stakeholders. ”
— Andrew Behar
“Materiality is a key concept – companies must disclose accurate, third-party verified, standardized material information. That’s what the SEC’s climate disclosure rule is all about. ”
— Andrew Behar
