Fascinating corporate battle that will increasingly get played out at the shareholder level, and the hospitality industry has to become more responsible or shareholders and SEC will force them to.
Shareholders of Choice Hotels, one of the country’s biggest hotel chains, have struck down a resolution that would force the company to consider replacing energy-guzzling shower heads with more efficient ones—yet its backers are claiming victory.
Although only nine percent of Choice’s shareholders voted in favor of the resolution, the proposal is one of a handful of global warming resolutions that companies tried to dismiss in this year’s proxy season—but that the U.S. Securities and Exchange Commission said must be put to a vote. The trend reflects continued concerns by the SEC about the business risks of climate change.
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