Edith (Dee) P. Homans is a member of the Interfaith Center on Corporate Responsibility, a group of investors who focus on environmental, social, and governance (ESG) issues, and use corporate engagement to promote a left-of-center agenda. ¹ Homans has worked with other left-of-center and environmentalist advocacy groups like Walden Asset Management, Ceres,² and Max and Anna Levinson Foundation, in order to help with her shareholder proposals. ³

Homans is an investor in PNM Resources, an energy company based in New Mexico,⁴ and has been active in shareholder engagement with PNM since 2017. ⁵ Homans’ primary focus has been on submitting shareholder proposals relating to climate change and the company’s disposal of coal combustion residuals. ⁶

Shareholder Proposals

To date, Homans has been involved in submitting three shareholder proposals to PNM Resources.

In 2017, Homans proposed a resolution to PNM, asking that the company take steps to provide “more effective board oversight” in regards to the company’s existing programs and policies that address climate change. The resolution goes on to cite specific ways that PNM may meet these demands, including the recruitment of board members with climate change expertise, trainings for existing board members, and annual reports proving the board is paying attention to climate change issues within the company. ⁷ It was after consulting with Walden Asset Management and Ceres that Homans withdrew this resolution. Instead she proposed a phone call between PNM, Walden, and Ceres to learn how much PNM’s board pays attention to issues of climate change. ⁸

In 2018, Homans proposed a similar resolution to PNM. This new resolution, also focused on the board’s oversight of the existing company policies and programs related to climate change, has a longer list of recommendations for how PNM can meet the resolution’s demands. In addition to the options provided in the 2017 resolution, it is recommended that PNM creates a new board committee, requires climate change expertise as a qualification to become a new board member, and includes climate change in its board deliberations. This proposal was omitted from PNM’s proxy vote. ⁹

In 2019, Homans, acting on behalf of the Edith P. Homans Family Trust, co-sponsored a proposal with the Max and Anna Levinson Foundation. ¹⁰ The proposal was filed by the Boston Trust Walden Company, and requests a complete report from the PNM Resources’ board regarding the disposal and environmental effects in the company’s handling of coal combustion residuals. ¹¹ The PNM Shareholders for a Responsible Future advised investors to support this resolution,¹² which in the end received a 7.8% vote. ¹³

1. “ICCR’s 2019 Proxy Resolutions and Voting Guide.” Interfaith Center on Corporate Responsibility, 2019. Accessed December 1, 2019. https://www.iccr.org/sites/default/files/2019_iccrproxyresolutionsandvotingguidelr.pdf.
2. “PNM Resources, Inc. Rule 14a-8 No-action Letter.” US Security and Commissions Exchange. Accessed December 1, 2019. https://www.sec.gov/divisions/corpfin/cf-noaction/14a-8/2017/edithhomans020717-14a8.pdf.
3. “ICCR’s 2019 Proxy Resolutions and Voting Guide.” Interfaith Center on Corporate Responsibility, 2019. Accessed December 1, 2019. https://www.iccr.org/sites/default/files/2019_iccrproxyresolutionsandvotingguidelr.pdf.
4. “About Us.” PNM Resources, 2019. Accessed December 1, 2019. https://www.pnmresources.com/about-us.aspx.
5. “PNM Resources, Inc. Rule 14a-8 No-action Letter.” US Security and Commissions Exchange. Accessed December 1, 2019. https://www.sec.gov/divisions/corpfin/cf-noaction/14a-8/2017/edithhomans020717-14a8.pdf.
6. “Engagement Tracker.” Ceres, 2016. Accessed December 1, 2019. https://engagements.ceres.org/.
7. “Adopt Board Oversight of Climate Change (PNM, 2017 Resolution).” Ceres, 2016. Accessed December 1, 2019. https://engagements.ceres.org/ceres_engagementdetailpage?recID=a0l12000005POxHAAW.
8. “PNM Resources, Inc. Rule 14a-8 No-action Letter.” US Security and Commissions Exchange. Accessed December 1, 2019. https://www.sec.gov/divisions/corpfin/cf-noaction/14a-8/2017/edithhomans020717-14a8.pdf.
9. “Adopt Board Oversight of Climate Change (PNM, 2018 Resolution).” Ceres, 2016. Accessed December 1, 2019. https://engagements.ceres.org/ceres_engagementdetailpage?recID=a0l1H00000C3yF8QAJ.
10. “ICCR’s 2019 Proxy Resolutions and Voting Guide.” Interfaith Center on Corporate Responsibility, 2019. Accessed December 1, 2019. https://www.iccr.org/sites/default/files/2019_iccrproxyresolutionsandvotingguidelr.pdf.
11. “Report on Coal Ash Risks (PNM, 2019 Resolution).” Ceres, 2016. Accessed December 1, 2019. https://engagements.ceres.org/ceres_engagementdetailpage?recID=a0l1H00000CNu05QAD.
12. “Welcome to PNM Shareholders for a Responsible Future.” PNM Shareholders for a Responsible Future, 2019. Accessed December 1, 2019. https://responsibleshareholders.org/.
13. “Report on Coal Ash Risks (PNM, 2019 Resolution).” Ceres, 2016. Accessed December 1, 2019. https://engagements.ceres.org/ceres_engagementdetailpage?recID=a0l1H00000CNu05QAD.