The U.S. Environmental Protection Agency (EPA) reports, “Greenhouse gases from human activities are the most significant driver of observed climate change since the mid-20th century.” As an organization deeply concerned about climate change, FFC supports efforts to reduce greenhouse gases (GHG).Header-Logo From an investor’s perspective, we recognize there are risks and opportunities driven by climate change and the actions taken to address it. In addition to global action on climate change, various trends including increased transportation efficiency and clean air regulations may affect the future sustainability and profitability of entire industries. This is an important issue, both for us and those on whose behalf we invest. Therefore, Friends Fiduciary joined a group of investors representing more than $37 billion in managed assets, to express certain concerns to ISS, a proxy advisory firm whose recommendations affect the outcomes of countless shareholder resolutions. We identified ISS recommendations that clearly failed to fully integrate or adequately evaluate the scope of the risks companies face as a result of coordinated global climate action and the rising demand for cleaner forms of energy. We asked that ISS provide investors with more information about their analysis of climate resolutions and adopt new policies that recognize the systemic financial and physical risks posed by climate change to companies. Further, we offered a number of suggestions designed to strengthen their analysis of climate resolutions, in particular, those related to establishing GHG targets or goals. FFC believes submitting shareholder proposals is a vital step in communicating our values, concerns and interests to corporate management and other shareholders. We also recognize the influence proxy advisors can have on the outcome of those proposals that become resolutions. So, we hope ISS takes seriously their role in analyzing and assessing shareholder resolutions, especially climate resolutions, and better communicates their findings and methodology to investors. To view letter click here