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Case
Үзүүлэн 1
Kristen Hull - Нөлөөллийн хөрөнгө оруулагч, Хөрөнгийн менежер, Жендэрийн
линзийн өмгөөлөгч, Санхүүгийн өөрчлөлтийн төлөөлөгч, Илтгэгч, Сурган
хүмүүжүүлэгч
Кристин бол Nia Impact Advisors компанийн үүсгэн байгуулагч бөгөөд гүйцэтгэх
захирал бөгөөд эмэгтэйчүүд тэргүүтэй Хөрөнгө оруулалтын бүртгэлтэй зөвлөх
бөгөөд эмэгтэйчүүд болон өнгөт арьст хүмүүсийг тогтвортой, хувиргах хөрөнгө
оруулалтад ажилд авах, сургах замаар санхүүгийн нүүр царайг өөрчлөх
үүрэгтэй. Кристин олон нийтийн зах зээлд хөрөнгө оруулалт хийхэд нөлөө
үзүүлэхийн тулд шийдэлд төвлөрсөн компаниудын жендэрийн линзийн багц
болох Nia Global Solutions-ийг үүсгэн байгуулсан. 2007 оноос хойш нөлөөллийн
хөрөнгө оруулагч болсон Кристин гэр бүлийн анхны сангуудын нэг болох
хөрөнгө оруулалтын үйл явцыг удирдан чиглүүлж, хувь хишгээ 100% буяны
үйлсийн зорилгодоо нийцүүлэн шилжүүлсэн. 2010 онд Кристин төрөлх
Калифорниа мужийн Окланд хотод нийгмийн өөрчлөлт, байгаль орчны
тогтвортой байдалд чиглэсэн 100% зорилгод нийцсэн нөлөөллийн хөрөнгө
оруулалтын сан болох Nia Community-ийг байгуулжээ. Кристин нь мөн Impact
Hub Oakland болон North Oakland Community Charter School-ийн үүсгэн
байгуулагчдын нэг бөгөөд Жорж Маркийн Хүүхдийн ордны үүсгэн
байгуулагчийн зөвлөлд ажиллаж байсан. Кристин өөрийн карьераа манай
санхүүгийн системийг өөрчлөхөд зориулахаас өмнө Оакланд болон Сан
Франциско хотод хоёр хэлний хичээл заадаг бүтэн цагийн багш байсан.
Тэрээр докторын зэрэг хамгаалсан. Беркли дэх Калифорнийн Их Сургуульд
боловсролын чиглэлээр, Стэнфордын Их Сургуульд Хос хэлний боловсролын
чиглэлээр судалгааны магистр, Тафтсын Их Сургуульд бакалавр болон
багшийн үнэмлэх хамгаалсан.
Үзүүлэн 2
EXECUTIVE SUMMARY Ganerdene
INTRODUCTION Nandinerdene
The case is about a sustainable investor firm, Nia Impact Capital (Oakland,
California), and its founder and CEO, Kristin Hull. Hull aims to invest in gender and
racial justice and to make money with meaning and purpose. She brings the logic of
impact investing to public markets, exercising active ownership, and engaging with
portfolio companies, including Tesla, IBM, and Apple.
The case focuses on Nia’s engagement with Tesla and the 2021 proxy season. Tesla
is a leader across the renewable energy sector but is in the news for sexual
harassment and racial discrimination. In 2020, Nia submitted a shareholder
resolution on Tesla’s mandatory employee arbitration to the US Securities and
Exchange Commission (SEC). In her speech during the Tesla’s shareholders in
September 2020, Hull made her case against the company’s forced arbitration for
employee sexual harassment and racial discrimination claims. Tesla disputed the
proposal, and Nia didn’t get a shareholder’s winning vote. Hull’s crusade in 2020
towards Tesla received extensive media coverage and showed her strategy as an
activist investor. She says, “it was a win because it was an important move in a much
larger and longer campaign.” As part of her battle, Hull decided to raise her voice and
fill in again in October 2021. She thought that Nia’s advocacy at Tesla was advocacy
for the entire US. Nia’s resolution on Tesla’s proxy ballot was crucial to her strategy
for “connecting the dots about forced arbitration.” At the end of the case, Hull
prepares a proposal to the Securities and Exchange Commission and a speech to
Tesla’s Board.
BODY
Block 1: Sustainable investing:
Question 1: If you were a portfolio manager, would you invest in Tesla? Yes or no?
Why?
I think personally, No. I wouldn’t have invested in Tesla if I was the portfolio manager
because even though it is a company with a good reputation with great products and
services but the way they are racist and male dominated on workplace I think is a big
problem. Nowadays we are living in the 21st century where we see all people are equal and
have equal rights. Feminism is getting powerful. Companies reputation and success is based
on their workers in my opinion. So of the company sexually harasses their employees by
their skin color or sex, it is going to have a very big impact on their company image which is
really important that is causes customers to decide if they want to keep being their customer
of a company that is biased and racist. It means they support this kind of discrimination.
Question 2: If you don’t get 50% of the shareholders’ vote, would you continue to
engage or divest from Tesla? Why? Belgutei
Yes, I would continue to engage or divest from Tesla. A vote over 35% means that a third of
the shareholders believe an issue is important and expected to discuss the issue later in the
long term. Even a 6% vote means it’s an interesting new idea. The board should examine
the underlying concept and evaluate its impact on corporate risk. Resolutions being filed is
just the first stage of escalation. Whatever the vote totals, I would proceed with this
engagement for the long-term
Question 1: What are your takeaways on the leadership and challenges of an activist
investor aiming for social justice? Anudari
Social justice is the view that everyone deserves equal economic, political and social
rights and opportunities. Social workers aim to open the doors of access and
opportunity for everyone, particularly those in greatest need. Nowadays, activist
investors are proud to be fighting for social justice.
CONCLUSION Belgutei
Investing means controlling the executive management of a corporation and directly
participating in its governance, rather than solely for business purposes or making a
profit.Investors, shareholders, and the board of directors have a lot of influence in making
policies at the strategic level of the company, and the implementation of successful plans at
the strategic level in turn leads to the success of the company's business operations and the
investors' investment becomes more valuable.Kristin Hull's primary investment in the case
was not for profit, but against Tesla's overbearing arbitration clauses related to racism,
sexual harassment, and employee contract issues, and spoke out for minorities and to
change Tesla's governance on the issue.
She thought that Nia’s advocacy at Tesla was advocacy for the entire US. Nia’s resolution on
Tesla’s proxy ballot was crucial to her strategy for “connecting the dots about forced
arbitration.” At the end of the case, Hull prepared a proposal to the SEC and a speech to
Tesla’s Board. She thought about the impact on Nia’s future strategy if they didn’t get 50% of
the shareholders’ vote in Tesla’s board meeting on 7 October 2021. But even she can't get
50% of the vote, it's perfectly possible to continue her crusade and speak out for the
minorities and forced arbitration. Because a vote over 35% means that a third of the
shareholders believe an issue is important and expected to discuss the issue later in the
long term. Even a 6% vote means it’s an interesting new idea. The board should examine
the underlying concept and evaluate its impact on corporate risk. Resolutions being filed is
just the first stage of escalation. So the next stage will be more practical and expected to get
a vote over 50% to continue the crusade and end the governance issue which is happening
in Tesla.