News Column

Shareholder Resolution Filed by Appleseed Fund Receives Strong Support at Nabors Industries Annual Meeting

July 24, 2014

CHICAGO--(BUSINESS WIRE)-- A shareholder resolution filed by Appleseed Fund (APPLX) requesting that Nabors Industries (NBR) begin publishing a sustainability report received strong support at the company’s June 3 annual shareholder meeting.

The resolution which called for Nabors – a major energy services company -- to disclose its management of ESG-related issues such as greenhouse gas emissions, water usage, and adverse environmental impacts of operations received more than 43 percent of votes cast, well above the 10 percent required for the resolution to be resubmitted.

“We are encouraged and excited to have attracted such strong support on this initial submission,” said Matthew Blume, Appleseed Fund Manager of Shareholder Advocacy. “While it was not approved, the vote count sends a clear message to management that shareholders have concerns that are not being addressed.”

Shareholder resolutions filed with Fortune 250 companies receive, on average, 26 percent of the vote, with initial submissions frequently receiving considerably lower levels of support, according to Proxy Monitor.

“The fact that we were able to generate such a high level of support in the first year really speaks volumes about management’s lack of attention to shareholder interests,” said Blume. “Nabors has lagged behind its competitors in recent years, and response to the resolution indicates that lack of transparency and failure to commit to sustainable operations are major drivers of that underperformance.”

“We fully intend to resubmit our resolution to Nabors next year,” he said. “It is clear to us that the support required to approve it exists among Nabors shareholders. It is our job to ensure that shareholders are fully informed about the important issues related to our resolution and to make sure that everyone’s voices are heard.”

Appleseed Fund is a mutual fund with more than $300 million under management that seeks to generate market-beating returns by making prudent, disciplined, and sustainable investments in a variety of asset classes around the world. The Fund is managed by Pekin Singer Strauss, a Chicago-based, value-oriented investment firm established in 1990. For more information, visit

Past performance is no guarantee of future results.The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing.The Fund’s prospectus contains this and other information about the Fund and should be read carefully before investing.You may obtain a current copy of the Fund’s prospectus by calling 1-800-470-1029.Distributed by Unified Financial Securities, Inc., 2960 North Meridian Street, Suite 300, Indianapolis, IN 46208. (Member FINRA)

Appleseed Contact

Appleseed Fund

Colin Rennich, 312-520-2524


Media Contact

CLM Communications

Cindy Martin, 847-864-9540

Source: Appleseed Fund

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Source: Business Wire

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