Harrington Investments says it is divesting of Sunoco Corporation stocks after several years of unproductive engagement with the company to improve corporate governance and issues relating to sustainability, News Blaze reports.
Earlier this year, Sunoco rejected plans to create a sustainability board citing that it already has a committee to oversee such issues. What’s more, Sunoco convinced the SEC to allow the proposal for a new sustainability committee to be removed from the 2008 Shareholder ballot so owners were not allowed to vote on the issue.
In response to the lack of action taken towards sustainability issues, Harrington Investments is dumping all Sunoco stocks, with the firm’s CEO John Harrington explaining to News Blaze, “I have been consistently disappointed in Sunoco’s management. They fail to understand that sustainability is not just a matter of stakeholder management.”