CHICAGO–(BUSINESS WIRE)–A three-year shareholder advocacy effort led by Pekin Singer Strauss Asset Management, on behalf of Appleseed Fund (APPLX), has yielded a sustainability report from energy services company Nabors Industries Ltd. (NBR).
Nabors published its first-ever sustainability report in December focused on its fiscal year 2014 oil and gas drilling operations, and containing additional environmental, social and governance disclosures. “The report provides transparency about the risks the company faces,” said Matthew Blume, Pekin Singer Strauss manager of shareholder advocacy. “It also confirms that Nabors’ management recognizes the importance of a sustainable operation and its duty to communicate with its shareholders.”
Pekin Singer first asked Nabors for an annual sustainability report in 2012. To place additional pressure on the board, the firm filed shareholder resolutions in 2014 and 2015, requesting a sustainability report and outlining the data to be included.
The first resolution was approved by 43.5 percent of votes cast. “We were thrilled, since many resolutions struggle to cross the 10 percent threshold initially,” Blume said. Bolstered by the support, Pekin Singer refiled the resolution in 2015 and received approval by 51.5 percent of votes cast.
“Nabors’ sustainability report is a great step in the right direction, and we commend management and the board for their efforts,” Blume said. He added that Pekin Singer Strauss is currently in dialogue with Nabors regarding additional disclosures concerning water usage, fuel consumption and carbon dioxide emissions that shareholders hope to see in future sustainability reports.
“We’ll continue working with management to ensure that Nabors’ disclosures provide shareholders with the most important and relevant information about the business. The report is an important first step toward what we hope will be a sustained effort to improve transparency and corporate governance,” he concluded.
About Pekin Singer Strauss Asset Management
Founded in 1990, Pekin Singer Strauss Asset Management is a leading independent investment adviser that offers wealth management services and serves as the adviser to a value-oriented mutual fund. The firm provides its high-net-worth clients with thoughtful financial advice, comprehensive financial plans and custom investment portfolios. Pekin Singer Strauss Asset Management is dedicated to delivering superior risk-adjusted returns by pursuing a disciplined value investing approach that minimizes investment risk with investors’ capital. The employee-owned, Chicago-based firm is committed to maintaining the highest standards of ethics and objectivity.
For more information, visit www.pekinsinger.com. Singer Strauss Asset Management is registered with the SEC as an investment adviser, and the firm is a certified B Corporation.
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