NLPC Wins Again: Is Deere & Co. Trying to Destroy Its Customer Base?

In addition to the favorable decision earlier this week by the Securities and Exchange Commission regarding its shareholder proposal for Apple, National Legal and Policy Center also received similar good news last month about a proposal it submitted for consideration at Deere & Company.

The proposal criticizes the iconic heavy equipment manufacturer for its pursuit of so-called “sustainability goals” that seek to reduce dependence on fossil fuels and the engines they power. NLPC argues that prioritizing production of renewable energy and reduction of carbon dioxide emissions is inherently destructive to the industries that make up the majority of Deere’s customer base. Our proposal states in part:

The Company’s perception of the [climate] “science” and its approach to “solutions” are both deeply flawed, and severely damage the farm, forestry, and construction/mining sectors. The expansion of costly wind and solar energy require massive swaths of land, much of which is converted from agricultural use or necessitates clear-cutting of forests. Several studies have shown that wind farms raise ground level temperatures, which could become a significant problem as more are built (as is projected). Deere’s use of the term “equivalent” denotes participation in [carbon dioxide] offsets or credits schemes, which are widely viewed as scams. And the [Paris agreement’s] 1.5°C goal is a target established by political operatives and sycophantic media, not scientific expertise.

 

There is little doubt that politically-driven decarbonization plans cause significant hardships to Deere’s core client industries.

In asking the SEC to allow it to exclude our proposal from consideration at its annual shareholder meeting in a couple of months, the Company argued that our request for an accountability report about its damaging policies inappropriately intruded upon its day-to-day business operations. The agency disagreed, and said NLPC’s proposal should be presented for a shareholder vote at its annual meeting.

You can read Deere’s pleading against our proposal, and NLPC’s rebuttal, on the SEC website here.