Minerva Analytics Statement on DEI, Climate Change, and Proxy Voting Freedom

February 14, 2025

Dear Clients and Friends;

As we approach the busy peak season, and in light of recent developments in the USA, I wanted to set out Minerva's position on maintaining investor freedom and choice, particularly as it relates to issues such as Diversity, Equity and Inclusion (DEI) and climate change.

Minerva Analytics remains committed to providing investors with independent, objective, and choice-driven proxy voting solutions. Given evolving market perspectives on, for example,  DEI in US director assessments, we reaffirm our long-standing position: investors should have the freedom to define their own ESG priorities, including DEI, climate change, or net zero commitments.

At Minerva, we recognise that DEI and climate-related considerations are important aspects of corporate governance for many investors, while others may prioritise different criteria when evaluating board effectiveness. Our approach remains client-centric, ensuring that our research and recommendations reflect the diverse needs and preferences of investors rather than imposing a one-size-fits-all framework.

Our Commitment to Investor Choice:

• We continue to provide customisable proxy voting guidelines that enable investors to align their voting decisions with their own governance and sustainability policies.
• Our research framework allows for granular customisation, offering investors the ability to consider DEI, climate change, and net zero factors where they see fit, while maintaining a neutral stance on mandated inclusion.
• We believe that a robust, well-functioning market benefits from transparency, data-driven insights, and respect for differing viewpoints on corporate governance matters.

Commitment to Free Speech and Opposition to Intimidation:

• Minerva Analytics firmly opposes any form of intimidation aimed at suppressing dissent, transparency, or responsible corporate governance discourse.
• We support investor rights, academic freedom, and journalistic integrity, ensuring that governance discussions remain open and free from undue legal or political pressure.
• Our policies prioritise free expression, allowing stakeholders to engage in constructive, data-driven debates about governance issues, without fear of retaliation.

Minerva will not unilaterally mandate diversity or climate-related criteria in voting recommendations, but we will ensure that investors have access to comprehensive, high-quality data and analysis to make informed decisions.

Very importantly, our policies prioritise free expression, allowing stakeholders to engage in constructive, data-driven debates about governance issues, without fear of retaliation. We therefore firmly oppose any form of intimidation aimed at suppressing dissent, transparency, or responsible corporate governance discourse. True to our foundational beliefs, we support investor rights, academic freedom, and analytical integrity to ensure that governance discussions remain open and free from undue legal or political pressure. 

The ability of shareholders to engage in governance discussions, vote on sustainability matters, and set their own policies remains a fundamental principle of free-market capitalism. As such, shareholder rights and investor autonomy remain independent of government executive orders or shifting political landscapes, and while "executive orders" may influence regulatory priorities at the Federal level, they do not override the rights of investors and corporate governance structures to determine their own ESG and DEI approaches.

Minerva therefore stands by our belief in market-based solutions that prioritise transparency, data-driven insights, and investor choice,  to ensure that corporate governance and stewardship remains responsive to client-driven, rather than politically imposed, objectives.

We welcome further discussion with stakeholders on this topic and remain dedicated to supporting investor autonomy and governance good practices in an evolving regulatory and market landscape.

If you would like to know more, please contact our governance team at hello@minerva.info.

Minerva’s blog focuses on the latest developments in ESG investing and stewardship. Minerva is a global provider of sustainable stewardship solutions with over 25 years of expertise. Minerva empowers investors by providing essential tools, including ESG research and data, enabling them to navigate the intricate landscape of stewardship and proxy voting, whilst ensuring their decisions are well-informed and aligned with sustainable principles.

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