There have been many efforts across decades to hold major cocoa companies legally and otherwise accountable for their ongoing use of child labour in their supply chains. But these companies persist in prioritizing short-term profits fueled by the cheap labour of exploited children and ignore the considerable negative long-term financial impacts of their persistent violation of human rights.
Despite industry promises to the contrary, child labour in the cocoa producing industry has been steadily increasing. A recent US Department of Labor-funded study found that 1.56 million children are harvesting cocoa in Ghana and Cote d’Ivoire. This is two decades after the major cocoa companies promised to end their reliance on child labour in the 2001 Harkin-Engel Protocol. Many children are trafficked from Mali and Burkina Faso to work under slavery-like conditions. Forced child labour routinely results in extreme bodily and mental harm, and in nearly every case, it cuts children off from schooling and health care, restricting their fundamental rights and threatening their futures. Moreover, United Nations officials estimated that the COVID-19 pandemic exacerbated these issues, funnelling millions of children into the workforce, including ten-year-olds working on cocoa plantations in West Africa.
This clear violation of human rights also adversely impacts a corporation's ESG ratings, thereby inhibiting investors, worsening their risk management, increasing their costs, reducing their revenues and lowering their share price. With blockchain and distributed ledger technology, companies now have a safe and transparent tool to effectively monitor and police their supply chains and there is no longer any financial excuse for forced child labour to be a part of any company's supply chain. Studies have documented that implementing a progressive child labour policy has an overall positive effect on revenue.
AGM RESULTS
Our proposal received a supporting vote of 19.8% at Mondelez's 2023 AGM. This means, we will be able to refile the proposal next year. Next Annual General Meeting Date: Mondelez's 2023 AGM will be held on 17th May at 9am CDT (3pm GMT). Make sure to vote FOR Tulipshare's proposal listed as item 7. Every vote counts!
RECORD DATE
The record date pertains to the date by which investors must hold their shares in a company in order to participate in the company’s AGM. Mondelez’s 2023 AGM record date is the 8th of March 2023.
Voting at the AGM
If you hold Mondelez stock before the next AGM record date, you will be eligible to vote at the next Mondelez AGM. You will receive an email from us nearer the time about how to do so. With the launch of this campaign, we will begin immediate discussions with Mondelez’s Investor Relations team with the view of submitting a proposal in time for the 2023 proposal if we cannot come to a resolution prior to then.
campaign progress
What is shareholder activism?
Shareholder activism is when shareholders use their influence as owners of a company to effectuate change within the organisation.
What is Tulipshare?
Tulipshare is a sustainable investment fund and shareholder advocacy group on a mission to help investors push for stronger environmental and social commitments, using corporate governance to create a positive impact and ensure the companies we invest our money in are being responsibly managed by accountable leadership.
How does Tulipshare improve sustainability through investing?
Tulipshare addresses issues pertaining to climate change, human rights, racial and gender equity, political spending and operational transparency within some of America’s biggest publicly traded companies - issues that if left unaddressed could expose a company and its investors to significant legal, reputational and financial risks.
