Building an Investor Coalition

1. Mapping the Cap Table (Who owns the company?)

Before you campaign, you must know who holds the power.

Tools: Use Yahoo Finance (Holders tab), Morningstar, or Simply Wall St to find the "Top Institutional Holders."

Target Identification: Look for:

• Pension Funds: (e.g., CalPERS, NY Common, UK LGPS pools). These have long-term horizons and strict fiduciary duties.
• ESG Funds: (e.g., Impax, Stewart Investors). Their mandate requires them to listen to ESG concerns.
• Faith-Based Investors: (e.g., Church Commissioners, Methodist Church). Often have strong ethical screens regarding occupation.

2. Calculating Leverage

Don't count people; count AUM (Assets Under Management) and Voting Power.

3. Engagement Strategy: "The Investor Letter"

This is different from the activist CEO letter. This letter goes from investor to investor.

Step 1: The Anchor Investor

Find one sympathetic institutional investor (even a small ESG boutique firm or a Union pension fund). Ask them to be the "Lead Signatory."

Step 2: The Sign-on Letter

Draft a private letter to the target company's Board. Circulate this letter privately among other investors asking them to sign on.

• The Ask: "Join us in demanding enhanced due diligence."
• The Pitch to Investors: "This company is carrying unpriced political risk. Signing this letter is prudent risk management."

Step 3: The Private Meeting

Request a meeting with the Target Company's Head of Investor Relations.

• Bring the "Lead Investor" to the meeting.
• Present the "Phase 1 Risk Framework."
• Say: "We prefer to resolve this quietly. If we don't see a plan by [Date], we will be forced to file a shareholder resolution."

4. Union Leverage (The "Capital Stewardship" Route)

Trade unions control massive pension capital.

Strategy: Don't just ask unions to strike. Ask unions to wield their capital.

Action: Union members should write to their Pension Fund Trustees:

"I am a member of the scheme. I am concerned that our fund is invested in [Company X], which faces legal risks due to war crimes complicity. As a beneficiary, I ask you to engage with the company or divest."

5. Escalation Ladder

1. Private Letter: "We are concerned."
2. Meeting with IR: "Here is the data."
3. Public Statement: "A coalition of investors representing $Xbn AUM calls for action."
4. Vote No: Campaign for investors to vote against the re-election of the Chair of the Audit Committee or Chair of the Board at the next AGM.
5. Divestment: Publicly selling stock.

Last updated: January 2026