This was a huge victory, because we were able to use the strength of the shareholder base to advance Nabors Industries through a process of breaking down their operations in a way they had never done before. We believe their shareholders, as well our analysts who cover the stock, are better informed as a result. This is an ongoing process. We have asked for additional disclosures to be present in future sustainability reports.
Ellis: How has the management of Nabors Industries responded to that?
Blume: They were very open to it. In fact, we have a legal agreement that they will add a few additional disclosures in their future sustainability reports dealing with emissions and with water usage in their operations. They now view this report as a living document and expect it to be better each year.
Paul Ellis founded Paul Ellis Consulting to work with financial advisors who want to integrate sustainable and impact investment strategies for their clients. Matthew Blume is manager of shareholder advocacy and Colin Rennich is director of sales for Pekin Singer Strauss Asset Management.