Zevin Asset Management

Who's accountable for the risks when AI powers your business?

Zevin's Marcela Pinilla, writing in ImpactAlpha with Lydia Kuykendal of Mercy Investment Services, makes the case for why Alphabet's board needs to report on governance gaps in how Google Services and Google Cloud handle sensitive data: including in military, government, and high-risk deployments.

Zevin filed this proposal alongside 34 co-filers representing over $2.2 billion in Alphabet shares. The vote is June 5.

The full article is behind a paywall

Yesterday, we highlighted how surging energy prices are adding to inflationary pressures and strengthening the case for higher interest rates. But the U.S. economy is already in a fragile state, and higher borrowing costs would likely worsen existing strains.

Real disposable incomes have turned negative, layoff announcements are increasing, and households are struggling to manage debt burdens, leading to rising delinquencies. Reflecting these pressures, personal savings are also deteriorating, with the savings rate declining in 11 of the past 12 months.

Taken together, these are not signs of a healthy economy. The inflation shock stemming from the war in Iran only adds to the financial stress facing consumers. In this stagflationary environment, the Federal Reserve is likely to remain in a wait-and-see mode for the foreseeable future.

The surprise bombing of Iran, followed by predictable retaliatory strikes across neighboring Middle Eastern countries and the blockade of the Strait of Hormuz, has sent energy prices sharply higher. Overnight, crude oil surged from roughly $65 per barrel to well above $100, while U.S. gasoline prices jumped from under $3 per gallon to $4.50.

While some argue the economic impact will remain largely confined to the energy complex, history suggests otherwise. Rising energy costs tend to ripple throughout the economy, increasing expenses for manufacturing, transportation, construction, and a wide range of services.

At the same time, the Federal Reserve’s preferred inflation measure is already running well above target and continues to rise — conditions that would normally argue for higher interest rates, not lower ones. But the Fed faces a difficult balancing act. Despite mounting supply-side inflationary pressures, the domestic economy remains fragile due to persistent economic uncertainty, ongoing trade tensions, and an increasingly cautious consumer.

More on this in a follow-up post.

A question we hear from clients: given what you know about technology and human rights, why stay invested in companies like Alphabet or Amazon?

It's a fair question, and we've written a full answer. The short version: if we sell, we lose the right to file proposals, request board responses, and show up at annual meetings. For companies whose decisions affect how billions of people communicate and work, staying at the table is the more accountable choice.

Read our full position statement at: https://bit.ly/4x3oGLC

In 2025, many companies started speaking less about sustainability commitments, and that trend continues.

They didn't stop the work. Budgets are holding. The underlying efforts continue. But the language disappeared - replaced with terms like "operational efficiency" instead of "climate action."

The problem? When a company goes silent, you can't tell if they're genuinely on track or if they've quietly backed away. The silence looks the same either way.

At Zevin, we don't rely on what companies say in their press releases or annual reports. We ask the questions directly — at shareholder meetings, in engagement letters, where real accountability happens.

That's active ownership. And that's what protects your values (and your investments) when corporate language gets careful.

On May 21, Home Depot shareholders will consider a proposal on data privacy and law enforcement access.

Here's the question we're asking the company: When law enforcement shows up asking for camera footage, what does Home Depot do? The company hasn't been clear about it.

We co-filed a shareholder proposal with a coalition of seventeen other investors pushing for transparency. If you hold Home Depot in your portfolio, you get to vote on this.

Here's what we're asking for and why: bit.ly/3PsaDyw

Here's a question worth sitting with:

If a government stops following the rules of war, what exactly are you invested in when you hold defense stocks?

The defense industry is currently pushing to be included in ESG funds, framing weapons as essential to peace and security. But a weapon's primary function is to injure, kill, or destroy. That's a hard thing to square with responsible investing.

There's also a practical problem. How do weapons companies make sure that their products are not being used by governments gone rogue? This can also be said for the tech/AI companies whose products are essential to weapons and surveillance systems - but that’s a broader conversation for another time.

In a recent LinkedIn post, our President Sonia Kowal shared a perspective that clearly struck a nerve.

Fidelity Charitable, Vanguard Charitable, and DAFgiving360 - three of the largest donor-advised fund providers in the country - blocked their account holders from directing grants to the Southern Poverty Law Center. The reason: a federal indictment brought by the Trump Justice Department.

To be clear: an indictment is an accusation, not a conviction. The SPLC has not been found guilty of anything. It remains a fully IRS-recognized 501(c)(3). And yet three major financial institutions quietly decided on their own, without any public accountability, that their clients could no longer support one of the oldest civil rights organizations in the country.

For anyone who uses a donor-advised fund to support causes they care about, this should raise a real question: do you know what your DAF provider can decide on your behalf?

At Zevin, this story cuts to the heart of what we do. Accountability in financial institutions isn't just about investment returns. It's about who holds power over the flow of money, charitable or otherwise, and whether that power is exercised with transparency and integrity.

If you have a DAF, consider reaching out to these institutions directly, or ask your advisor to do so on your behalf.

Important coverage on a topic we’ve been actively focused on: growing investor attention to AI and data governance.

A recent Reuters article highlights increasing pressure on Alphabet to strengthen oversight around how its technology is deployed and used. Zevin Asset Management has been an active part of the investor engagement driving this issue, with a focus on transparency, governance, and how companies manage downstream risk. We authored a letter to the company signed by 42 organizations and 14 individuals representing over $1 trillion in assets.

As these systems scale, the question is no longer only technical. It’s about oversight, accountability, and how companies manage downstream risk.

As Marcela Pinilla notes:
“We don’t see that they have strict controls over intervention in high-risk contexts. That’s very risky for them if they don’t have oversight of how their infrastructure is being used.”

This is increasingly a fiduciary concern.

Reuters article for those with access:
https://www.reuters.com/sustainability/boards-policy-regulation/alphabet-investors-push-safeguards-use-its-cloud-ai-tech-2026-04-29/

Tomorrow: Investing as Witness.

What if your investments reflected the world you hope to build?

Tomorrow, Tuesday, April 28 at 1:00 PM ET, our Sonia Kowal joins the Episcopal Parish Network to talk about faith-inspired investing and how investing can become an active expression of values and a tool for real social change.

https://us02web.zoom.us/webinar/register/WN_UX_qSs9yS-6vBsc8wUzkSQ #/registration