Prison Labor in the Supply Chain

In fall 2015, NorthStar embarked on a several year-long research project to understand and begin to map prison labor in the supply chains of the companies in which NorthStar invests. In April 2018, we released our first research paper on this subject, Prison Labor in the United States: An Investor Perspective. We encourage questions and feedback. Please contact our Director of Shareholder Activism and Engagement, Mari Schwartzer, who was the lead researcher on this project. We will continually update the below link with the most up-to-date version:


Shareholder Proposals

NorthStar has been filing shareholder proposals related to prison labor at companies in our client portfolios since fall 2017. Below, find links to the proposals we’ve filed, as well as the exempt solicitations (sometimes called shareholder memos) in support of any proposal that went to a vote at the annual meeting.

 AGM Year  Company (Ticker) Link to Proxy Statement  Link to Exempt Solicitation on SEC EDGAR Site
 2020 Costco Wholesale (COST)  Withdrawn after successful negotiation (see press release below)
 2019  Costco Wholesale (COST)  Proposal #7  Exempt Solicitation for COST Proposal #7
 2019  TJX Companies (TJX)  Proposal #5  Exempt Solicitation for TJX Proposal #5
 2019  International Business Machines (IBM)  N/A – did not go to proxy  N/A
 2019  The Home Depot (HD)  Proposal #6  Exempt Solicitation for HD Proposal #6
 2018  Costco Wholesale (COST)  Proposal #5   Exempt Solicitation for COST Proposal #5
 2018  TJX Companies (TJX)  Proposal #6  Exempt Solicitation for TJX Proposal #6
 2018  Microsoft (MSFT)  N/A – did not go to proxy  N/A



NorthStar’s clients have a strong giving tradition, making annual charitable gifts that support hundreds of organizations committed to progressive causes. Take a look at a small sample of the non-profits our clients support.


  • 617.522.2635
  • 617.522.3165
  • P.O. Box 301840, Boston MA 02130