Judge Requires ESG Proposal Inclusion in BJ’s Wholesale Proxy

BJ’s Wholesale Club Holdings Inc. must include a shareholder proposal on the chain’s deforestation impacts in its proxy materials, after a federal judge granted an injunction sought by a state pension fund Wednesday and denied the company’s bid to toss the case.

Judge Leo T. Sorokin rejected the wholesale giant’s argument for keeping the proposal from a vote and the motion to toss the case Wednesday, ruling that the New York retirement fund is likely to succeed on the merits of its claim and citing an SEC rule intended to uphold corporate democracy.

“Of course, this does not give shareholders ...