Investors have filed a record 54 global warming shareholder resolutions with U.S. companies during the 2008 proxy season–nearly double the number filed just two years ago, according to Ceres, an advocacy group for socially responsible investing.
Companies targeted this year include electric power companies, oil and coal producers, airlines and homebuilders.
Resolutions seeking greater disclosure from companies on their responses to climate change, including greenhouse gas (GHG) reduction and renewable and energy efficiency strategies, were filed by some of the nation’s largest public pension funds, as well as labor, foundation, religious and other institutional investors, according to Ceres, which helped coordinate the shareholder filings.
"Many U.S. companies are confronting the risks and opportunities from climate change, but others are not responding adequately–and they may be compromising their long-term competitiveness as a result," said Mindy S. Lubber, president of Ceres.
Fourteen of the 54 resolutions were withdrawn by investors after the companies agreed to disclose potential impacts from emerging climate regulations and strategies for reducing greenhouse gas emissions, Ceres said.
"Scientific consensus of the potentially destructive impacts of climate change on the global economy is clearer than ever. Companies in every industry, especially energy sectors, should be acting now to assess and mitigate climate change risks," said Jack Ehnes, chief executive officer at the California State Teachers’ Retirement System (CalSTRS), the nation’s second largest public pension fund. CalSTRS filed climate-related resolutions for the first time this year.
Dozens of companies have resolutions that are still pending and could go to a vote at upcoming corporate annual meetings.
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