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Oil And Gas Industry Faces Record Number Of Global Warming Shareholder Resolutions At Wider Range Of Firms
Jan 27, 2011
The oil and gas industry faces a record number of global warming shareholder resolutions in 2004, with an expansion of such proxy measures to smaller independents. State, city, religious and other institutional shareholders have filed 13 resolutions requesting risk disclosure and plans to reduce greenhouse gas emissions with 10 oil and gas companies, 5 of which are facing questions on the issue for the first time. In addition to targeting household names such as ExxonMobil and ChevronTexaco, the shareholders have broadened their concern to smaller, independent exploration and production companies, such as Devon and Apache. These companies, the shareholders say -- which only drill for and produce oil and gas and are not diversified with distribution or retail operations -- are even more vulnerable to regulatory- or market-based limits on carbon dioxide emissions worldwide.
American Electric Power, Cinergy Agree To Report To Shareholders On Responses To Rising Pressure To Reduce Greenhouse Gas, Other Emissions
Jan 27, 2011
In response to shareholder proposals for greater transparency on how companies are planning for potential constraints on carbon dioxide and other emissions, electric power giants American Electric Power and Cinergy have agreed to report publicly about on how they are responding to growing pressure to reduce greenhouse gas and other emissions. The company reports will assess the impacts of and potential responses to a number of policy scenarios, including various proposals in Congress and existing state legislation to limit carbon dioxide and other emissions. Both companies agreed to the shareholders' request that a committee of independent directors oversee the report. As a result, shareholders will withdraw resolutions facing the two companies.