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Pending Global Warming Resolutions for 2007 Proxy Season

Investors have filed 42 global warming resolutions with U.S. companies as part of the 2007 proxy season – nearly double the number of climate-related resolutions filed just three years ago. The resolutions, seeking greater disclosure from companies on their responses and strategies to climate-related business trends, were filed by state and city pension funds and labor, foundation, religious and other institutional shareholders. The filers collectively manage more than $200 billion in assets. Some of the resolutions at these companies are not proceeding to a vote either because the proposal was withdrawn by shareholders after a satisfactory pledge by the company to implement the request, or because the U.S. Securities and Exchange Commission (SEC) excluded the proposal on technical grounds.
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Apr 06, 2007

GLOBAL WARMING SHAREHOLDER RESOLUTIONS PENDING IN 2007 PROXY SEASON - Investor Summary

Investors have filed 42 global warming resolutions with U.S. companies as part of the 2007 proxy season – nearly double the number of climate-related resolutions filed just three years ago. The resolutions, seeking greater disclosure from companies on their responses and strategies to climate-related business trends, were filed by state and city pension funds and labor, foundation, religious and other institutional shareholders. The filers collectively manage more than $200 billion in assets. Some of the resolutions at these companies are not proceeding to a vote either because the proposal was withdrawn by shareholders after a satisfactory pledge by the company to implement the request, or because the U.S. Securities and Exchange Commission (SEC) excluded the proposal on technical grounds.

Download the 1 page Resolution Tracker as of April 30th.

The following companies have global warming-related resolutions proceeding to a vote in 2007 proxy season. Please note that the date in parentheses refers to the estimated date of the company annual meeting. Unless an investor is voting in person at the annual meeting, the deadline for voting proxies is the generally the day before the annual meeting.

Memos describing the business rationale behind the filings can also be downloaded for each respective company.

Download a PDF the power-point presentation providing background information on the following resolutions.

Oil Companies:
ExxonMobil (May 30, 2007) – note: 2 global warming resolutions pending at ExxonMobil
Download the Renewables memo,
Download the GHG Reductions memo.
Chevron (April 25, 2007) - Result: 9%* 
Ultra Petroleum (June 14, 2007)- Download the memo.

Auto Companies:
Ford (May 10, 2007) - Download the memo.
GM (June 7, 2007) - Download the memo.

Electric Power Companies:
Allegheny Energy (May 17, 2007) - Download the memo
Dominion Resources (April 27, 2007) - Result: 22%* - Download the memo.
Southern Company (May 23, 2007) - Download the memo.
TXU (June 15, 2007) – Download the memo.

Coal Companies:
Massey Energy (May 22, 2007) - Download the memo.

Buildings Sector:
Bed, Bath and Beyond (June 29, 2007)
Boston Properties (May 15, 2007)
Centex Corporation (July 12, 2007)
Kroger (June 28, 2007)
Whole Foods (March 5, 2007) - Result: 10.8%*

The resolutions have been submitted by foundations (e.g. the Nathan Cummings Foundation), public pension funds (e.g. State of Connecticut, New York City, North Carolina), labor unions (e.g. SEIU), as well as socially responsible investment firms and faith-based institutional investors affiliated with Ceres and the Interfaith Center on Corporate Responsibility. Not all parties have signed on to all resolutions.

We ask shareholders to: 1) look seriously at these shareholder resolutions on global warming, 2) inform your colleagues of their importance, 3) check your investment portfolio to see if you hold any of these stocks and 4) consider voting your proxies in support of these resolutions. If you or your institution votes its proxies directly, it is simply a matter of checking the box on the proxy ballot. If your investment manager or a shareholder service votes your proxies, you just have to instruct them on how you want them to vote for you on this issue.

If you would like to receive additional information, you may contact Leslie Lowe at ICCR atllowe@iccr.org or Rob Berridge at Ceres at berridge@ceres.org.

The resolutions are summarized in the fact sheet below.

 

*Percentage of votes cast in favor at annual meeting.

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Global Warming Shareholder Resolutions in 2007 Proxy Season – Fact Sheet

The following resolutions remain viable and may proceed to a vote at the company annual meetings later this spring or have already gone to vote. (Note: until the proxies are printed these resolutions are still subject to withdrawal by shareholders or SEC decisions to permit companies to exclude the resolutions). These include:

Click here to download the 1 page Resolution Tracker.

OIL COMPANIES:
Exxon Mobil (May 30, 2007) - 2 global warming resolutions pending at Exxon
Chevron (April 25, 2007)
ConocoPhillips (May 9, 2007)
Ultra Petroleum (June 14, 2007)

ExxonMobil
RESOLVED: Shareholders request that the Board of Directors adopt quantitative goals, based on current technologies, for reducing total greenhouse gas emissions from the Company's products and operations; and that the Company report to shareholders by September 30, 2007, on its plans to achieve these goals. Such a report will omit proprietary information and be prepared at reasonable cost.

RESOLVED: The shareholders request that ExxonMobil’s Board adopt a policy of significantly increasing renewable energy sourcing globally, with recommended goals in the range of between 15%-25% of its energy sourcing by between 2015-2025.

Chevron
RESOLVED: Shareholders request that the Board of Directors publicly adopt quantitative goals, based on current and emerging technologies, for reducing total greenhouse gas emissions from the company's products and operations below 1990 levels; and that the company report to shareholders by September 30, 2007, on its plans to achieve these goals. Such a report will omit proprietary information and be prepared at reasonable cost.

ConocoPhilips
RESOLVED: Shareholders request the Board to prepare a report (at reasonable cost and omitting proprietary information) by September 1, 2007 explaining how the company will respond to rising regulatory, competitive and public pressure to significantly develop renewable energy sources.

Ultra Petroleum
RESOLVED: Shareholders request that a committee of independent directors of the Board assess how the company is responding to rising regulatory, competitive, and public pressure to significantly reduce carbon dioxide and other greenhouse gas emissions and report to shareholders (at reasonable cost and omitting proprietary information) by December 1, 2007.

AUTO COMPANIES:
Ford (May 10, 2007)
GM (June 7, 2007)

Ford
RESOLVED: shareholders request that the Board of Directors publicly adopt quantitative goals, based on current and emerging technologies, for reducing total greenhouse gas emissions from the company's products and operations; and that the company report to shareholders by September 30, 2007, on its plans to achieve these goals. Such a report will omit proprietary information and be prepared at reasonable cost.

GM
RESOLVED: same as Ford (above).

ELECTRIC POWER COMPANIES:
Allegheny Energy (May 17, 2007)
Dominion Resources (April 27, 2007)
Southern Company (May 23, 2007)
TXU (June 15, 2007) – 2 global warming resolutions pending at TXU

Allegheny Energy
RESOLVED: Shareholders request a report [reviewed by a board committee of independent directors] on how the company is responding to rising regulatory, competitive, and public pressure to significantly reduce carbon dioxide and other emissions from the company's current and proposed power plant operations. The report should be provided by September 1, 2007 at a reasonable cost and omit proprietary information.

Dominion
RESOLVED: same as Allegheny (above).

Southern Company
RESOLVED: Shareholders request that the Board of Directors report to shareholders actions the company would need to take to reduce total CO2 emissions, including quantitative goals for existing and proposed plants based on current and emerging technologies, by September 30, 2007. Such report shall omit proprietary information and be prepared at reasonable cost.

TXU – 2 proposals pending for a vote
RESOLVED: Shareholders request that the Board of Directors adopt quantitative goals for existing and proposed plants, based on current and emerging technologies, to reduce (a) mercury emissions to levels achievable by the best available control technology, and (b) total CO2 emissions below 2004 levels; and that the company report to shareholders by September 30, 2007, on its plans to achieve these goals. Such report shall omit proprietary information and be prepared at reasonable cost.

RESOLVED (Not going to vote due to being effectively turned back by the SEC), that the Board of Directors of TXU undertake a study of energy efficiency with respect to TXU's existing and proposed power plants and report back to shareholders describing the impact that significant improvements in energy efficiency would have on TXU, and what role TXU can play to call increase revenue by helping customers reduce demand for electricity. That study and report should include:

  • An analysis of the potential energy savings that could be generated if energy efficiency actions similar to those recommended in recent national studies were implemented
  • An analysis of costs to the company of implementing such energy efficiency actions with respect to TXU's operations, and what barriers exist to such implementation.
  • An analysis of the reduction in demand that would occur if energy efficiency actions were implemented by TXU's customers, and what impact this would have on the plan to build new generating capacity
  • A summary of the role that TXU has played and intends to play to advance policies to reward TXU and its shareholders financially for efforts to reduce demand and increase energy efficiency

COAL COMPANIES:
Massey Energy (May 22, 2007)

Massey
RESOLVED: Shareholders request a report [reviewed by a board committee of independent directors] on how the company is responding to rising regulatory, competitive, and public pressure to significantly reduce carbon dioxide and other emissions from the company's products and operations. The report should be provided by September 1, 2007 at a reasonable cost and omit proprietary information.

BUILDINGS SECTOR:
Bed, Bath and Beyond (June 29, 2007)
Boston Properties (May 15, 2007)
Centex Corporation (July 12, 2007)
Kroger (June 24, 2007)
Whole Foods (March 5, 2007)

Bed, Bath & Beyond
RESOLVED: The shareholders request that the Board assess how the company is responding to rising regulatory, competitive and public pressure to address climate change and report to shareholders (at reasonable cost and omitting proprietary information) by December 1, 2007.

Boston Properties
RESOLVED: Shareholders request that the Company assess its response to rising regulatory, competitive, and public pressure to increase energy efficiency and report to shareholders (at reasonable cost and omitting proprietary information) by July 1, 2007.

Centex
RESOLVED: Shareholders request that the Board assess how the company is responding
to rising regulatory, competitive and public pressure to address climate change and report to shareholders (at reasonable cost and omitting proprietary information) by December 1, 2007.

Kroger
RESOLVED: The shareholders request that a committee of independent directors of the Board assess how the company is responding to rising regulatory, competitive, and public pressure to address climate change and report to shareholders (at reasonable cost and omitting proprietary information) by December 1, 2007.

Whole Foods
RESOLVED: Shareholders request that the Company assess its response to rising regulatory, competitive, and public pressure to increase energy efficiency and report to shareholders (at reasonable cost and omitting proprietary information) by July 1, 2007.

Click here to download the 1 page Resolution Tracker.

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