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Politics : The Environmentalist Thread -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (9577)	2/18/2007 7:10:11 AM
From: Wharf Rat	Read Replies (1) \| Respond to of 36917

Investor group unveils climate blacklist By Francesco Guerrera and Alex Barker in New York Published: February 13 2007 15:34 \| Last updated: February 13 2007 15:34 A coalition of US institutional investors has stepped up pressure on corporate America to do more on environmental issues by accusing 10 companies of failing to address climate change and global warming. The move by Ceres, a group of state pension funds, environmental and religious groups with more than $200bn in assets, highlights a rise in investor and political demands on business to do more to deal with environmental problems. The publication of the blacklist – which names the oil group ExxonMobil, financial services group Wells Fargo and utility TXU – coincided with the filing of shareholder motions at more than 35 companies demanding action on climate change. The list also includes the oil group ConocoPhillips, retailer Bed Bath & Beyond and insurer ACE. The issue will be a key battleground in the upcoming season of shareholder meetings after investors filed a record 42 motions urging actions ranging from reduction in greenhouse gases to better disclosure of energy efficiency plans. The pension funds behind the black list, which include the states of New York, North Carolina, Connecticut and Vermont, say that they cannot “vote with their feet” and sell shares in the companies because they own mostly index funds. As a result, they have to resort to “naming and shaming” and filing resolutions at shareholder meetings. ExxonMobil said on Tuesday it “recognises and is responding appropriately to the risks associated with climate change”. The 10 companies: Banking and financial: Wells FargoElectric power: TXU, Dominion Resources, Allegheny Energy Coal: Massey Energy and Consol Energy Insurance: ACEOil & Gas: ExxonMobil and ConocoPhillipsRetail: Bed Bath & Beyond ft.com