US investor group unveils climate blacklist
Financial Times, Feb 13, 2007
A group of US investors with more than $200 billion in assets have accused 10 companies, including the oil giant ExxonMobil, the financial services group Wells Fargo and the utility TXU, of not doing enough to respond to global warming and climate change, in a sign of increasing shareholder activism on environmental issues.
The publication of the black list by Ceres, a coalition of state pension funds, institutional investors and environmental groups, coincided with the filing of shareholder motions at more than 35 companies, demanding action on a number of climate issues.
The action coincides with the opening of Congressional hearings in Washington on climate change and energy security.
The ten companies also include: Dominion Resources, Allegheny Energy, Massey Energy, Consol Energy, ACE, ConocoPhillips and Bed Bath & Beyond.
Mindy S. Lubber, president of Ceres, said: "Many US 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 and shareholder value as a result. We want all companies to understand the business impacts of climate change and plan for it accordingly. It's what any corporate director would expect of their CEO."
"Those companies that are ignoring the serious risks posed by climate change do so at their own peril," said North Carolina State Treasurer Richard Moore, whose office manages more than $70bn in pension funds. "Acknowledging the business risks posed by climate change is just good business, and shareholders demand it."
© The Financial Times Ltd 2007.