US Companies Face More Global-warming Proxy Votes

Stockholders are turning up the heat on major U.S. companies this proxy season over global warming.

Published: 02-Mar-2005

State and city government-pension funds, labor unions, religious groups and others filed 28 resolutions demanding that large companies come clean about the impact of their operations on global warming, up from 22 filings last year. The targets include ExxonMobil (XOM: news, chart, profile) and Anadarko Petroleum (APC: news, chart, profile) , label maker Avery Dennison (AVY: news, chart, profile) and builders Centex (CTX: news, chart, profile) and Lennar (LEN: news, chart, profile) .

Two companies initially targeted -- Firstenergy (FE: news, chart, profile) and Progress Energy (PGN: news, chart, profile) -- already agreed to complete reports about how they're addressing the environmental problem, according to Ceres, a coalition of investment funds and environmental groups.

"Major institutional investors are looking at it [global warming] as a serious issue that companies should be addressing for shareholders," agreed Steven Heim, the director of social research for Boston Common Asset Management. Acting on behalf of the New York City Employees Retirement System, the New York State Common Retirement Fund and other groups, Heim's company is negotiating with Apache Corp. (APA: news, chart, profile) about reporting on how it is dealing with climate change.

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