A new report finds that shareholder resolutions on the issue of climate change are increasing in both frequency and success. The report, released by the non-profit groups Ceres and the Interfaith Center on Corporate Responsibility, finds that a record number of 68 climate-related shareholder resolutions were filed during the 2009 proxy season. The report indicates that 31 resolutions were withdrawn in response to the company in question taking affirmative steps on climate. Higher levels of support are being seen in votes on climate-related shareholder resolutions, with 6 resolutions receiving more than 30% of the vote.
One resolution, by shareholders of IDACORP—an Idaho energy company—achieved a majority vote of 51.2%. Following the vote the company is working with a shareholder advisory group on identifying renewable energy pilot projects, and the company promised to adopt greenhouse gas reduction goals, according to the report. The majority vote on the IDACORP resolution marked the first time such a resolution has achieved majority approval.
If the trends identified in the report continue, corporations will increasingly face pressure from shareholder resolutions to take action on the issue of global climate change.
- More detail on the report: Investors Achieve Major Company Commitments on Climate Change, Highlights from the 2009 Climate Change Proxy Season (pdf)
- Read more on the emerging law of climate change
