New shareholder resolutions demand answers about the risks of fracking from oil and gas companies
Posted June 12, 2013
For the fourth year, shareholders at oil and gas companies recently voted on proposals urging the companies to reduce the environmental impacts of their operations. Since 2010, shareholders have filed 37 resolutions at 20 companies.
This year, shareholders decided to withdraw resolutions from Ultra Petroleum, Cabot, and EOG Resources because these companies agreed to publish updated policies and procedures for reducing their air emissions, water consumption, and toxic chemical use.
However, Chevron, ExxonMobil, and Pioneer Natural Resources didn't address investors’ concerns, and so resolutions from their shareholders called on the companies to quantifiably report the steps they are taking to reduce air emissions, water consumption, community complaints, violations, and toxic fracking chemicals.
Shareowners sent very strong messages to fracking companies and demonstrated broad investor demand for hard data to assess the environmental and safety risks posed by fracking operations. At Pioneer, 41.7% voted in favor of the resolution. About 30% voted in favor of the resolution at Exxon’s annual meeting, and Chevron received a 31% vote in favor of the fracking resolution.
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