Posts Tagged ‘sustainability’

New Si2-IRRCI Report on Integrated Reporting

April 30, 2013

NEW REPORT ON INTEGRATED REPORTING (APRIL 29): Every company in the S&P 500 except one reports some form of sustainability disclosure, but fewer quantify those disclosures in bottom line impacts, according to the new report we issued today with funding from the IRRC Institute (IRRCI).  The report is the first to comprehensively benchmark the status of integrated reporting in the United States.

A webinar to review the findings and respond to questions about the report, Integrated Financial and Sustainability Reporting in the United States, will be held on Friday, May 3, 2013, at 2 PM ET.  Register here:

https://www1.gotomeeting.com/register/989588280

The 285-page report analyzes sustainability disclosures on a sector-by-sector basis, and examined a total of 56,000 individual data points, across both mandated SEC filings and voluntary sustainability reports issued in 2012.  It looks at industry trends and regulatory developments, presenting the results of a months-long analysis that looks at the extent to which companies are combining traditional financial reporting with quantifiable environmental and social metrics in their securities filings and sustainability reports.

Download the report and read the press release here:

http://irrcinstitute.org/news/first-comprehensive-study-on-state-of-integrated-reporting-in-united-states_pr_04_29_2013.php

Nuclear Power Safety Shareholder Proposal at Entergy

April 30, 2013

The New York State Common Retirement Fund has proposed several shareholder resolutions about nuclear power safety during the 2013 proxy season, continuing inquiries it began in the wake of the Fukushima nuclear disaster.  This year’s proposal asks for a “policy to better manage the dangers that might arise from an accident or sabotage by minimizing the storage of waste in spent fuel pools and transferring such waste at the earliest safe time into dry cask storage,” and a report for investors.

The request comes in the wake from recommendations in two recent reports that nuclear plant operators transfer spent fuel to dry cask storage as soon as possible and take other steps to safeguard facilities and communities to avoid catastrophic events should accidents or terrorist attacks occur.  Entergy says that given the extensive regulations governing its operations and its own, time-tested programs, management and the board are best left to make decisions surrounding spent fuel storage.  It also says that the proponent’s proposal is overly prescriptive and would bind it to operating procedures that might not be the most prudent for the company or its shareholders.

Read Si2’s report on the resolution and background on the subject:

2013 SI2 Action Report – Entergy – Environmental Management FINAL-Blog

Report Points to Uncertain and Significant Liabilities for Companies and Shareholders Related to Oil Spills in the Niger Delta; Liabilities Could Exceed $50 Billion; Shell and other Operators at Risk

July 24, 2012

Oil and gas operators in the Niger Delta and their shareholders have significant liabilities that due to poor disclosure and inadequate regulatory oversight to date have gone underreported finds a new report released today by the Sustainable Investments Institute (Si2), an independent, impartial proxy and sustainability risk research provider to investors. The special report, Investor Risks Looming in the Niger Delta, says that Shell, the largest multinational oil and gas operator in the region, and other significant players, including ExxonMobil, Total, Chevron and Eni, are exposed to unclear and substantial costs related to ongoing cleanup and remediation activities, as well as compensation and legal expenses connected to a legacy of spills spanning 50 years.

“A confluence of events has occurred over the past year to make it an especially prudent time for investors to review these risks,” says Peter DeSimone, cofounder of Si2 and author of the report. “One is the release of a much anticipated study from the United Nations Environment Program (UNEP) on Ogoniland, which recommended the creation of an initial $1 billion clean-up reserve to be funded by the government and oil operators to cover the first five years of what UNEP projects will be a 25- to 30-year effort. The other is a lawsuit filed in London by approximately 11,000 villagers from the Bodo community in the Niger Delta against Royal Dutch Shell, alleging that oil spills in the region devastated local fisheries and livelihoods of community members.” DeSimone adds, “At the same time, the catastrophic BP Deepwater Horizon spill in the U.S. Gulf of Mexico has helped to highlight companies’ spill responses in other cases and shed light on long years of neglect in the Niger Delta.”

Spotty reporting, continued violence and the long-term legacy of the spills in the Niger Delta, with some ignored or inadequately remediated for more than 40 years, pose major challenges to conducting assessments, but existing reporting from companies, government agencies, multilateral institutions and civil society organizations have helped confirm several realities and needs going forward. These major findings, further developed in the report, include:

– Companies should determine the need for cleanup, remediation, compensation and related costs for outstanding spill damage attributable to their operations.

-Total liabilities are unknown but all indicators point to significant costs for the companies and their shareholders in the range of anywhere from $16 to more than $50 billion.

-Companies are using short-term strategies that are creating much larger long-term liabilities for their financial statements and shareholders.

-Communities are becoming more empowered to act not only in the arenas of public protest but also, and perhaps more importantly, in the courts.

-The BP spill has drawn attention to the consequences of spill damage elsewhere in the world including the Niger Delta.

-Poverty and inequality are underlying issues fueling the cycles of violence, sabotage and theft.

-Investors should take action to protect their long-term interests, while also helping to promote more sustainable and responsible practices going forward.

The report reviews options for investors as they attempt to grapple with assessing these risks, including:

-Demanding good governance of these issues, including robust board and senior management oversight.

-Calling for appropriate policies that are properly implemented, both requiring and empowering operations staff to devise solutions for clean-up and remediation efforts, and to guide ongoing responses to spills.

-Requesting better reporting of spill cases found, clean-up and remediation efforts and potential liabilities arising.

-Seeking improved metrics for ongoing reporting and measurement of resulting practices, with third party validation.

-Encouraging cooperation with the Nigerian government, local authorities and affected communities. This includes cooperating with UNEP and other multilateral institutions in following recommendations for redressing oil pollution problems.

-Urging greater efforts to promote constructive corporate social investment in affected communities to minimize incentives for violence and theft through the promotion of economic development and job creation.

The full report is available for download here. Contact Peter DeSimone at peter@siinstitute.org for more information.

May 25 is ExxonMobil and Chevron’s meeting day

May 20, 2011

Investors at ExxonMobil and Chevron will consider the usual broad range of shareholder proposals on social and environmental issues, voting on seven resolutions at each company. Si2 has prepared reports on all the proposals, available here:

Chevron:

2011 Si2 Special Report – Chevron – Sustainability

  • Proposal 5 – 2011 SI2 Action Report – Chevron – Environment (Board Oversight)
  • Proposal 6 – 2011 SI2 Action Report – Chevron – Human Rights (Board Oversight)
  • Proposal 7 – 2011 SI2 Action Report – Chevron – Sustainability (Pay Links)
  • Proposal 8 – 2011 SI2 Action Report – Chevron – Human Rights (Country Selection)
  • Proposal 9 – 2011 SI2 Action Report – Chevron – Environment – Climate Change
  • Proposal 10 – 2011 SI2 Action Report – Chevron – Environment (Hydraulic Fracturing)

    ExxonMobil:

    2011 Si2 Special Report – ExxonMobil Environmental Policies

  • Proposal 6 – 2011 SI2 Action Report – ExxonMobil – Corporate Political Activity
  • Proposal 7 – 2011 SI2 Action Report – ExxonMobil – Diversity (LGBT Rights)
  • Proposal 8 – 2011 SI2 Action Report – ExxonMobil – Human Rights (Water)
  • Proposal 9 – 2011 SI2 Action Report – ExxonMobil – Natural Resource Mgt (Oil Sands)
  • Proposal 10 – 2011 SI2 Action Report – ExxonMobil – Natural Resources Mgt (Hydraulic Fracturing)
  • Proposals 11 & 12 – 2011 Si2 Action Report – ExxonMobil – Climate Change

  • Proxy Preview Webinar

    February 17, 2011

    PROXY SEASON FORECAST: Si2’s comprehensive 2011 Proxy Season Forecast became available to members on February 15, with information on all the new issues, SEC developments, and predictions for this spring. In a new collaboration this year, a version of the impartial Si2 Forecast will be included in Proxy Preview 2011, published by the As You Sow Foundation, alongside a collection of 14 advocacy group viewpoints. The report will be launched with a free webinar on February 23.

    See more information and sign up for the webinar at www.proxypreview.org.

    New Action Report on Microsoft

    October 29, 2010

    We recently published an Action Report on the pending shareholder resolution about sustainability at Microsoft, which investors will vote on at the company’s annual meeting on November 16. The report is one of the last to be issued for the 2010 proxy season year. Here’s the report: 2010 Si2 Action Report – Microsoft – Sustainability

    Proxy Season Highlights Update

    June 25, 2010

    Updated results are now available for the 2010 proxy season for all but one of the 160+ proposals that came to votes in the first six months of the year. Support for proposals surged to an all-time high, with 79 resolutions receiving more than 20 percent support–up from 66 that did so in 2009. Highlights of the season’s best-scoring proposals appear here: Si2 Proxy Season Summary June 2010 Si2 will issue a more detailed report on the season in July.