Investors Demand Disclosure
Shareholders Want to Know the Risks
Investors are dissatisfied with the information they’re receiving from some of the nation’s top oil and gas companies. So they’re demanding to know more.
Fourteen companies, including EOG Resources (NYSE: EOG), Chevron (NYSE: CVX), Penn Virginia (NYSE: PVA), Anadarko Petroleum (NYSE: APC), Range Resources (NYSE: RRC), Chesapeake Energy (NYSE: CHK), Noble Energy (NYSE: NBL), Ultra Petroleum (NYSE: UPL), Exxon Mobil (NYSE: XOM), and Stone Energy (NYSE: SGY) have received shareholder resolutions from investors.
The resolutions request more disclosure on the companies’ plans going forward for handling greenhouse gas emissions and hydraulic fracturing risks.
And as environmental issues rise up to the point of moratoria on fracking and other practices, shareholders want to know what’s really going on.
Mindy Lubber of the Investor Network on Climate Risk told Sustainable Business:
“These investors are telling companies they expect to see real progress on climate change, clean energy, and other sustainability fronts, despite the policy paralysis in Washington.”
Richard Loff of the Investor Environmental Health Network thinks things are headed in the right direction:
“This year’s effort builds on the remarkable success achieved by investors last year, when similar proposals received an average 40% vote. These high votes send strong messages to companies that significant portions of their shareholders require increased disclosure on this issue.”
Some of the requests asked companies to set specified goals for emissions reduction, attach executive pay to risks, and report on the environmental risks of their practices.
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