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The Nathan Cummings Foundation's take on: THE RYLAND GROUP, INC. (RYL)
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The Nathan Cummings Foundation's Position
The Ryland Group lags its competitors in terms of both climate change related disclosure and concrete action to address the issue. The company has taken minimal steps to increase climate related disclosure despite numerous requests from shareholders. Given the very real climate change related risks and opportunities facing companies in the homebuilding sector, the company’s minimal level of disclosure and its lack of company-wide action to address climate change and reduce greenhouse gas (GHG) emissions are concerning. As such, the Nathan Cummings Foundation recommends a vote for the shareholder proposal requesting that Ryland adopt quantitative goals for reducing total GHG emissions. In addition, due to Ryland’s lack of responsiveness to shareholder concerns about this issue, the Nathan Cummings Foundation is withholding its support from the company’s director nominees.
For more information about climate change and its possible impacts on companies in the homebuilding sector, please see the “Homebuilders Industry Memo” at http://www.incr.com/resolutions.
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The Nathan Cummings Foundation's Take
The Nathan Cummings Foundation withholds support for director nominees when the company’s Board of Directors recommends a vote against a shareholder proposal that the Foundation supports.
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The Nathan Cummings Foundation's Take
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CONSIDERATION OF A PROPOSAL FROM THE NATHAN CUMMINGS FOUNDATION (A STOCKHOLDER).
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Shareholders request that the Board of Directors adopt quantitative goals, based on available technologies, for reducing total greenhouse gas emissions from the Company's products and operations and report to shareholders by December 31, 2010, on its plans to achieve these goals. Such a report will omit proprietary information and be prepared at reasonable cost.
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CONSIDERATION OF A PROPOSAL FROM CERTAIN RETIREMENT SYSTEMS AND PENSION FUNDS OF THE EMPLOYEES OF THE CITY OF NEW YORK (STOCKHOLDERS).
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The Nathan Cummings Foundation recommends a vote FOR proposals requesting that the board adopt a policy giving shareholders the opportunity to vote on an advisory resolution to ratify the compensation of the named executive officers set forth in the proxy statement’s summary compensation table and the accompanying narrative disclosure of material factors.
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RATIFICATION OF THE APPOINTMENT OF ERNST & YOUNG LLP AS RYLAND S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING DECEMBER 31, 2010.
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