InvestorsChallenge Natural Gas Companies to Increase Transparency, Reduce Risks toPublic Health and the Environment From Fracking Operations    Shareholders file resolutions withChevron*, Exxon Mobil*, and 8 other companies to spur more responsiblemanagement practices   Boston, MA—For a third consecutive year, concerned investors havetargeted energy exploration and production companies that rely heavily onhydraulic fracturing (fracking)and fail to disclose critical information aboutthe ways they are managing the associated risks.     Public concern about the environmentaland social impacts of fracking operations are growing across the country andcan have real business implications for the companies involved.   “Bans and moratoria are denials of companies’ sociallicense to operate and impose a wide range of costs on companies, ranging fromthe costs of delays to complete loss of access to valuable resources where sunkcosts must be written off,” said Larisa Ruoff, Director of ShareholderAdvocacy for Green Century CapitalManagement (Green Century). “Right now, companies are not providinginvestors, or the communities in which the companies operate, sufficientinformation on the steps they are taking to address and mitigate the risksassociated with hydraulic fracturing operations so shareholders are demandingincreased transparency.”   This year, shareholders have filed resolutions with ten companies,including Exxon Mobil, Chevron and Chesapeake Energy* calling on the companiesto provide a detailed account of how they are addressing the risks associatedwith community concerns, regulatory impacts, tightened regulations, andmoratoria.    “This year’s effort builds on the remarkable successachieved by investors last year, when similar proposals received an average 40percent** vote.  These high votes send strong messages to companies thatsignificant portions of their shareholders require increased disclosure on thisissue,” said Richard Liroff, Executive Director of the Investor Environmental Health Network(IEHN).  IEHN and Green Century coordinate investors’ engagements withcompanies on fracking.    These resolutions are part of a broader investor initiative challengingcompanies to address climate and sustainability risks.  Thus far in the2012 proxy season, investors working with Ceres, a coalition of investors andpublic interest groups working with companies to address sustainabilitychallenges, have filed 86 resolutions with 69 companies.   “Investors are concerned about the financial risks associatedwith the environmental, health, and social impacts of fracking,” saidMichael Passoff, Senior Strategist for As You Sow, which has filed atExxonMobil and Ultra Petroleum* since 2010.  “Concern about watersources, toxic chemicals, and wastewater has led to new regulations in severalstates and proposed federal legislation. Explosions, contamination incidents, and millions ofdollars in fines demonstrate that things can and do go wrong,” hecontinued.   This season, shareholders have a new tool in theirdialogue with companies.  In December, IEHN and the Interfaith Centeron Corporate Responsibility (ICCR) released “Extracting the Facts: An Investor Guide to DisclosingRisks from Hydraulic Fracturing Operations,” which isintended to help increase disclosure and mitigate the impacts of fracking.    “In order to maintain their social license tooperate, companies must fully disclose the steps they are taking to minimizerisks, to acknowledge their challenges and failures, and to clearly define themethods they will use to continually improve operations,” said LauraBerry, Executive Director of ICCR.  “The Guide offers a road map forcompanies to respond to the heightened concerns around fracking, andarticulates industry best practices that will reduce the risks, andconsequently, the impacts.”     Shareholder proposals were filed at Anadarko*,Chesapeake Energy, Chevron, EOG Resources*,Exxon Mobil, Noble Energy*, Penn Virginia*, RangeResources*, Stone Energy*, and UltraPetroleum.  These proposals have been filed by the following investors and investor advisors:  As You Sow,Green Century Capital Management, Mercy Investment Program, Miller/HowardInvestments, Sisters of St. Francis of Philadelphia,and Trillium Asset Management. 
Shareholders file resolutions with Chevron*, Exxon Mobil*, and 8 other companies to spur more responsiblemanagement practices
 
Boston, MA—For a third consecutive year, concerned investors havetargeted energy exploration and production companies that rely heavily onhydraulic fracturing (fracking) and fail to disclose critical information aboutthe ways they are managing the associated risks.  
 
Public concern about the environmentaland social impacts of fracking operations are growing across the country and can have real business implications for the companies involved.
 
“Bans and moratoria are denials of companies’ sociallicense to operate and impose a wide range of costs on companies, ranging from the costs of delays to complete loss of access to valuable resources where sunkcosts must be written off,” said Larisa Ruoff, Director of ShareholderAdvocacy for Green Century CapitalManagement (Green Century). “Right now, companies are not providinginvestors, or the communities in which the companies operate, sufficientinformation on the steps they are taking to address and mitigate the risksassociated with hydraulic fracturing operations so shareholders are demandingincreased transparency.”
 
This year, shareholders have filed resolutions with ten companies,including Exxon Mobil, Chevron and Chesapeake Energy* calling on the companiesto provide a detailed account of how they are addressing the risks associated with community concerns, regulatory impacts, tightened regulations, and moratoria. 
 
“This year’s effort builds on the remarkable success achieved by investors last year, when similar proposals received an average 40 percent** vote.  These high votes send strong messages to companies that significant portions of their shareholders require increased disclosure on this issue,” said Richard Liroff, Executive Director of the Investor Environmental Health Network (IEHN).  IEHN and Green Century coordinate investors’ engagements with companies on fracking. 
 
These resolutions are part of a broader investor initiative challenging companies to address climate and sustainability risks.  Thus far in the 2012 proxy season, investors working with Ceres, a coalition of investors and public interest groups working with companies to address sustainability challenges, have filed 86 resolutions with 69 companies.
 
“Investors are concerned about the financial risks associatedwith the environmental, health, and social impacts of fracking,” said Michael Passoff, Senior Strategist for As You Sow, which has filed at ExxonMobil and Ultra Petroleum* since 2010.  “Concern about watersources, toxic chemicals, and wastewater has led to new regulations in several states and proposed federal legislation. Explosions, contamination incidents, and millions of dollars in fines demonstrate that things can and do go wrong,” he continued.
 
This season, shareholders have a new tool in their dialogue with companies.  In December, IEHN and the Interfaith Center on Corporate Responsibility (ICCR) released “Extracting the Facts: An Investor Guide to Disclosing Risks from Hydraulic Fracturing Operations,” which is intended to help increase disclosure and mitigate the impacts of fracking.
 
“In order to maintain their social license to operate, companies must fully disclose the steps they are taking to minimize risks, to acknowledge their challenges and failures, and to clearly define the methods they will use to continually improve operations,” said Laura Berry, Executive Director of ICCR.  “The Guide offers a road map for companies to respond to the heightened concerns around fracking, and articulates industry best practices that will reduce the risks, and consequently, the impacts.”  
 
Shareholder proposals were filed at Anadarko*, Chesapeake Energy, Chevron, EOG Resources*,Exxon Mobil, Noble Energy*, Penn Virginia*, RangeResources*, Stone Energy*, and UltraPetroleum.  These proposals have been filed by the following investors and investor advisors:  As You Sow, Green Century Capital Management, Mercy Investment Program, Miller/HowardInvestments, Sisters of St. Francis of Philadelphia, and Trillium Asset Management. 

by Claude Solnik
Published: October 3, 2011

It looks like a few firms have agreed to open the books on their political donations, a year after the Supreme Court unceremoniously closed the door on once strict limits to contributions.

A trio of Fortune 500 companies whose stock is held by the New York State Common Retirement Fund have agreed to disclose their political campaign contributions and procedures, after requests from New York State Comptroller Thomas P. DiNapoli.

DiNapoli said Marriott International, Yum Brands (parent of Pizza Hut and Taco Bell) and Limited Brands(parent of Henri Bendel and Victoria’s Secret), whose stock is held by the state’s $146.9 billion retirement fund, agreed to disclose contributions to political campaigns and advocacy groups and outline their approval process for political contributions.

The comptroller and the Center for Political Accountability began a push last year for greater disclosure after the Supreme Court’s Citizens United decision opened the doors to big corporate contributions.

“There’s cause for concern when corporations make it their business to finance campaigns,” DiNapoli said. “Now we’re asking corporations to do the responsible thing for their shareholders and for the public. These three companies have heeded the call.”

After finding that about 70 of the S&P 500 companies had public policies regarding disclosing political donations, the comptroller and the center sent out letters requesting information from the remaining firms.

“We engaged with these companies. Some came forward and said we’ll work with you,” said Eric Sumberg, a spokesman for the comptroller. “We proposed shareholder resolutions at some.”

The retirement fund filed nine shareholder resolutions, leading to agreements with these three firms during the proxy season.

The New York State Common Retirement Fund as of Sept. 16 owned nearly $150 million combined in these firms’ shares including 1.6 million shares of Yum Brands worth $86.2 million; 873,292 shares of Limited Brands worth $35.2 million and 938,109 shares of Marriott International worth $27.4 million.

DiNapoli said he’s continuing to push for disclosure of corporate contributions as a way of monitoring spending of firms whose shares are held by the state an their interaction with the political process.

“Proxy season is in the spring,” Sumberg said. “Over the next couple of months, we’ll look at which companies to engage with the next season. Hopefully, we’ll have more successful engagements.”

Santa Barbara, CA

August 31, 2011

Contact: Jack Ucciferri

jack@harringtoninvestments.com

(805).770.2300

Harrington Investments Asks Monsanto to Help Investors Better Understand Risks of GMOs

Santa Barbara, California -- Harrington Investments, Inc. (HII) has announced the introduction of a shareholder resolution requesting that Monsanto Corporation publish a study on “material financial risks or operational impacts” associated with its products, especially genetically modified organisms (GMOs). The announcement underscores concerns about risks posed by GMO contamination of their crops.

“Just because the United States Department of Agriculture permits a product to be sold, does not mean that it is safe, and as costs of justifying and defending these products mount, investors need adequate information to assess associated financial risks themselves,” said John Harrington, President and CEO of Harrington Investments.

The resolution is timely given that Monsanto was sued in federal court earlier this year by eighty-three family farmers, small and family owned seed businesses, and agricultural organizations defending their right to seek legal protection from the threat of being sued by Monsanto for patent infringement, should their crops or property become contaminated by Monsanto's products, i.e. genetically modified organisms.

Considering previous multi-hundred million dollar settlements relating to GMOs, shareholders have reason to be concerned about the prospects of additional large lawsuits that may have an adverse impact on Monsanto shareholder value.

Paul Towers, Organizing & Media Director for Pesticide Action Network North America (PANNA), framed the issue as nothing more than investors asking Monsanto executives to abide by their own “Monsanto Pledge” which highlights corporate principles such as: Integrity, Dialogue, Transparency, Sharing, Benefits, Respect, and Acting as Owners to Achieve Results.

“If Monsanto wants to be taken seriously as a responsible corporate actor, the first step would be to take its own commitments seriously,” stated Mr. Towers. “Monsanto has a responsibility to protect farmers and shareholders from the threats of GMO contamination, and prepare for greater liabilities until the company changes its business direction.”

Pesticide Action Network North America works to replace the use of hazardous pesticides with ecologically sound and socially just alternatives. As one of five PAN Regional Centers worldwide, PAN North America links local and international consumer, labor, health, environment and agriculture groups into an international citizens’ action network.

Harrington Investments, Inc. is a 29 year-old socially responsible investment advisory firm that manages assets of individual and institutional investors requiring social and environmental as well as financial portfolio performance. From its Napa and Santa Barbara, CA offices, HII utilizes comprehensive social and environmental screens, commits clients' assets to community investing and engages in shareholder advocacy.

Ringling Bros. and Barnum & Bailey returns to San Francisco this weekend. And PETA will be here, too to claim the circus hog-ties, yanks, and electroshocks baby elephants as part of their training. The animal rights group will picket the Cow Palace Thursday.

PETA has been hounding Ringling for years with baby elephant torture allegations. Ringling owner Feld Entertainment has responded, saying the circus is committed to "ensuring the absolute best for its animals."

During its Thursday picket, PETA protesters will carry photographs showing baby elephants in chains, and being prodded by trainers. The animals are cruelly torn from their mothers, then chained for what is sometimes months to break their spirits and turn them into malleable performers, PETA alleges.

We've contacted the company requesting comment on the electro-shock and chaining accusations, and will report when we hear back.

Here's a link to a PETA gallery of tortured elephant calf photos, purportedly taken at Ringling Bros. training facilities.