A resolution relating to climate control was shot down before the Home Depot general annual meeting last Thursday, despite round support from a number of investment advisors. According to GreenBiz, the failed proposal would have required the fix-it center to develop a new efficient energy plan for its stores, transportation, and supply chain.
The resolution, which only asked that Home Depot assess its energy use policies, was among five shareholder proposals killed at the company’s general meeting. Proxy advisory group RiskMetrics had thrown its support behind the proposal, as had investors in the Investor Network on Climate Risk, which represents $7 trillion in investor funds.
Proponents of the proposal were disappointed in its failure. Said Mindy Lubber of Ceres: “By failing to address energy use in a systematic and high-level manner, Home Depot is putting itself at a competitive and operational disadvantage.”
“We are cautiously optimistic that Home Depot will work with shareholders to address critical energy concerns and improve its competitive positioning,” said another Ceres representative, “but we have been down this road before with no results.”