Shareholders: A Green Proxy Season Awaits

With an already green year for proxy proposals coming to a close, shareholder groups are getting ready for even more green proposals in 2008, reports Nicholas Rummell of Financial Week.

More than 80 environmental proposals were filed with public companies this year, 43 of which were specific to climate change, a jump from 31 in 2006, according to Financial Week.  Environmental advocacy groups like Ceres and the Social Investment Forum have said they are preparing for an even bigger season next year, as they see an increase in shareholder support for such proposals and a willingness by managers to negotiate changes before a proxy vote.

Activity will focus specifically on large-emitting industries like oil, gas and timber companies, Rob Berridge, program manager of investor programs at Ceres, told Financial Week.  Proposals that target the home building and auto industries are also expected, and advocacy groups will go after the banks that finance coal and other “dirty industries,” says Berridge.

What’s more, the Senate Banking Committee Wednesday scheduled a hearing on climate change risk disclosure.  And green proposals should not catch corporations off guard.

“These things tend to come in trends,” Tom Lehner, director of public policy at Business Roundtable, told Financial Week.  “The environmental issue is very hot right now.”