With an already green year for proxy proposals coming to aclose, shareholder groups are getting ready for even more green proposals in2008, reports Nicholas Rummell of Financial Week.
More than 80 environmental proposals were filed with publiccompanies this year, 43 of which were specific to climate change, a jump from31 in 2006, according to Financial Week. Environmental advocacy groups like Ceres and the Social Investment Forumhave said they are preparing for an even bigger season next year, as they seean increase in shareholder support for such proposals and a willingness bymanagers to negotiate changes before a proxy vote.
Activity will focus specifically on large-emittingindustries like oil, gas and timber companies, Rob Berridge, program manager ofinvestor programs at Ceres, told Financial Week. Proposals that target the home building andauto industries are also expected, and advocacy groups will go after the banksthat finance coal and other “dirty industries,” says Berridge.
What’s more, the Senate Banking Committee Wednesday scheduleda hearing on climate change risk disclosure. And green proposals should not catch corporations off guard.
“These things tend to come in trends,” Tom Lehner, directorof public policy at Business Roundtable, told Financial Week. “The environmental issue is very hot rightnow.”