Originally published in The Climate Report, Fall 2010.
According to a report by the investor advocacy group Ceres, investors filed more than 100 climate and energy-related resolutions with more than 80 U.S. and Canadian companies this year, almost 50 percent more than last year. The resolutions were filed by state and city pension funds, foundations, and religious, labor, and other institutional shareholders. Many of the resolutions requested sustainability reports detailing climate-related strategies. Others requested adoption of greenhouse gas reduction goals or strategies, or requested reporting on the environmental or health risks associated with specific company operations.
Approximately half of the resolutions were withdrawn after companies made climate change and/or energy commitments related to the requests in the resolutions. According to Ceres, of the 42 resolutions that had proceeded to a vote as of July 2010, 16 achieved support of 30 percent or greater, almost three times the number that achieved that level of support in 2009. These 42 resolutions achieved an average vote of 24.6 percent, up from 21.7 percent in 2009. CERES also reported increased support of climate-related resolutions in 2010 by proxy advisory companies, including Institutional Shareholder Services, PROXY Governance, Inc., and Glass Lewis.
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