Corn Field

Tri-State CRI
40 South Fullerton Avenue
Montclair, NJ
07042
(973) 509-8800
Fax: (973) 509-8808
tricri@mindspring.com

Tri-CRI and Fellow Investors File with ExxonMobil and Chevron on Greenhouse Gas Reduction Goals

As part of ongoing corporate engagement on climate change, the Tri-State Coalition led 40 investors, including state pension funds, faith-based investors, healthcare systems, foundations, and socially responsible asset managers, including 9 investor members of the Coalition, in filing a shareholder resolution with ExxonMobil urging the company to adopt greenhouse gas (GHG) reduction goals for its operations and products.  The resolution comes on the heels of the IPCC’s most recent report, which warns of “severe, pervasive and irreversible impacts” from climate change, as well as policy momentum from the historic joint announcement by China and the US on climate change.  The 400,00-strong People's Climate March and Climate Week have added further momentum from social movements, everyday citizens, and investors, including a Global Investor Statement on Climate Change, signed by investors representing more than US $24 trillion in assets, including many Tri-State Coalition members.  The lead filer on the ExxonMobil resolution, Sisters of St. Dominic of Caldwell, NJ, the Tri-State Coalition and other investors believe Exxon’s lack of greenhouse gas reduction goals has contributed to the company’s poor climate performance, including a 3.7% increase in greenhouse gas emissions from upstream activities between 2011 and 2013, even as production fell by 6.1%.

Seeing inadequate reductions in emissions resulting from Chevron’s annual GHG target, investors identified an opportunity for Chevron to adopt more ambitious, science-based greenhouse gas reduction targets.  Therefore, the Tri-State Coalition filed a new resolution with the company on the issue.  While Chevron was an early leader in the Oil and Gas Sector, establishing year-over-year greenhouse gas reduction goals, these goals have been disappointing. Indeed, Chevron’s 2014 greenhouse gas goal is 1.75% higher than 2013’s goal.  Investors are asking Chevron to once again demonstrate climate leadership and adopt ambitious goals in line with the internationally agreed upon 2 Degree limit for global warming.  This request is part of a broader initiative within the investor and business community pushing for Science Based Targets for corporations.  The initiative, led by CDP, the UN Global Compact, WRI, and WWF, provides guidance for companies on how to set and achieve GHG reduction goals in line with the 2 Degree target.

Investors have been engaged in ongoing dialogue with both companies and are hopeful that bringing the issue before the Board and all shareholders at the Annual Meeting will encourage more meaningful progress at this critical time for climate issues.

 
Investors Engage Major Food Companies on Water Contamination and Antibiotics

Concerned investors have been addressing the impacts of water pollution from company operations and antibiotic resistance in our engagements with companies for many years. Companies are responsible for significant amounts of water pollution and contamination of public drinking water, an occurrence that will only be heightened by climate change and extreme weather events.  This was brought to the fore with this summer's water crisis in Toledo, Ohio, where 500,000 residents lost access to clean tap water because of toxic contamination caused by an algal bloom, likely associated with fertilizer runoff from local agriculture and farms.  

Members of the Tri-State Coalition for Responsible Investment have been working with Tyson, the largest meat producer in the country, for many years because of their troubling history of water contamination. Most recently, they are under investigation by the EPA after a chemical leak from a processing plant led to a major fish kill in Missouri.  After years of dialogue and engagement, investors felt that there had not been a sufficiently meaningful response, and therefore we filed a shareholder proposal asking Tyson to adopt and implement a water stewardship policy that outlines leading practices to improve water quality for all company owned facilities that would also apply to their 5,500 contract farmers. Specifically, the proposal addresses risks of water pollution from nutrient management used for feed production, from animal waste and byproducts at Concentrated Animal Feeding Operations (CAFOs), and water discharge from the company's own processing facilities. We are in dialogue with the company and are exploring different avenues to address our concerns about water contamination stemming from animal production.  

A related issue stems from the use - and arguably over-use of antibiotics for non-therapeutic purposes.  The role of antibiotics in the agricultural sector has contributed to significant resistance among humans to commonly used antibiotics.

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New Resource: Hotel Outreach Toolkit: Preventing Human Trafficking at Major Sporting Events

We are pleased to share a Toolkit of resources that can be used to raise awareness of the risks of human trafficking around major sporting events.  The documents, templates, and resources here will enable investors and community groups to engage with the hospitality sector to:

1) To raise awareness of human trafficking within the hospitality sector, both around major sporting events and at all times.

2) Encourage long-term prevention and reporting among hotel staff to help identify victims and traffickers; promote long-term human trafficking prevention protocol within the hospitality industry. 

3) To raise general level of education and awareness throughout the community to (1) enable people to recognize signs of trafficking (2) contact appropriate agencies and (3) encourage use of the National Human Trafficking Resource Center (NHTRC) hotline – 888-3737-888.

We encourage you to use this toolkit in your outreach and share it throughout your networks.

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Sr. Pat Daly Moves Shareholder Proposal at Exxon Mobil Annual Meeting

Dallas, TX –Sr. Pat Daly, OP, Executive Director of the Tri-State Coalition for Responsible Investment, moved the shareholder proposal on behalf of the Sisters of St. Dominic of Caldwell, NJ calling on ExxonMobil to establish goals to reduce the greenhouse gas (GHG) emissions in its products and operations for the eighth year in a row.  The proposal, co-filed by 35 other investors, received support of 22% of outstanding shares. The urgency for aggressive measures by oil and gas companies to reduce the GHG in their products is undeniable.  Investors believe that establishing goals and a business plan to reduce GHG emissions is a critical step to reducing their impact on climate change and to propelling the transition to low-carbon fuels.  In her remarks at the annual meeting on May 28, 2014, Sr. Pat urged ExxonMobil to join its peers in an effort to bring about “a new generation of fuels that will be economically and environmentally sustainable.” She concluded that the “world is at your door, you must respond.”

Mounting scientific, social, and financial evidence demonstrates the urgency to establish and meet specific, measureable, and sustainable goals to reduce GHG emissions.   As faith based investors concerned about the impacts of climate change on the most vulnerable populations, including on food security and poverty reduction, the actions from ExxonMobil to address their role in climate change has been wholly inadequate.  Implementation by ExxonMobil of science-based goals to reduce GHG in line with the most recent reports for the Intergovernmental Panel on Climate Change are necessary to mitigate the worst impacts of climate change and reduce risks.  At least sixty percent of Fortune 100 and Global 100 companies have made these efforts and set GHG reduction goals.

Fellow shareholders presented statements to move shareholder proposals on governance, public policy and lobbying disclosure, and board diversity.

 
Tri-CRI Commends ADM For Human Rights Statement

Tri-CRI COMMENDS ADM FOR ADOPTING HUMAN RIGHTS STATEMENT

Commitment regarding ethical recruitment practices models best practices to safeguard workers in agri-business supply chains

Shareholders in Archer Daniels Midland and members of the Interfaith Center on Corporate Responsibility welcomed the company’s announcement at its general meeting on May 1, 2014 that it had formally adopted a human rights statement.

The decision was reached after successful engagement with ADM management led by Tri-State Coalition for Responsible Investment members, the Sisters of St. Dominic of Caldwell New Jersey, along with other ICCR members.  In a shareholder resolution, the shareholders requested a comprehensive sustainable agriculture policy that in addition to environmental requests around best management practices for water, GHG emission reductions, and nutrient management, included provisions that would protect the human rights of workers throughout ADM’s supply chain. The company responded by adopting a Respect for Human Rights statement with policies for fair wages, safe working conditions, freedom of association, and ethical recruitment standards that expressly prohibit workers paying recruitment fees. As a result of this development, the shareholders withdrew their resolution.

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