Ceres says 150 resolutions in 2014 proxy season also focus on energy efficiency and sustainability reporting
A series of 150 climate-related resolutions by institutional investors prompted 20 large US-based multinational companies to commit to reducing greenhouse gas emissions or obtaining sustainably produced palm oil in the 2014 proxy season, according to Ceres, a coalition of investors and environmental lobby groups.
Another 45 companies committed to improvements in areas related to energy efficiency, sustainability reporting and carbon asset risk, says Ceres, which led a campaign backed by investors including Green Century Capital Management, the New York State Comptroller’s Office, Trillium and others.
‘The successes this season show that when investors set the bar high, the companies in their portfolios strive harder to integrate sustainability into their business practices,’ says Mindy Lubber, president of Ceres, in a press release. ‘These productive investor-company dialogues often help companies build a positive reputation and achieve high returns on investment in greenhouse-gas reduction initiatives.’
Kellogg’s, General Mills, Safeway, Mondelez, Panera, ConAgra and JM Smucker are among the companies that committed to using only fully traceable, responsibly produced palm oil, Ceres says. It adds that palm oil has become the most widely used vegetable oil in the world and has driven wide-ranging deforestation.
Ceres says 13 companies also committed to setting company-wide goals for the reduction of greenhouse gas emissions, including Costco, Ameren Corporation, Church & Dwight, CMS Energy, ConocoPhillips, Dominion Resources and others. Colgate-Palmolive also agreed to work to reduce greenhouse gas emissions after lobbying by Walden Asset Management.
Another 15 companies agreed to issue comprehensive sustainability reports, including Facebook, Dillard’s, Clarcor and Emerson Electric in response to resolutions by the New York City Comptroller’s Office. Five companies also committed to persuade their key suppliers to start issuing sustainability reports and seven agreed to enhance energy efficiency in response to a resolution by CalSTRS.
