HISTORY OF WALDEN ASSET MANAGEMENT/SRI: Summer 2002

SOCIAL TOPICS (Archive): HISTORY OF WALDEN ASSET MANAGEMENT/SRI

Walden's Active Response to Climate Change Risk

Published, Summer 2003

Walden is working to make sure that business leaders are aware that addressing climate change is increasingly urgent.

Dialogues and Shareholder Resolutions

Walden’s work has included ongoing dialogues with many companies in a variety of industries. Our 2003 resolution at Occidental Petroleum was withdrawn based on the commitment that climate change impact and carbon disclosure would be discussed more fully in Occidental ’s 2002 annual Health, Environment and Safety report. Walden continues to press even environmental leaders, like BP, to work proactively on climate change.

Voting of Shareholder Proxies

Walden takes seriously its fiduciary duty to ensure that proxies are voted responsibly. On the issue of climate change, Walden’s policy guidelines generally support resolutions calling for company disclosure or action to reduce greenhouse gas emissions.

Providing Technical Support

Walden provided key technical support to an investor/activist coalition as they worked to increase shareholder support for climate change resolutions. As a part of this effort, Walden presented to Institutional Shareholder Services (ISS), a key proxy advisory service that influences major institutional investors. As a result, ISS supported climate change resolutions submitted to ChevronTexaco (32 percent shareholder support) and ExxonMobil (22 percent shareholder support).

Climate Change Specific Screening

Walden carefully considers a variety of corporate behaviors related to climate change, including: Acknowledgement, Board involvement and oversight, Transparency, and Public policy development as well as Actions in response, including measurement, reduction targets and reduction projects

The information contained herein has been prepared from sources and data we believe to be reliable, but we make no guarantee as to its adequacy, accuracy, timeliness or completeness. We cannot and do not guarantee the suitability or profitability of any particular investment. No information herein is intended as an offer or solicitation of an offer to sell or buy, or as a sponsorship of any company, security, or fund. Neither Walden nor any of its contributors make any representations about the suitability of the information contained herein. Opinions expressed herein are subject to change without notice. The writings of authors do not necessarily represent the views of Walden Asset Management, its parent, or affiliated entities. There are certain risks involved with investing, including various risks depending on the type of investment vehicle being used.

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