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 Our 2003 resolution at Occidental Petroleum was withdrawn based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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