Coca-Cola, Ford, Exxon Under Attack From Investors on Climate Lobbying
September 16 2019 - 12:46PM
Dow Jones News
By Maitane Sardon
Forty-seven of the largest U.S companies are coming under fire
from 200 institutional investors with $6.5 trillion in
assets--including the New York City Comptroller's Office, the
California Public Employees' Retirement System and BNP Paribas
Asset Manager--for not aligning their lobbying activities with the
Paris Agreement on climate change.
Exxon Mobil Corp. (XOM), Chevron Corp. (CVX), Ford Motor Co.(F)
and Coca-Cola Co.(KO) are some of the blue-chip stocks being
pressured by the group of investors, which has sent a letter to the
companies' CEOs requesting information about how their lobbying
activities fulfill the Paris Agreement, aimed at holding the
increase in global temperatures below 2 degrees Celsius above
preindustrial levels.
Investors are requesting that companies review their own
corporate-lobbying practices and those of the trade associations of
which they are members. If the lobbying activities are not
consistent with the Paris Agreement, they said, the companies
should take the necessary steps, including engagement and
disassociation.
"As investors, we can't allow the companies we invest in to
green-wash the public while wagering on climate destruction and
regulatory roll-backs in secret. Companies must be held accountable
for their words and actions," said New York City Comptroller Scott
M. Stringer. "Lobbying must be transparent, disclosed annually to
shareholders, and consistent with the Paris Agreement. Our
pensioners and our planet depend on it."
Berkshire Hathaway Inc. (BRKA), Dominion Energy Inc. (D), Duke
Energy Corp. (DUK), Pepsico Inc. (PEP), Procter & Gamble Co.
(PG) and Walmart Inc. (WMT) are among the 47 companies being
pressed by the group of investors backing the initiative.
A similar coalition of European investors last year secured
commitment to stop climate lobbying from some of the world's
largest firms, including Royal Dutch Shell PLC (RDSA.LN), BP PLC
(BP) and Unilever (ULVR.LN).
Write to Maitane Sardon at maitane.sardon@dowjones.com
(END) Dow Jones Newswires
September 16, 2019 12:31 ET (16:31 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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