Posts tagged with: TRILLIUM ASSET MANAGEMENT CORPORATION

Blog author: bwalker
posted by on Thursday, March 27, 2014
Bill McKibben

Bill McKibben

It’s been a long, cold winter. Not to mention expensive due to heating bills depleting bank balances for those fortunately possessing enough scratch to pay their utilities. For others forced to wear sweaters around the clock and sleep with three dogs to stay warm while keeping the thermostat tuned just above freezing to save money, it may take months before reaching a zero balance on the monthly propane/gas/natural gas/electricity statement.

Imagine how prohibitive those bills would be if we relied on the so-called renewable energy schemes rather than relatively cheap and plentiful fossil fuel sources to warm our igloos and power our personal vehicles and those oh-so-necessary snowplows. In a word borrowed from Thomas Hobbes, it’d be brutish.

Love it, hate it, or just plain indifferent, U.S. dependence on fossil fuel energy will remain relatively unchanged for the foreseeable future. The U.S. Energy Information Administration estimates our appetite for carbon-based power will hold steady more or less until 2040: “The fossil fuel share of energy consumption falls from 82% in 2012 to 80% in 2040, as consumption of petroleum-based liquid fuels declines, largely as a result of slower growth in VMT [vehicle miles traveled] and increased vehicle efficiency.” (more…)

chevron-ran-clean-up-ecuador-oilIn 2005, religious shareholder activists of various stripes jumped aboard the bandwagon filing resolutions against Chevron for an environmental disaster it allegedly caused. Chevron asserted its innocence, but the activist shareholders put the squeeze on:

Chevron’s Ecuador environmental disaster, considered by experts to be the worst oil-related ecological problem on the planet and currently the subject of a high-stakes law suit estimated to cost the company upwards of $6 billion, will be high on the agenda of the company’s 2006 annual shareholder meeting with the filing of three new resolutions asking Chevron’s management to take various steps to protect human rights, the environment and shareholder interests.

The resolutions were filed by institutional and socially responsible investors, including the New York State Common Retirement Fund, Trillium Asset Management, Amnesty International USA and members of the Interfaith Center on Corporate Responsibility (ICCR), which together own more than $1 billion in Chevron shares. The resolutions increase the pressure on the California-based oil major to address the widespread toxic contamination left by Texaco (now Chevron) in the Ecuadorian Amazon during a 20-year period that began in the early 1970s.

This story has a twist, however. Over at the National Review, Kevin Williamson reports Chevron beat the rap on the $6 billion judgment rendered against it by an Ecuadorean court several years ago. Seems the judge who established the original fine was in cahoots with a cadre of nasty elements. (more…)

Reading the 2013 results of proxy shareholder resolutions orchestrated by various leftist organizations affiliated with “religiously” oriented investment groups, a colorfully descriptive phrase came to mind to describe both: Whatever its derivation, useful idiots is employed as “a pejorative term for people perceived as propagandists for a cause whose goals they are not fully aware of, and who are used cynically by the leaders of the cause.”

For the purposes of this post, we’ll grant groups with purported religious and socially conscious authority such as Walden Asset Management, Trillium Asset Management, As You Sow and the Interfaith Council on Corporate Responsibility the benefit of the doubt. We’re not questioning the quality of their faith or the depth of their social concern. But their political agitation is fair game for a thorough critique. And it is clear that these groups have a major blind spot when it comes to financier George Soros.  Soros, one may recall, is the Hungarian-born multibillionaire responsible for funding radical leftist causes, including the Center for Political Accountability, Common Cause, Media Matters, Planned Parenthood and ACORN and various and other sullied causes. The man, it should be noted, also amasses vast wealth by, in part, heavily investing in the energy sector.

It is the Center for Political Accountability, however, upon which I focus today. As noted previously, CPA’s Bruce Freed authored many of the shareholder resolutions introduced by faith-based activist shareholders gathered together to quiet corporate political speech as well as derail profits and place expensive speed bumps in the paths of companies in direct competition with Soros’ financial interests. Doubt it? Herewith from Ceres’ website:

Investors achieved noteworthy victories during this year’s shareholder proxy season, with a near record 110 shareholder resolutions filed with 94 U.S. companies on hydraulic fracturing, flaring, fossil fuel reserve risks and other climate – and sustainability – related risks and opportunities….

Filers of the resolutions include some of the nation’s largest public pension funds, such as the California State Teachers Retirement System (CalSTRS) and the New York State and New York City Comptrollers’ Offices; socially responsible investors such as Green Century Capital Management and Trillium Asset Management; and religious, labor and other institutional investors, who collectively manage more than $500 billion in assets.

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