As You Sow and a coalition of concerned investors contacted 20 companies and filed 12 resolutions, of which 6 went to a vote. Our coalition received excellent votes for these first year resolutions ranging from 21-42%.
ExxonMobil and Ultra Petroleum
As You Sow's shareholder resolutions at Exxon and Ultra Petroleum received 26% and 21% support, respectively. As first-year resolutions on environemental issues typically recieve between 5-7% support, As You Sow's first fracking resolutions recieved unprecedented shareholder support. In response, Exxon publicly announced it supports full disclosure of chemicals used in fracking fluids. That announcement is significant as it supports both calls for disclosure from politicians and the media, and it paves the way for other companies to publicly support them as well. The company has continued, however, to actively lobby against regulations calling for full disclosure.
We withdrew our resolution at Range Resources under an agreement that the company post chemical disclosure, and fracking safety and risk information on their website and in their 10-K. While the company did so, the information they provided was less than we expected and less than what other companies provided in exchange for withdrawal agreements.
The fracking resolutions recieved strong media coverage, including articles in national major press such as the Wall Street Journal, Business Week, AP, and Reuters; regional media for the company headquarters in Houston and Ft. Worth; and financial management press, such as Financial Advisor's Green blog and Oil and Gas Lawyer. As You Sow Senior Strategist Michael Passoff also blogged about fracking and the ExxonMobil vote for Triple Pundit.