New York State Common Retirement Fund withdraws Cabot Oil & Gas proposal
By Barry B. Burr | February 5, 2013 3:17 pm
New York State Common Retirement Fund, Albany, withdrew a shareholder proposal at Cabot Oil & Gas Corp., after the company agreed to disclose its policy and procedures for eliminating or minimizing the use of toxic substances in its hydraulic fracturing fluids, according to a statement from Thomas P. DiNapoli, state comptroller and sole trustee of the $150.1 billion pension fund.
“Cabot has taken a positive step to reduce risk to shareholders, the environment and the communities in which it operates,” Mr. DiNapoli said in the statement.
“Shareholder value is better protected when companies disclose the risks associated with the hydraulic fracturing process.”
The pension fund held 681,692 Cabot shares, valued at $35.8 million, as of Feb. 4, according to the statement.
In a statement about the agreement, the company said: “Cabot holds environmental stewardship in the highest regard and prides itself on open and transparent operations. Cabot is pleased that Comptroller DiNapoli recognizes our commitment to best practices.”