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Governance

Shareholders OK proposal calling on Range Resources to issue emissions management report

A narrow majority of Range Resources Corp. investors voted in favor of a shareholder proposal calling on the natural gas company to issue a report on its "policies, actions and plans related to methane emissions management."

The proposal, filed by members of the Interfaith Center on Corporate Responsibility, was supported by 50.25% of shareholders at the company's annual meeting Wednesday, said Josh Zinner, ICCR's CEO, in an email.

Large pension funds that supported the proposal included the $355.9 billion California Public Employees' Retirement System, Sacramento; $224.8 billion California State Teachers' Retirement System, West Sacramento; $204.9 billion Florida State Board of Administration, Tallahassee; $146 billion Texas Teacher Retirement System, Austin; and the C$356.1 billion ($276.2 billion) Canada Pension Plan Investment Board, Toronto.

Additionally, all five entities supported a political spending shareholder proposal, which ultimately was not approved by a majority of shareholders.

The ICCR is a coalition of 300 faith-based pension funds, universities and other asset owners as well as secular foundations, investment management firms, investment consulting firms and unions, representing more than $400 billion in combined assets.

In a March report, proxy-voting advisory firm Institutional Shareholder Services had recommended that shareholders vote in favor of both proposals.

"Range is committed to ensuring compliance and limiting emissions across its operations, and is proud to have been a pioneer in implementing a variety of best-in-class practices to manage emissions," the company said in a written statement following Wednesday's voting results. "Range appreciates the perspective brought forward by the proposal creators, and looks forward to working together with them to further articulate the company's approach to emissions management."