CalSTRS plans to withdraw a shareholder proposal it filed at Dynegy Inc. after the company agreed Wednesday to report on the feasibility of adopting quantitative goals for reducing carbon dioxide and other emissions, said Sherry Reser, communications director for the $166.5 billion Sacramento-based fund.
The California State Teachers Retirement System has a similar proposal still outstanding at ONEOK Inc. These were the first climate change-related proposals filed by the fund.
David Byford, director-public relations at Houston-based Dynegy, declined to comment.
ONEOK, in its preliminary proxy statement filed Wednesday with the SEC, said it recommends shareholders vote against the proposal, saying such a report would not create value for our shareholders and will only increase administrative burdens and costs.
In all, 47 U.S. companies have been targeted with a record 54 shareholder proposals related to climate change this proxy season, including the CalSTRS resolutions, according to Ceres, a coalition of investors, and environmental and other public-interest groups. In 2007, 43 proposals were filed and received a record level of voting support, averaging 21.6%, said a Ceres statement.
The 2008 proposals seek more disclosure from companies on how they are dealing with the impact of climate change and global warming, reducing greenhouse gas and developing strategies for advancing renewable energy and energy efficiency.
Aside from CalSTRS, investors withdrew 14 of the 2008 proposals filed at 13 other companies after reaching agreement on more disclosure of potential impacts from emerging climate regulations and strategies for reducing greenhouse emissions, the statement said.