Investors File Record Number of Global Warming
Resolutions with U.S. Companies

14 Resolutions Already Get Results From Companies

BOSTON, MA//March 6, 2008///Leading U.S. investors today announced that they have filed a record 54 global warming shareholder resolutions with U.S. companies that face far-reaching business impacts from climate change. The resolutions are nearly double the number filed just two years ago.

Companies targeted in the 2008 proxy season include electric power companies, oil and coal producers, airlines, homebuilders and other businesses that investors believe are not adequately dealing with potential climate-related business impacts, whether from physical changes, emerging climate regulations or growing global demand for low-carbon technologies and services. Resolutions were filed with dozens of companies in eight industries, including Dynegy (NYSE:DYN) in the electric power sector, Massey Energy (NYSE:MEE) in the coal sector, ExxonMobil (NYSE:XOM) and ConocoPhillips (NYSE:COP) in oil and gas sectors, U.S. Airways (NYSE:LLC) in the airline sector and Standard Pacific (NYSE:SPF) in the building sector.

Resolutions seeking greater disclosure from companies on their responses to climate change, including greenhouse gas (GHG) reduction and renewable and energy efficiency strategies, were filed by some of the nation's largest public pension funds, as well as labor, foundation, religious and other institutional investors. Many of the investors are part of the Investor Network on Climate Risk (INCR), an alliance of 60 institutional investors with collective assets totaling more than $5 trillion.

"Scientific consensus of the potentially destructive impacts of climate change on the global economy is clearer than ever. Companies in every industry, especially energy sectors, should be acting now to assess and mitigate climate change risks," said Jack Ehnes, chief executive officer at the California State Teachers' Retirement System (CalSTRS), the nation's second largest pubic pension fund. CalSTRS filed climate-related resolutions for the first time this year.

"Many U.S. companies are confronting the risks and opportunities from climate change, but others are not responding adequately - and they may be compromising their long-term competitiveness as a result," said Mindy S. Lubber, president of Ceres, which helps coordinate the shareholder filings and directs INCR. "Investors want all companies to understand the business impacts of climate change - and plan for it accordingly."

"Finding solutions to the climate challenges ahead is an economic imperative for every company in every sector of the economy, whether it's making cars and power plants that use less fossil fuel or designing buildings and appliances that are more energy efficient," said Leslie Lowe, director of the Energy and Environment Program at the Interfaith Center on Corporate Responsibility, which also helps coordinate the filings. "It also means that companies must minimize environmental impacts - like deforestation - that lessen our ability to cope with global warming."

Resolutions are already getting action from companies. Fourteen of the 54 resolutions were withdrawn by investors after the companies agreed to disclose potential impacts from emerging climate regulations and strategies for reducing greenhouse gas emissions.

Four of the withdrawals involved electric power companies - Allegheny Energy (NYSE:AYE), Alliant Energy (NYSE:LNT), Dominion Resources (NYSE:D) and Southern (NYSE:SO) - which were all asked to report on their strategies to significantly boost energy efficiency as a way to reduce greenhouse gas emissions. Each of the four utilities generates much of their electricity from coal-fired power plants that will be especially vulnerable to carbon-reducing regulations due to their high CO2 emissions. Alliant and Dominion have also proposed to build new coal-fired plants.

Resolutions have also been withdrawn from Continental (NYSE:CAL), El Paso (NYSE:EP), Harley Davidson (NYSE:HOG), KB Home (NYSE:LM), Lowes (NYSE:LTR), Ryder (NYSE:R), Big Lots (NYSE:BIG), Parkway Properties (NYSE:PKY) and Kirby Corp (NYSE:KEX).

Among the dozens of companies with resolutions that are still pending and could go to a vote at upcoming corporate annual meetings:

ConocoPhillips: The first of two resolutions filed with ConocoPhillips focuses on the company's recently announced plans to become the largest producer of oil from Canada's tar sands. Citing the adverse environmental impacts of tar sands on water use, biodiversity and greenhouse gas emissions, Trillium Asset Management has asked the company to assess and disclose the environmental damage that would result from its expanding tar sands operation in Canada's boreal forest. A second resolution filed by the Presbyterian Church (USA) requests that the business adopt specific greenhouse gas reduction goals in its operations and products. (Trillium Contact: Shelley Alpern, 617-423-6655 and Presbyterian Church Contact: Bill Somplatsky-Jarman, 502-569-5809)

Exxon Mobil: Unlike other major oil firms, which are making tangible investments in low-carbon technologies, Exxon Mobil has been unresponsive to investor requests for a decade regarding strategies to meet growing global demand for diversified energy sources. The three resolutions request that the board develop comprehensive GHG reduction targets, adopt a policy for renewable energy R&D and sourcing, and report on how it will become an industry leader in developing technologies to create energy independence in the U.S. The resolutions were filed by the Tri-State Coalition for Responsible Investment, the Midwest Capuchin Order and Steve Viederman. (Tri-State Coalition Contact: Sister Pat Daly, 973-670-9674)

Massey Energy: Given that coal combustion accounts for more than a third of all GHG emissions in the U.S. and given the growing regulatory momentum to reduce emissions from power plants, the New York City Pension Funds have filed a resolution with the VA-based coal company requesting a report on how the company is responding to growing regulatory and competitive pressure to significantly reduce GHG emissions. Massey is the nation's 4th largest coal producer. (NYC Comptroller Contact: Kristen McMahon, 212-669-2589)

Standard Pacific: Unlike other builders such as KB Homes and DR Horton, Standard Pacific has been unresponsive to shareholder requests that it disclose its strategies and performance on energy efficiency and other climate-related issues. The resolution filed by the Nathan Cummings Foundation requests that the CA-based company, one of the nation's largest homebuilders, adopt specific goals to reduce greenhouse gas emissions in its operations and products. Homes and other residential buildings account for more than 20 percent of the nation's CO2 emissions, virtually all from electricity use and heating needs. A recent McKinsey Global Institute report concluded that the residential sector represents "the single-largest opportunity" to boost energy efficiency. (Nathan Cummings Contact: Laura Shaffer, 212-787-7300)

U.S. Airways: Despite growing momentum to regulate greenhouse emissions from airlines, especially in Europe, US Airways has been unresponsive to investor requests to improve assessment and disclosure on sustainability challenges such as climate change. While American Airlines, British Airways and Air-France-KLM have produced such reports, US Airways has not. The resolution from the Calvert Group requests that the company prepare a report on its strategies for reducing greenhouse gas emissions. (Calvert Contact: Stu Dalheim, 301-961-4762.)

One or more resolutions are still pending with each of the following US companies:

Airline sector Southwest (NYSE:LUV), US Airways (NYSE:LLC)
Auto sector Ford Motor (NYSE:F), General Motors (NYSE:GM)
Banking sector *Bank of America (NYSE:BAC), Citigroup (NYSE:C), Legg Mason (NYSE:LM)
Building sector Centex (NYSE:CTX), Pulte Homes (NYSE:PHM), Ryland (NYSE:RYL), Standard Pacific (NYSE:SPF)
Coal sector *Arch (NYSE:ACI), CONSOL Energy (NYSE:CNX), Foundation Coal (NYSE:FCL), Massey Energy (NYSE:MEE)
Electric power sector FirstEnergy (NYSE:FE), Southern Company (NYSE:SO), Dynegy (NYSE:DYN)
Forestry sector International Paper (NYSE:IP), MeadWestvaco (NYSE:MWV), RR Donnelly (NYSE:RRD)
Manufacturing sector Dover (NYSE:DOV)
Oil and gas sector Chevron (NYSE:CVX), ConocoPhillips (NYSE:COP), ExxonMobil (NYSE:XOM), **OGE Energy (NYSE:OGE), **Oneok (NYSE:OKS), Williams (NYSE:WMB), Ultra Petroleum (NYSE:UPL)
Retail sector Best Buy (NYSE:BBY), Kroger (NYSE:KR), Rite Aid (NYSE:RAD)

* Resolution disallowed by SEC at company request.
** One of two resolutions filed with the company was disallowed by SEC at the company's request. A second resolution is still pending with each company.

This year's filings come on the heels of a record high number of resolutions and record high voting support for global warming resolutions in the 2007 proxy season. Investors filed 43 resolutions with U.S. companies last year and average voting support was 21.6 percent.

About Ceres: Ceres is a leading coalition of investors, environmental groups and other public interest organizations working with companies to address sustainability challenges such as climate change. Ceres also directs the Investor Network on Climate Risk, which includes 60 institutional investors with collective assets totaling more than $5 trillion. For more information, visit http://www.ceres.org or http://www.incr.com

About ICCR: For 35 years, the Interfaith Center on Corporate Responsibility has been a leader of the corporate social responsibility movement. ICCR's membership is an association of 275 faith-based institutional investors, including national denominations, religious communities, pension funds, asset management companies, colleges and unions. Each year ICCR-member religious institutional investors sponsor over 200 shareholder resolutions on major social and environmental issues.

Contact: Leslie Lowe, ICCR, 212-870-2623 or 212-729-4202 cell
Peyton Fleming, Ceres, 617-247-0700 x20 or 617-733-6660 cell

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