Shareholder pressure on corporations builds on climate.

Investor Center: “….The Proxy Preview for 2014 came out this week, providing a forecast of all the shareholder resolutions that could go to a vote in this busy season of annual meetings. Climate change has taken center stage.
….A coalition of three groups — As You Sow, the Sustainable Investments Institute, and Proxy Impact — publishes the Proxy Preview, which lays out all the sustainability-related shareholder resolutions for the 2014 season and frames the broader context of the issues at play. This year, climate change is the hot topic.
The climate-change conversation is increasingly about stranded carbon assets.
….Last year, As You Sow’s resolution at CONSOL Energy pioneered the stranded-assets theme. That resolution garnered 22.4% support in 2013, and it’s back on the docket again this year. Investors are taking their stranded-assets concerns to other companies in 2014. A resolution with ExxonMobil asks that the company report on its “strategy to address the risk of stranded assets presented by global climate change, including analysis of long and short-term financial and operational risks to the company.”
Indeed, ExxonMobil may be living out some of that risk just this week. On Wednesday, the company reported that it would reduce capital spending by 6% this year, which is connected to broader questions around carbon-based asset valuation. Following the announcement, ExxonMobil’s shares fell 3%, their biggest decline in more than a year.
….Meanwhile, as the fate of the Keystone XL Pipeline is in President Obama’s hands, investors will vote on whether it makes sense for PepsiCo’s trucking fleet to avoid fuel from Canada’s oil sands that may flow through the pipeline if it’s approved. Investors are asking Pepsi to study how it might avoid the use of fuel for its trucking fleet that comes from refineries buying crude oil from oil sands. Refineries have to disclose if their oil comes from Canada’s oil sands, and 19 large companies have already committed to avoiding fuel from that source. Pepsi has the largest private trucking fleet in the U.S., so this vote could have significant implications.”