DiNapoli withdraws shareholder proposals at 3 energy companies

Meaghan Kilroy

Pensions & Investments

Apr 2, 2018

New York state Comptroller Thomas P. DiNapoli announced Monday that he has withdrawn shareholder proposals at DTE Energy Co., Dominion Energy Inc. and Southwestern Energy because the companies have agreed to report on how they will be impacted by the Paris Agreement's goal of limiting the average global temperature increase to 2 degrees Celsius.

"Mitigating climate risk through clean technologies and adjusting to the worldwide effort to limit global warming are vital to these companies' future," said Mr. DiNapoli, sole trustee of the $209.1 billion New York State Common Retirement Fund, Albany, in a news release Monday. "Corporations need to recognize that a transition to a lower carbon economy is already underway and their future success demands adjusting to this new reality. We will continue to monitor and engage with these companies as they report on their efforts to reduce carbon emissions."

The proposals asked the companies to evaluate and disclose how they will be impacted by the Paris Agreement's goal and report and how they can align their businesses with the transition to a low-carbon economy. Last year, similar proposals at Dominion Energy and DTE Energy were supported by 47.8% and 45% of shareholder support, respectively.

In recent months, Mr. DiNapoli has reached similar agreements with Exxon Mobil Corp., PPL Corp., and Duke Energy Corp.

A spokesman for Dominion Energy said the company plans to publish a climate report by late fall. A spokeswoman for DTE Energy said the company released a sustainability report in early March.

A spokeswoman for Southwestern Energy declined to comment.