US retail giant Home Depot has reportedly signalled that it could be willing to enter into talks on its energy efficiency plans, despite the fact that investors last week voted down a shareholder resolution demanding that the firms set energy use targets.
The resolution was tabled at last Thursday's annual general meeting by Connecticut Retirement Plans and Trust Funds and called for the adoption of public energy efficiency targets, arguing that the absence of a company wide energy policy put the firm at a competitive disadvantage to rivals such as Wal-Mart.
However, despite securing support from the proxy advisory firm RiskMetrics Group and the Ceres group of ethical investors, shareholders rejected the resolution.
But despite the defeat, the Connecticut State Treasurer's Office expressed optimism that the resolution would lead to further talks with Home Depot about its energy efficiency policy.
Donald Kirshbaum, the office's investment officer for policy who made a presentation on the resolution at the AGM, told Greenbiz.com that there was now the opportunity for follow-up meetings with the company.
His comments were echoed by Rob Berridge, manager of investor programmes at Ceres, who said that the organisation was "cautiously optimistic" that a deal could be reached that would see the company step up efforts to improve its energy efficiency.
Chevron and Home Depot latest to face environment-related shareholder resolutions during record proxy season 28 May 2009
New interpretive guidance increases pressure on companies to include assessment of climate-related risks and opportunities in annual reports 28 Jan 2010
SEC ruling to make it easier for shareholders to force businesses to undertake climate risk assessments 29 Oct 2009
Petition argues climate change represents "material risk" and as such watchdog should force firms to report on climate risks 24 Nov 2009
Record proxy season sees 68 climate change-related shareholder resolutions filed, almost half of which proved successful 26 Aug 2009
E.ON and ScottishPower receive funding to help complete design and development studies 12 Mar 2010
But the Commission remains confident bloc will exceed target to generate a fifth of energy from renewables by 2020 12 Mar 2010
Industry urges legislators to move bill to the president's desk as quickly as possible 12 Mar 2010
More news
From hydropower hot spots to record-breaking Texan winds, we run down the top stories from the past week 12 Mar 2010
Few debates cast the UK's business and political community in such an unedifying light as the never-ending row over skills.... 12 Mar 2010
Christian Kjaer, chief executive of the European Wind Energy Association, argues that a supergrid is essential to EU efforts to cut carbon emissions 11 Mar 2010 More in-depth
Post your comment
Send an email to the Business Green editor at feedback@businessgreen.com
