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NEWS RELEASE
20 Apr 2002
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GREEN SHAREHOLDERS WIN REFORMS AT WEYERHAEUSER

Investors approve resolution requiring board accountability through annual elections.

For More Information:

Bart Naylor  [GREEN CAP] bartnaylor@aol.com  703.786-7286
John Osborn  [
RR&CC  /  Sierra Club] josbornmd@yahoo.com 509.939-1290
Sam Mace
millicoma64@hotmail.com 360-608-4814
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FEDERAL WAY, WASHINGTON   Today investors handed two major victories to conservationists working to improve management accountability.  A shareholder resolution requiring annual elections for each director won with 56 percent of shares voted.  The second resolution, commonly referred to as "shareholder rights" won with 57 percent of the vote.

"We ask for greater accountability of Weyerhaeuser directors because of a legacy of devastated forests and communities," said Samantha "Sam" Mace, a leading conservationist in the Pacific Northwest.  Mace stood this morning before the Weyerhaeuser directors at the company's annual shareholder meeting, and described the long-term harm Weyerhaeuser has wrought on the Coos Bay region of southwest Oregon.

"Weyerhaeuser logged its lands in the Coos Bay area in the 1960s and '70s like there was no limit to the supply of trees," Mace told Weyerhaeuser directors and shareholders.  "The company clearcut steep slopes triggering mudslides and clogging streams with silt.  It sprayed massive amounts of herbicides on these clearcuts that polluted people's drinking water.  To add insult to injury, Weyerhaeuser exported many of its raw logs overseas rather than feed the mills in Coos Bay and keep my neighbors working.  Those family-wage jobs all went to the Far East. These unsustainable logging practices brought Coos Bay to its knees in the early '80s."

The resolution on director elections would change Weyerhaeuser's present election process, which requires directors be elected only once every three years.  The other winning resolution, "shareholder rights," would remove a corporate doomsday device that would destroy the company if an investor exceeds a threshold of ownership.  Both resolutions are nonbinding on the Board of Directors.  Directors ignore shareholder votes at their own peril.

"These victories show that environmentalists and Wall Street have common interests in improving management of our important natural resource companies," said Bart Naylor, director of GREEN CAP.

On Thursday, the same resolutions are up for vote at Boise Cascade Corporation.  Boise's entrenched opposition to roadless area protection in federal forests has raised the ire of green investors.

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PROXY INFORMATION
 

WEYERHAEUSER

Weyerhaeuser Proxy Statement to Shareholders

Shareholder Resolution / Supporting Statement p. 21-22

RESOLVED: That Weyerhaeuser stockholders urge the Board of Directors take the necessary steps, in compliance with state law, to declassify the Board for the purpose of director elections. The board declassification shall be completed in a manner that does not affect the unexpired terms of directors previously elected."

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ADDITIONAL RESOURCES AND INFORMATION:

Change Corporate America for 33 Cents:  A self-help guide to Shareholder Activism

(Appendix 3 contains cross-links)

Railroads & Clearcuts Campaign

A Photographic Essay:  Legacy of Congress's 1864 Northern Pacific Railroad Land Grant