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11
July 2002, Update
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BART AND JOHN'S UPDATE ON CORPORATE REFORM
by
Bartlett Naylor, Director, Green CAP and Dr. John Osborn,
Chair (Railroads & Clearcuts Campaign)
Summer,
2002
Dear
friend of the Green Corporate Accountability
Project:
Our
efforts at corporate accountability won special attention
from investors and media this spring.
BOISE
CASCADE: At Boise Cascade, we tied the record for annual
meeting votes, winning 80% on a proposal calling for annual
director elections. We also scored a victory on a second
accountability initiative, this one aimed at removing a
layer of insulation of management known as a "poison pill."
Both efforts drew coverage in the Idaho
Statesman:
"[JUSTIN]
HAYES said the board´s stance on opposing the so-called
roadless initiative is a perfect example of how the board is
out of touch with its shareholders and consumers." Hayes is
program director for the Idaho Conservation League.
Improving accountability, we argue, is necessary to improve
corporate behavior on all fronts, including environmental
obligations.
WEYERHAEUSER:
we also won a resolution for annual director elections. The
Seattle Post-Intelligencer: "Resolutions supporter SAMANTHA
MACE said Weyerhaeuser's logging history and practices,
particularly in the Coos Bay, Ore., region, have been far
from sustainable' and the company has demonstrated
'lackluster environmental stewardship'."
Thanks
Sam and Justin for representing these initiatives so
articulately.
POTLATCH:
we scored an impressive 13% for a resolution calling on the
company to explain the relationship of its dividend
policy--they've been paying more in dividends then they earn
for several years--and the Weyerhaueser family ownership,
estimated at more than 40%. This 13%, representing $100
million worth of stock, shows that our concerns are shared
by a sizeable number of shareholders who aren't in the
family.
Why
is the Weyerhaeueser family important? This family exercises
enormous control over the destiny of Snake River salmon,
since the company is a prime beneficiary of the dams
threatening extinction to this western emblem. The Spokesman
Review published several stories:"Our effort is to find
common ground between people concerned with the environment
and Wall Street investors. Oftentimes, environmental
problems are symptomatic of an underlying problem with
corporate accountability," said Osborn, co-founder of the
Spokane-based Lands Council.
PLUM
CREEK AND GEORGIA PACIFIC: we scored respectable votes on
the CERES principles, aimed at improving dialogue between
management and the community.
Thanks
MARY KIESAU national coordinator for the Lewis & Clark
Bicentennial Campaign of the Sierra Club, for your
presentation at Plum Creek's meeting. An excerpt: "At Lolo
Pass on the Idaho-Montana border thousands of Americans will
be retracing the steps of Lewis & Clark. In Idaho is one
of the last remaining sections of the trail that is as wild
today as it was 200 years ago. Here are the nurseries for
Pacific salmon, blue ribbon trout fisheries, and bountiful
herds of elk. What Americans will see along the
Idaho-Montana border will shock them. Plum Square has logged
square mile clearcuts on incredibly steep mountain
slopes."
Thanks
MELINDA RIDER for your expert presentation at Georgia
Pacific in Augusta, Ga..
Thanks
also to an important funder who made a well appreciated
contribution that helped make our efforts
possible.
Perhaps
the most pungent summary of our efforts--an editorial from
The Idaho Falls Post Register:
"Here's
an unexpected headline: Boise Cascade Corp. pledges not to
cut down trees 200 years of age and older. Now here's the
story behind it: Conservationists . . . [have] begun
to invade the corporate boardrooms, holding management
accountable to shareholders and other clients - who believe
corporate profits and wise stewardship of natural resources
are not mutually exclusive. Conservationists used the
stockholders' meeting to spotlight Boise Cascade's hostile
lawsuit against the federal initiative to protect 58 million
acres of roadless forests. And they reminded Weyerhaeuser
shareholders of what was described as "a devastating legacy
of clear-cutting damage and chemical water pollution,"
particularly near the Oregon coast. . . . John Osborn, a
Spokane physician who organized the Lands Council to fight
"hit-and-run" foresting in northern Idaho and Washington
nearly a decade ago, originated this green invasion of
natural resource company boardrooms. . . . Osborn's tactic
is getting through - however slowly. The surest proof is
Boise Cascade's decision to spare old growth. No government
regulation forced the company to take that step. It acted in
its own best interests."
In
the coming months, we aim to continue outreach to potential
allies, and advantage the nation's newly keen interest in
corporate accountability. Have a happy summer exploring
(what's left of) America's natural majesty.
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