2002 Company Dialogue
11.7.02
Portfolio 21 Investments files a shareholder resolution with IBM calling for a report based on the GRI guidelines
IBM is a leader in addressing environmental issues within the computer industry. We believe that IBM's leadership adds shareholder value. Additionally, we believe that sustainability reporting will provide non-financial information that can contribute to long-term shareholder value. Following this, Portfolio 21 Investments co-filed a shareholder resolution with a coalition of socially responsible investors calling on IBM to produce a sustainability report based on the Global Reporting Initiative (GRI) guidelines. For more information about the GRI, please visit: http://www.globalreporting.org.
11.1.02
Argument in favor of labeling genetically modified foods - Measure 27, Oregon
A group of environmentally responsible investors, led by Portfolio 21 Investments, urged Yes on Measure 27. This Measure provides much needed transparency as it requires that genetically engineered foods offered for sale in Oregon be labeled to allow informed consumer choice. There are many documented risks connected with genetic engineering-- human health risks, environmental risks, cultural and community risks. There are also unknown risks due to the newness of the technology and the conflicting nature of the information that is available. As a result, it is essential that genetically engineered foods be labeled so that consumers can choose whether or not to purchase these modified foods. Documented risks include the following: increased chances of allergic reactions, risks to the organic industry, risks to wildlife / biodiversity and ecosystem integrity, and risks to the developing world.
10.31.02
Portfolio 21 Investments joins a shareholder coalition discussing PVC issues with Bristol-Myers Squibb
In collaboration with Ethical Funds, ICCR, Health Care Without Harm and other partners, Portfolio 21 Investments participated in a stakeholder dialogue with Bristol-Myers Squibb (BMS) regarding the phase out of PVC. We are pleased to report BMS is responding to stakeholder concerns and has made a commitment to phase out PVC products as substitutes become available. Through work with several suppliers BMS reports progress on the development of PVC alternatives for blister packs (an area where BMS uses a significant amount of PVC). Ongoing concerns of the stakeholder group include encouraging BMS to take a leadership role within the PhRMA group (Pharmaceutical Research and Manufacturers of America) by calling for an industrywide phase out of PVC. Additionally, we encourage BMS, via its Mead Johnson subsidiary, to put pressure on Kendall (a supplier of PVC based products), to develop PVC free alternatives. And finally, the group encourages BMS to support labeling of medical supplies indicating whether they contain PVC or DEHP (a plasticizer that poses potentially serious risks to human health).
10.30.02
Portfolio 21 Investments writes in support of the SEC's recently proposed rules regarding proxy voting guidelines and disclosure
Portfolio 21 Investments supports the Security and Exchange Commission's recently proposed rules (File Numbers S7-36-02 and S7-38-02) regarding proxy voting guidelines and vote disclosure by mutual funds and investment advisers. The rules are a major step forward in providing greater transparency to investors whose proxy assets are held in mutual funds or entrusted to investment advisers. Portfolio 21 provides information on its voting record. Engaged proxy voting helps bring increased managerial accountability and social responsibility to many companies.
10.15.02
Portfolio 21 Investments encourages Agilent and Bristol-Myers Squibb to provide for the annual election of directors
Both Agilent and Bristol-Myers Squibb are listed by the Investor Responsibility Research Center as companies that have a classified Board structure with 3 classes of Directors. We believe that Boards are less accountable to shareholders when directors do not stand for annual election and prevents shareholders from annually registering their views on the performance of the board collectively and each director individually. A staggered Board can help insulate directors and senior executives from the consequences of poor performance by denying shareholders the opportunity to challenge an entire Board which is pursuing failed policies. Additionally, we feel that the company's financial performance is linked to its corporate governance policies and procedures and the level of management accountability they impose.
9.24.02
Portfolio 21 Investments writes to Senators regarding the Homeland Security Act amendment supporting public access to information
In collaboration with other environmentally concerned investors, Portfolio 21 Investments wrote to key Senators expressing support for protecting the public's access to information while safeguarding our homeland security. Specifically, this coalition of investors supports the Jeffords-Corzine amendment to the Homeland Security Act (HR 5005). We believe that Congress must preserve and promote the ability of investors to obtain information on firms' potential chemical liabilities. Such information provides the investment community with an important tool to assess corporate social and environmental performance and provides communities with access to information they have a right to know.
7.2.02
AstroPower announces a new source for raw materials; Portfolio 21 Investments encourages preference for raw materials with the least environmental impact
AstroPower's focus on solar cells makes the company an obvious fit for Portfolio 21. Beyond this business focus, sourcing of materials and environmental impacts associated with production are significant concerns. In the past the company has been praised for its use of recycled semiconductor wafers as raw materials, but a limited supply of this material restricted growth opportunities. AstroPower recently announced a new proprietary purification process for solar-grade silicon to address the supply issue, but concerns about this new process and its energy consumption need to be addressed. Portfolio 21 Investments wrote to AstroPower to encourage the company to give preference to recycled semiconductor wafers, where available, to capture the associated environmental benefits. Additionally, we urged the company to continue to consider environmental issues in all material sourcing decisions.
6.17.02
Portfolio 21 Investments calls on Senators: Waste incineration should not be considered a renewable energy source
Representing Portfolio 21 shareholders, Portfolio 21 Investments wrote to Senator Bingaman (AZ, sponsor of the Senate Energy Bill) voicing our opposition to any Energy Bill that includes incentives for burning garbage, or considers waste incineration as renewable energy. Additionally, we wrote to Senator Jeffords (VT) and thanked him for working to prevent waste incineration from being considered renewable energy in the Senate Energy Bill, and for creating the Beverage Producer Responsibility Act.
5.26.02
Feedback on the GRI sustainability reporting guidelines
In May 2002, following a call for comments and feedback, Portfolio 21 Investments wrote to the Global Reporting Initiative (GRI) Secretariat and provided the following recommendations on the sustainability reporting guidelines: 1) include a clear and meaningful definition of sustainability to provide credibility and business relevance; 2) due to voluntary nature of the guidelines, tighten the restrictions on the use of the term “GRI” or “Global Reporting Initiative” to ensure quality reports and protect the credibility of the GRI; 3) require a consistent format -- the same format for every company in much the same way that GAAP requires the same format in presentation of financial statements; and 4) include an audit or accreditation requirement. This letter was signed by a list of friends of Portfolio 21 including Spencer B. Beebe, Ecotrust, and Portfolio 21 Advisory Board Member, Susan Burns, Natural Strategies and Portfolio 21 Advisory Board Member, Leslie E. Christian, President, Portfolio 21 Investments, Paul Hawken, Natural Capital Institute, Carsten Henningsen, Chairman, Portfolio 21 Investments, Allan Savory, The Allen Savory Center for Holistic Management and Portfolio 21 Advisory Board Member, Mathis Wackernagel, Redefining Progress and Portfolio 21 Advisory Board Member.
4.29.02
Portfolio 21 Investments calls on the SEC to increase environmental and social transparency requirements
Participating in a campaign of the Social Investment Forum's Shareholder Action Network, Portfolio 21 Investments, wrote to the SEC encouraging a Commission -convened roundtable on environmental and social transparency. We hope to see an increase in the required disclosures of environmental and social factors so investors can better evaluate the performance, liabilities and risks associated with these issues.
2.28.02
UBS withdraws from the Ilisu dam project
In February of 2002 UBS announced it was withdrawing from the Ilisu dam project in Turkey due to fears about the project's social and environmental impact. Portfolio 21 Investments was involved in a letter writing campaign designed to raise awareness of the issues associated with the dam, and we are very pleased that UBS made this decision. The Ilisu dam is part of the Turkish Anatolia Project (GAP). One of the biggest issues associated with the project is that the dam could potentially be used to withhold water and to blackmail downstream countries in times of political conflict. The Berne Declaration, a Swiss NGO, reports that the Turkish government has openly announced that it is prepared to use water as a means of pressure. Clearly this project will heighten political tensions with Iraq and Syria . Other problems with the project involve the displacement of local peoples, the flooding of an historically important town and potential adverse health affects to people living in the region.