Strong Votes on Hydraulic Fracturing Send Clear Message to Natural Gas Drillers

Strong Votes on Hydraulic Fracturing Send Clear Message to Natural Gas Drillers

Investors seeking more disclosure of corporate steps to reduce hazards

Boston, MA | June 23, 2010

Boston, MA — As BP* shareholders face the suspension of their dividends as a result of the Gulf of Mexico oil spill, investors at other oil and gas companies are working to prevent the next drilling disaster.  New shareholder proposals - challenging companies to improve disclosure of the risks associated with hydraulic fracturing used in natural gas drilling operations - have received remarkable levels of support according to their proponents.

At all companies where the shareholder resolutions went to a vote, the proposals received 7 to 14 times the percentage of votes required by the Securities and Exchange Commission to refile the proposals next year.  The highest vote was at Williams Companies Inc.* where 42 percent** of the shares voted supported the proposal.

“This impressive result is one of the highest on record for a first-year environmental proposal and sends a very clear message to all companies dependent on hydraulic fracturing that investors are concerned about the risks associated with the process and demand increased disclosure,” said Michael Passoff, Senior Program Director of the Corporate Responsibility Program at As You Sow.

Contact:
Larisa Ruoff, Green Century Capital Management, 617-482-0800
Michael Passoff, As You Sow, 415-391-3212 x 32
Richard Liroff, Investor Environmental Health Network, 703-532-2929