Treasurer Magaziner Presses Energy Companies to «Come Clean» on Lobbying, Climate Policies

PROVIDENCE, RI – Rhode Island General Treasurer Seth Magaziner is joining shareholders
across the country in demanding that energy companies disclose information about
climate change policies, risks and lobbying expenses.

«As the Ocean State, Rhode Island has a critical interest in the sustainability
of our environment. We are sending the message to companies in which we invest that
we are still in the fight to address the global climate crisis and that we expect
them to adopt responsible, sustainable practices» said Treasurer Magaziner.

This year, more than one hundred publicly-traded companies received shareholder
proposals requesting greater disclosure. Specifically, energy company investors
are seeking information about how executives are planning for risks related to climate
change or using money to influence lawmakers on climate-related measures.

State-by-state lobbying disclosure requirements are irregular or even absent. This
makes it impossible for shareholders to assess whether a company’s lobbying is
consistent
with its expressed goals and in the best interests of shareholders.

Treasurer Magaziner today will ask shareholders of Devon Energy to vote in favor
of a proposal which demands that the company disclose information on its lobbying
expenses. His office co-filed similar proposals on lobbying disclosure with Chevron,
ConocoPhilips, and ExxonMobil.

Last week, Rhode Island Treasury joined ExxonMobil shareholders in passing a
shareholder
proposal calling on the company to publish a detailed analysis of the risks that
climate change may pose for the company. The proposal passed with sixty-two percent
of shareholders voting in favor.

This victory comes on the heels of President Trump’s widely-criticized announcement
that his administration intends to withdraw from the Paris climate agreement by
2021.
In response, thousands of states, companies, investors and community leaders, including
Treasurer Magaziner, have issued a resounding response that the organizations they
represent intend to continue to honor the terms of the Paris agreement, which has
signed by an overwhelming majority of nations since its inception in 2015.