Shareholder activism on environmental issues: A study of proposals at large US corporations (2000–2003)

Socially Responsible Investing (SRI) has carved out a niche in the financial world, and each year a large number of shareholder proposals are filed at public companies in the US related to issues of corporate social responsibility (CSR). While the primary interests of CSR activists remain distinct from those of traditional corporate governance (CG) activists, the two groups do share an interest in minimizing the risk of negative environmental or social impacts from the operations of the corporation. They also share the objective of achieving transparency and accountability in corporate decision‐making. In relation to this latter objective, they both face similar challenges concerning conflicts of interest among key institutional shareholders. This article examines the record of shareholder proposal filing and voting from 2000–2003 for 81 large US public corporations to determine the relative prominence of CSR shareholder activism and the prospects for effective CSR shareholder activism on key environmental issues. The analysis of these data finds that nearly half (45%) of all shareholder resolutions are related to CSR, and that those resolutions which combine issues of CSR with traditional CG activism appeal to slightly more shareholders than issues of CSR alone. The article also examines shareholder activism at the micro level with a case study of the voting record at ExxonMobil. The article finds that CSR‐related shareholder activism represents the majority of shareholder activism within that firm and that resolutions targeted at climate change are particularly well supported. These resolutions draw a connection between environmental risk and risk to shareholder value. While numerous challenges remain for both CG and CSR activists, the article concludes that reforms that strengthen shareholder rights and corporate governance more generally will also benefit CSR activists and the environmental policies they promote in particular. The article ends with some proposed solutions for addressing the perceived conflicts of interest in corporate governance and the shareholder voting process.     

Predictors of willingness to relocate for managerial and professional employees

This study explored possible determinants, both inside and outside the job sphere, of willingness to relocate. Data were collected from a large sample of managerial and professional employees in one organization. Unlike previous research, this study investigated willingness to relocate for three different purposes: (1) for a better job or career development; (2) to help the organization; or (3) to remain employed. However, only two factors of willingness to relocate emerged: willingness to relocate for career enhancement or company needs, and willingness to relocate to remain employed. Results showed that the strongest predictors of willingness to relocate to remain employed were job sphere variables such as satisfaction with career development opportunities and propensity to remain, while family and community variables were much more important in predicting willingness to relocate for career enhancement or company needs. The implications of these results for both the organization and individuals are discussed.     

Linking chemical extraction to microbial degradation of 14C-hexadecane in soil

Chemical extractions have been shown to measure the biodegradable fraction of aromatic contaminants in soil; however, there is little research on the chemical prediction of aliphatic hydrocarbon degradation. The aim of this study was to investigate the potential for cyclodextrin extractions to predict hexadecane biodegradation in soil. Soils were amended with 10 or 100 mg kg⁻¹ of a model alkane n-hexadecane and 100 Bq g⁻¹¹⁴C-n-hexadecane. Correlations between the extents of mineralisation and extractions of the ¹⁴C-contaminant were determined. Solvent shake extractions and aqueous CaCl₂ extractions were poor predictors of hexadecane bioaccessibility. However, the novel HP-α-CD shake extraction showed close correlation (r² = 0.90, n = 36, p < 0.05) to the mineralisation data. This novel extraction technique has the potential to be used to assess the biodegradable aliphatic hydrocarbon fraction in contaminated soils.     

Influence of hydroxypropyl-β-cyclodextrin on the biodegradation of C-phenanthrene and C-hexadecane in soil

Soil was spiked with [9-¹⁴C]phenanthrene and [1-¹⁴C]hexadecane at 50 mg kg⁻¹ and aged for 1, 25, 50, 100 and 250 d. At each time point, the microcosms were amended with aqueous solutions of cyclodextrin (HP-β-CD) at a range of concentrations (0-40 mM). Mineralisation assays and aqueous HP-β-CD extractions were performed to assess the effect of the amendments on microbial degradation. The results showed that amendments had no significant impact on the microbial degradation of either of the ¹⁴C-contaminants. Further, HP-β-CD extractions were correlated with the mineralisation of the target chemicals in each of the soil conditions. It was found that the HP-β-CD extraction was able to predict mineralisation in soils which had not been amended with cyclodextrin; however, in the soils containing the HP-β-CD, there was no predictive relationship. Under the conditions of this study, the introduction of HP-β-CD into soils did not enhance the biodegradation of the organic contaminants.     

Ambient Air Arsenic Levels Along the Texas-Mexico Border

The Texas-Mexico border region Is one of the most rapidly developing areas in the state. Unprecedented economic and demographic growth Is placing stress on a system already overburdened with air, water, waste, and public health problems. This paper reports the results of an initial survey of the past and present ambient air levels of arsenic along the Texas side of the border. Ambient air arsenic levels have increased over time, exhibit seasonal variations, and are higher In specific areas when compared to the rest of the state. Five of the 20 areas in Texas having the highest 24-hour levels of arsenic are found along the border. In areas where emissions have been significantly reduced at the source, arsenic levels remained high In the environment for over two years. This provides a potential continuum for human exposure. The results of this study emphasize the need for bi-national development and implementation of air quality control programs along the Texas-Mexico border.     

Diurnal variation in chlorophyll fluorescence of Thalassia testudinum seedlings in response to controlled salinity and light conditions

Diurnal variability in chlorophyll fluorescence caused by dynamic irradiance conditions is an important issue when using pulse amplitude modulation fluorometry to measure physiological conditions of plants at the landscape scale. We examined the use of slopes and y-intercepts of diurnal effective photochemical efficiency of photosystem II (PSII) (ΔF/F _m′) versus photosynthetically active radiation (PAR) regressions in addition to direct measurements of maximum photochemical efficiencies of PSII (F _v/F _m) values to assess physiological status of Thalassia testudinum seedlings in a controlled mesocosm study. Seedlings were exposed to two light treatments (full sun and 50–70 % light reduction) and three salinity treatments (20, 35, and 50). Measurements were taken at 0600, 0900, 1200, 1500, 1800, and 2100 hours in order to assess the diurnal variation in photochemical efficiency of PSII and PAR, with measurements at 2100 providing F _v/F _m. Results indicated significant effects of light and salinity on regression y-intercepts and measured F _v/F _m values. Shaded seedlings had higher values for both parameters, suggesting low-light acclimation. The highest salinity treatment resulted in significant reductions for both parameters, suggesting stress. Stress was also indicated by significant reductions in both seedling leaf growth and mean differences between seedling leaves and media osmolalities in the hypersaline treatments (152.0 ± 26.4 vs. 630 ± 40.2 mmol kg^?1 for the control treatments). Slopes of ΔF/F _m′ versus PAR significantly differed with varying light treatments, with full sun seedlings exhibiting shallower slopes than shaded seedlings, indicating higher efficiency of dissipation of excess energy (photoprotection). These experimental results confirm field data suggesting that diurnal ΔF/F _m′ versus PAR regressions are responsive to changes in the physiological status of T. testudinum and that the y-intercepts of diurnal regressions may be used as a proxy for F _v/F _m.     

From Management to Negotiation: Technical and Institutional Innovations for Integrated Water Resource Management in the Upper Comoé River Basin, Burkina Faso

This study focuses on the potential role of technical and institutional innovations for improving water management in a multi-user context in Burkina Faso. We focus on a system centered on three reservoirs that capture the waters of the Upper Comoé River Basin and servicing a diversity of users, including a sugar manufacturing company, a urban water supply utility, a farmer cooperative, and other downstream users. Due to variable and declining rainfall and expanding users’ needs, drastic fluctuations in water supply and demand occur during each dry season. A decision support tool was developed through participatory research to enable users to assess the impact of alternative release and diversion schedules on deficits faced by each user. The tool is meant to be applied in the context of consultative planning by a local user committee that has been created by a new national integrated water management policy. We contend that both solid science and good governance are instrumental in realizing efficient and equitable water management and adaptation to climate variability and change. But, while modeling tools and negotiation platforms may assist users in managing climate risk, they also introduce additional uncertainties into the deliberative process. It is therefore imperative to understand how these technological and institutional innovations frame water use issues and decisions to ensure that such framing is consistent with the goals of integrated water resource management.