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.     

A solid-phase microextraction chamber method for analysis of manure volatiles

Odors from livestock operations are a complex mixture of volatile carbon, sulfur, and nitrogen compounds. Currently, detailed volatiles analysis is both time consuming and requires specialized equipment and methods. This work describes a new method that utilizes a dynamic flux chamber, solid-phase microextraction (SPME), and gas chromatography-mass spectroscopy (GC-MS) to describe and compare the odorous compounds emitted from cattle and swine feces. Evaluation of method parameters produced a protocol for comparing relative emissions based on fixed sample temperature (20 degrees C) and exposed surface area (approximately 523 cm(2)), air flow rates (1 L min(-1) or 16 cm s(-1)), SPME exposure time (5 min), and chamber cleaning procedures (70% ethanol rinse and drying for 30 min at 105 degrees C) to minimize cross-contamination between samples. A variety of volatile organic compounds (VOCs) including alcohols, volatile fatty acids, aromatic ring compounds, ketones, esters, and sulfides were routinely detected and the relative emissions from fresh and incubated (37 degrees C overnight) swine and cattle feces were compared as a measure of potential to produce odorants during manure storage. Differences in the types and relative quantities of volatiles emitted were detected when animal species (cattle or swine), diet, fecal incubation, or sample storage conditions (20, 4, or -20 degrees C) were varied.     

Wildfire effects on soil nutrients and leaching in a tahoe basin watershed

A wildfire burned through a previously sampled research site, allowing pre- and post-burn measurements of the forest floor, soils, and soil leaching near Lake Tahoe, Nevada. Fire and post-fire erosion caused large and statistically significant (P < or = 0.05) losses of C, N, P, S, Ca, and Mg from the forest floor. There were no statistically significant effects on mineral soils aside from a decrease in total N in the surface (A11) horizon, an increase in pH in the A11 horizon, and increases in water-extractable SO4(2-) in the A11 and A12 horizons. Burning caused consistent but nonsignificant increases in exchangeable Ca2+ in most horizons, but no consistent or statistically significant effects on exchangeable K+ or Mg2+, or on Bray-, bicarbonate-, or water-extractable P concentrations. Before the burn, there were no significant differences in leaching, but during the first winter after the fire, soil solution concentrations of NH4+, NO3-, ortho-P, and (especially) SO4(2-) were elevated in the burned area, and resin lysimeters showed significant increases in the leaching of NH4+ and mineral N. The leaching losses of mineral N were much smaller than the losses from the forest floor and A11 horizons, however. We conclude that the major short-term effects of wildfire were on leaching whereas the major long-term effect was the loss of N from the forest floor and soil during the fire.     

Effects of Heating Season on Residential Indoor and Outdoor Polycyclic Aromatic Hydrocarbons, Black Carbon, and Particulate Matter in an Urban Birth Cohort

Exposure to air pollutants has been associated with adverse health effects. However, analyses of the effects of season and ambient parameters such as ozone have not been fully conducted. Residential indoor and outdoor air levels of polycyclic aromatic hydrocarbons (PAH), black carbon (measured as absorption coefficient [Abs]), and fine particulate matter <2.5 μm (PM)(2.5) were measured over two-weeks in a cohort of 5-6 year old children (n=334) living in New York City's Northern Manhattan and the Bronx between October 2005 and April 2010. The objectives were to: 1) characterize seasonal changes in indoor and outdoor levels and indoor/outdoor (I/O) ratios of PAH (gas + particulate phase; dichotomized into Σ(8)PAH(semivolatile) (MW 178-206), and Σ(8)PAH(nonvolatile) (MW 228-278)), Abs, and PM(2.5); and 2) assess the relationship between PAH and ozone. Results showed that heating compared to nonheating season was associated with greater Σ(8)PAH(nonvolatile) (p<0.001) and Abs (p<0.05), and lower levels of Σ(8)PAH(semivolatile) (p<0.001). In addition, the heating season was associated with lower I/O ratios of Σ(8)PAH(nonvolatile) and higher I/O ratios of Σ(8)PAH(semivolatile) (p<0.001) compared to the nonheating season. In outdoor air, Σ(8)PAH(nonvolatile) was correlated negatively with community-wide ozone concentration (p<0.001). Seasonal changes in emission sources, air exchanges, meteorological conditions and photochemical/chemical degradation reactions are discussed in relationship to the observed seasonal trends.     

Improving ozone modeling in complex terrain at a fine grid resolution: Part I – examination of analysis nudging and all PBL schemes associated with LSMs in meteorological model

Meteorological variables such as temperature, wind speed, wind directions, and Planetary Boundary Layer (PBL) heights have critical implications for air quality simulations. Sensitivity simulations with five different PBL schemes associated with three different Land Surface Models (LSMs) were conducted to examine the impact of meteorological variables on the predicted ozone concentrations using the Community Multiscale Air Quality (CMAQ) version 4.5 with local perspective. Additionally, the nudging analysis for winds was adopted with three different coefficients to improve the wind fields in the complex terrain at 4-km grid resolution. The simulations focus on complex terrain having valley and mountain areas at 4-km grid resolution. The ETA M–Y (Mellor–Yamada) and G–S (Gayno–Seaman) PBL schemes are identified as favorite options and promote O₃ formation causing the higher temperature, slower winds, and lower mixing height among sensitivity simulations in the area of study. It is found that PX (Pleim–Xiu) simulation does not always give optimal meteorological model performance. We also note that the PBL scheme plays a more important role in predicting daily maximum 8-h O₃ than land surface models. The results of nudging analysis for winds with three different increased coefficients' values (2.5, 4.5, and 6.0 × 10^?4 s^?1) over seven sensitivity simulations show that the meteorological model performance was enhanced due to improved wind fields, indicating the FDDA nudging analysis can improve model performance considerably at 4-km grid resolution. Specifically, the sensitivity simulations with the coefficient value (6.0 × 10^?4) yielded more substantial improvements than with the other values (2.5 and 4.5 × 10^?4). Hence, choosing the nudging coefficient of 6.0 × 10^?4 s^?1 for winds in MM5 may be the best choice to improve wind fields as an input, as well as, better model performance of CMAQ in the complex terrain area. As a result, a finer grid resolution is necessary to evaluate and access of CMAQ results for giving a detailed representation of meteorological and chemical processes in the regulatory modeling. A recommendation of optimal scheme options for simulating meteorological variables in the complex terrain area is made.     

Identifying landslide activity as a function of economic development: a case study of increased landslide frequency surrounding Dominical, Costa Rica

Despite legislation and voluntary initiatives aimed at protecting the environment, previously undeveloped areas of Costa Rica are subject to new development opportunities. This growth has been largely unchecked, and has led to enormous amounts of foreign direct investment. This unchecked investment has led to destabilization of the natural environment, and, in the case of the Dominical?CUvita corridor on the Pacific Coast, has led to an observed increase in landsliding activity. Data collection for a landslide inventory of the study area was created via direct inspection and remote sensing techniques in December 2007 and November 2008. Evaluation of data was based on the slide location, surrounding land cover/land use, and evidence of reactivation. Data were subjected to a ??² 2 × 3 contingency table and the Freeman?CHalton extension of the Fisher exact probability test to gauge the level of impact from human-induced land-use change on the rate of landslide events. The results suggest more attention needed to monitor the impacts of human agency in the region lest landslide susceptibility become greater.     

Spatial and temporal drivers of zoonotic pathogen contamination of an agricultural watershed

In regions where animal agriculture is prominent, such as southern Alberta, higher rates of gastrointestinal illness have been reported when compared with nonagricultural regions. This difference in the rate of illness is thought to be a result of increased zoonotic pathogen exposure through environmental sources such as water. In this study, temporal and spatial factors associated with bacterial pathogen contamination of the Oldman River, which transverses this region, were analyzed using classification and regression tree analysis. Significantly higher levels of fecal indicators; more frequent isolations of Campylobacter spp., Escherichia coli O157:H7, and Salmonella enterica spp.; and higher rates of detection of pig-specific Bacteroides markers occurred at downstream sites than at upstream sites, suggesting additive stream inputs. Fecal indicator densities were also significantly higher when any one of these three bacterial pathogens was present and where there were higher total animal manure units; however, occasionally pathogens were present when fecal indicator levels were low or undetectable. Overall, Salmonella spp., Campylobacter spp., and E. coli O157:H7 presence was associated with season, animal manure units, and total rainfall on the day of sampling and 3 d in advance of sampling. Several of the environmental variables analyzed in this study appear to influence pathogen prevalence and therefore may be useful in predicting water quality and safety and in the improvement of watershed management practices in this and other agricultural regions.     

Contamination and bioaccumulation of benzotriazole ultraviolet stabilizers in fish from Manila Bay, the Philippines using an ultra-fast liquid chromatography-tandem mass spectrometry

Methyl methacrylate (MMA) is grafted on multiwalled carbon nanotubes (MWCNTs) by using N₂ plasma technique. The MMA grafted MWCNTs (MWCNT-g-pMMA) are characterized by using Raman spectroscopy, powder X-ray diffraction, X-ray photoelectron spectroscopy, thermo gravimetric analysis-differential thermal analysis (TGA-DTA), and potentiometric acid-base titration method. The application of MWCNT-g-pMMA in the removal of 4,4′-dichlorinated biphenyl (4,4′-DCB) from large volumes of aqueous solutions is investigated under ambient conditions. The results indicate that the adsorption of 4,4′-DCB on MWCNT-g-pMMA is much higher than that of 4,4′-DCB on MWCNTs, and the adsorbed 4,4′-DCB is difficult to be thermally decomposed from MWCNT-g-pMMA according to the TGA-DTA analysis. MWCNT-g-pMMA are suitable materials in the preconcentration and immobilization of polychlorinated biphenyls (PCBs) from large volumes of aqueous solutions in environmental pollution cleanup.     

Evaluation of alternative PCB clean-up strategies using an individual-based population model of mink

Population models can be used to place observed toxic effects into an assessment of the impacts on population-level endpoints, which are generally considered to provide greater ecological insight and relevance. We used an individual-based model of mink to evaluate the population-level effects of exposure to polychlorinated biphenyls (PCBs) and the impact that different remediation strategies had on mink population endpoints (population size and extinction risk). Our simulations indicated that the initial population size had a strong impact on mink population dynamics. In addition, mink populations were extremely responsive to clean-up scenarios that were initiated soon after the contamination event. In fact, the rate of PCB clean-up did not have as strong a positive effect on mink as did the initiation of clean-up (start time). We show that population-level approaches can be used to understand adverse effects of contamination and to also explore the potential benefits of various remediation strategies.     

A Study of Catalyst Support Systems for Fume-Abatement of Hydrocarbon Solvents

In a stainless steel pilot plant system, operating with combined thermal incineration and catalytic oxidation, studies have been made of the influence of catalyst-support geometry on abatement efficiency. Catalyst supports tested were ceramic spherical pellets, metal foils, and ceramic honeycomb structures, all with precious metal catalyst. Data obtained cover a range of space velocities from 30,000 to 175,000 scf/hr— cu ft bed and a range of catalytic reactor temperatures from 150 to 450°C. Results show that optimum fume-abatement performance is obtained by combining incineration and catalytic oxidation and that catalyst support geometry has a significant effect on performance.