The last month saw climate proposals at some of the biggest emitters excluded as the US Securities and Exchange Commission (SEC) begins to give its verdict on companies’ ‘no action’ requests.
Filers will now be watching closely to divine which way the regulator will go on pending proposals in an environment at the SEC perceived by many as less hospitable to investor engagement.
Shareholder legal bid fails but it was “close”
A novel legal attempt to bypass the SEC’s ‘no action’ process has ended in defeat. Late last month, the US District Court in Montana ruled against shareholder and lawyer, Tom Tosdal, who was attempting to force NorthWestern Energy to put his coal phase out proposal to the vote at the South Dakota based energy firm’s annual meeting in April. Chief Judge Dana Christensen described the case as “close” but ultimately ruled that the company had made the “stronger case” and denied “Tosdal's prayer for injunctive relief”.