PetroCan shareholders reduce climate change liabilities
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News Release
Attention: Business / Financial / Investing editors
SHAREHOLDERS INCREASINGLY CONCERNED ABOUT CLIMATE CHANGE RISK
VANCOUVER, April 29, 2004-Real Assets Investment Management Inc. calls on Petro-Canada (TSX: PCA) to address risks from climate change.
At Petro-Canada's Annual General Meeting in Calgary on April 27TH, 20.65% of shareholders voted in favour of a shareholder resolution asking the oil and gas company to provide an audited report describing company actions to reduce liabilities associated with climate change.
"Shareholders are constantly being told that fossil fuel companies like Petro-Canada can handle the financial risks of climate change," says Deb Abbey, Real Assets CEO. "In order for shareholders to evaluate company strategies, climate risk reduction activities should be subject to an independent audit process. Good corporate governance and due diligence require that we obtain this assurance."
Re-insurance companies, governments and scientists believe that climate change will have significant environmental impacts and economic consequences. As this becomes more apparent, shareholder awareness and concern continues to grow.
"This year's vote nearly tripled that of a similar resolution filed last year," says Ms. Abbey. "Until fossil fuel companies provide audited verification of their climate strategies, we will continue to press for full disclosure."
Real Assets Investment Management was lead filer of the shareholder resolution.
About Real Assets
Real Assets Investment Management Inc. is the manager of the Real Assets Social Leaders Fund and the Real Assets Social Impact Balanced Fund. Real Assets is a leader when it comes to proactive shareholder action strategies that push companies to adopt higher standards of corporate social, environmental and ethical performance. Real Assets is a VanCity subsidiary and a Working Enterprises company.
Contact:
Indi Shoker, Senior Vice President Corporate Communications
604-646-5866 or 1-866-646-5850 or indishoker@realassets.ca website: www.realassets.ca
