Great news from General Electric
Finally bowing to the pressure of economic and scientific reality.
From
Breitbart:
GE Will No Longer Design Projects to Please Climate Change Advocates
In a watershed moment and a huge victory over environmentalists, General Electric has agreed to stop projects that are designed solely for the purpose of carbon dioxide reductions to please those who lobby for climate change concessions.
The National Center for Public Policy Research, a non-partisan, free-market, independent conservative think-tank which has been fighting GE for years because of GE�s liberal bias under CEO Jeffrey Immelt, scored a huge victory after receiving the commitment from General Electric.
Late in 2013, the National Center submitted a shareholder proposal as part of GE's 2014 proxy statement and annual meeting materials. The proposal:...request[ed] that the Board of Directors adopt a policy that General Electric not undertake any energy savings or sustainability project for the sole goal of seeking carbon dioxide emissions reductions due to climate change concerns, except as required by law � given the Company's goal of reducing energy use (carbon dioxide emissions) and its admission that balancing this task with common business metrics is 'difficult at best,' shareholders are concerned that the Company may make some decisions in which the reduction of carbon dioxide emissions is a higher priority than maximizing financial returns.
Justin Danhof, director of the National Center for Public Policy Research's Free Enterprise Project, was delighted, saying:General Electric's pledge to only pursue environmental projects that meet common business criteria is the culmination of years of efforts and a recognition that sustainability and the free market can work in concert. For years, GE has been the poster boy for crony capitalism and corporate America's green energy cheerleader. Now, GE shareholders have confirmation that the company's strategies will henceforth be led by true market forces and not by blind adherence to global warming zealotry.
Normally huge publicly-held companies exclude shareholder proposals from going public, as they can petition the U.S. Securities and Exchange Commission to exclude the proposals for technical and substantive violations of federal guidelines. But this time, GE allowed the proposal by the National Center to be publicized. Danhof said:Rather than contesting the National Center's free market shareholder proposal, GE's management team made the strategic decision to amend its corporate documents to align with the parameters of our proposal. We applaud GE for codifying its dedication to free-market principles and shareholder value. More companies should take cues from GE on this issue.
I might start buying GE products again if they keep this up -- a breath of fresh air...
Posted by DaveH at February 21, 2014 8:53 PM