We wrote Thursday about how the Evangelical Lutheran Church in America (ELCA) is engaged in shareholder advocacy around the Dakota Access Pipeline (DAPL). The ELCA is one of several religious organizations raising moral questions of corporate social responsibility regarding DAPL.
In a new turn of events, Wall Street, too, is raising red flags about DAPL. Financial markets are simply looking at the bottom line, apparently becoming skittish of companies investing in the pipeline because of unidentified financial risks. They are asking tough questions, according to Bloomberg, a business news service.
The following is an excerpt from a Dec. 1 Bloomberg story headlined: Investors Take Stand on Dakota Access Pipeline:
Investors concerned about the Dakota Access Pipeline have started submitting shareholder proposals to the energy companies building the pipeline as well as to the lenders behind it, urging the companies to better disclose the risks to their business from the controversial investment.
The third largest U.S. pension plan, the $178.6 billion New York State Common Retirement Fund, is one of the investors leading the charge.
Click on the link above for the full story. It’s hard to know how optimistic to be about these reports, but we’ll take the good news where we can get it.
Meanwhile, companies providing credit for the pipeline seem concerned about potential risks, too. For more positive news, keep reading. Continue reading