Mission Responsibility Through Investment (MRTI), a group that monitors corporations whose stock is owned by denominational entities, met with Cincinnati’s Cinergy Corp to outline ways the Ohio power company is trying to minimize harm to the environment, Feb 4.
The full report will be reviewed by the public-policy committee of Cinergy’s board of directors and will be included in the corporation’s 2003 annual report to shareholders and in its 2003 Environmental, Health and Safety Progress Report. Much of the report will outline steps Cinergy has taken in response to mounting regulatory, competitive and public pressures to reduce emissions of carbon dioxide and other harmful emissions from its facilities.
“We appreciate Cinergy’s willingness to discus and collaborate on these issues that are of great importance to society and to investors,” said the Rev. William Somplatsky-Jarman, a Presbyterian Church USA associate for MRTI. “As a result of this dialogue, we will withdraw a proposed shareholder resolution that we had requested to be included in the company’s annual meeting proxy.”
The MRTI will also assess the company’s compliance with General Assembly policies on matters such as environmental protection and safe labor practices.
“Cinergy has undertaken several initiatives to establish its leadership in social and environmental responsibility,” said James E. Rogers, Cinergy’s chairman, president and chief executive officer. “Cinergy is currently partnering with (public interest group) Environmental Defense on a greenhouse gas emissions-reduction program. We are delighted to join with Mission Responsibility Through Investment to produce another effective collaborative process on these crucial public policy matters.”