Climate Change Risk Disclosure Shareholder Proposal Faces GE Shareholders

WASHINGTON, April 27, 2011 /PRNewswire-USNewswire/ -- Officials from the National Center for Public Policy Research will present a Climate Change Risk Disclosure shareholder proposal at the GE shareholder meeting Wednesday. If adopted, the proposal will require GE management to follow SEC guidance by disclosing the business risk from changes in the scientific, legislative and political landscape regarding developments in climate change.

Participating in the shareholder meeting are Tom Borelli, Ph.D., director of the National Center's Free Enterprise Project, David A. Ridenour, vice president of the National Center, and Deneen Borelli, full-time fellow of the National Center-sponsored Project 21 black leadership network.

"The shareholder proposal was based on guidance issued by the Securities and Exchange Commission, which voted in 2010 to encourage corporations to disclose the possible business and legal impact of climate change to shareholders," said Dr. Tom Borelli. "Many CEOs have not been forthcoming about the business risk related to changes in climate change policies and have failed to exercise their fiduciary responsibility by not assessing and communicating the impact of emissions regulations on their businesses."

GE petitioned the SEC to permit it to reject consideration of the proposal, but the SEC ruled in favor of the National Center for Public Policy Research.

Polling conducted by the National Center for Public Policy Research and FreedomWorks in October 2010 reveal GE has further placed itself at financial risk by alienating conservative consumers.

"Among self-identified conservatives, which is 42% of the U.S. population, GE had a 51% favorable and 25% unfavorable rating until they learned that GE lobbied for President Obama's $787 billion stimulus plan, from which it benefited, and for cap-and-trade," said David Ridenour. "Then the numbers almost switched: 20% favorable and 50% unfavorable."

"What's more, added Ridenour, "our polling showed sixty percent of conservative voters are less likely to buy products from companies that have lobbied in favor of Obama's legislative agenda, as GE repeatedly has done, and in a high-profile manner. GE is driving away these consumers by lobbying for big government."

Polling results are available at http://www.nationalcenter.org/teapartysurvey.pdf

In 2011, the National Center and FreedomWorks jointly produced a commercial questioning the leadership of GE CEO Jeffrey Immelt, viewable at http://youtu.be/9op8B3ZcnD4

National Center for Public Policy Research personnel will participate in the "Fire Jeff Immelt Rally" being organized by Utah Rising, FreedomWorks and local Tea Party organizations before the shareholder meeting. Dr. Tom Borelli and Deneen Borelli are scheduled speakers.

David Almasi at (202) 543-4110 x11 or (703) 568-4727 or [email protected] or Judy Kent at (703) 759-7476 or [email protected]

SOURCE National Center for Public Policy Research

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