ENVIRONMENT

The Arctic National Wildlife Refuge
Keep It Off Limits!

Published, Spring 2001

With nearly 50 Walden clients co-filing a shareholder proposal urging BP Amoco to assess thoroughly the social and environmental implications of drilling in the Arctic National Wildlife Refuge, Walden is a lead partner in an international shareholder effort to protect this environmentally sensitive national treasure.

In November 2000, BP Amoco CEO John Browne stated that BP would be open to drilling in the Arctic Refuge if George W. Bush, who supports drilling for the Arctic Refuge, were elected President. Since then, we’ve seen every indication that the Bush administration will try to open the area to exploration and drilling. We know from the company that BP is currently looking at this issue from all angles, including how drilling might endanger the environment and its reputation. But the company refuses to set the Arctic Refuge off limits to future exploration and development.

With nearly 150 co-filers signing on to the resolution, the coalition well exceeded the requirement under British law that a proposal must have at least 100 proponents. However, BP has since challenged the rights of shareowners of American Depository Receipts (ADRs) to file resolutions with the company and has declared the resolution invalid (the majority of the resolution’s co-filers hold ADRs as opposed to ordinary shares). We believe this is in effect creating a tier of second class investors. Walden and other members of the shareholder coalition are launching a major campaign urging BP to put ADR holders on the same level as owners of ordinary shares and to allow us the right to petition management through a shareholder resolution. As we go to press, it is unclear if the resolution will go to ballot. We’ll keep you posted.

Thank you to all those who are participating in this important effort!

The resolution, which asks that BP publish a report answering several specific questions regarding the Arctic Refuge, was co-drafted by USPIRG, Walden, and Trillium Asset Management. It asks BP to assess the potential damage to the ecosystem of the coastal plain, to the Porcupine River Caribou herd, and to the human rights of the Gwich’in Indians, that would result from the company’s drilling for oil and gas in the Arctic National Wildlife Refuge. Further, the resolution asks the company to include a summary of the research and positions taken by major environmental organizations in the United States and the United Kingdom on these issues.

The information provided in the above article is for historical purposes only. Such information may no longer be current and therefore should not be relied upon.

The information contained herein has been prepared from sources and data we believe to be reliable, but we make no guarantee as to its adequacy, accuracy or completeness. We cannot and do not guarantee the suitability or profitability of any particular investment. No information herein is intended as an offer or solicitation of an offer to sell or buy, or as a sponsorship of any company, security, or fund. Opinions expressed herein are subject to change without notice.