Meridian Energy shareholder Peter Wakeman wants his fellow investors to back two proposals which would see the country's biggest electricity generator, which only own renewable hydro and wind generation assets, to investigate other ways to cut carbon emissions and lobby the government to finance climate initiatives without debt.
Wellington-based Meridian is hosting its annual meeting on October 26 at its headquarters on the capital city's waterfront. While the usual votes on director appointments and reappointments are scheduled, investors will also vote on two proposals put forward by their peer, neither of which have the board's blessing.
Wakeman wants shareholders to support a resolution that would direct the company to investigate other areas of business that reduce CO2 emissions. Another would direct Meridian to lobby the government to finance climate change initiatives that don't require debt.
Meridian's board recommends shareholders vote against both proposals, neither of which would be binding on the board because they relate to management. On the first resolution, the board said Meridian is a 100 per cent renewable electricity generator with sustainability at the core of the business.
"The board are of the view that Meridian is already doing everything that is appropriate, sensible and commercial, including targets to convert 50 per cent of our own fleet to electric vehicles and reduce corporate emissions by 10 per cent per person, both by 2018," it said. "The board has established a safety & sustainability committee, which considers and monitors company CO2 emissions. As such, the board is of the view that Meridian already investigates methods of reducing CO2 emissions in accordance with its strategy."
