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Shareowner Activists Request Better Disclosure of Strategic Risks by Oil Sands Developers [Canada]
Resolutions have been filed this year with ConocoPhillips and ExxonMobil, regarding the companies' oil sands operations in Alberta, Canada. A multinational investor group led by FairPensions and Boston Common Asset Management has also focused its resolutions, filed with BP and Shell, on the companies' oil sands operations. Oil sands exploitation has led to widespread deforestation and loss of wildlife, and First Nations communities in the affected area have initiated legal proceedings against those involved…The investor support letters…stated, "We are concerned about… potential water scarcity, as well as the legal and reputational risks arising from local environmental damage and impairment of traditional livelihoods to impact the long-term economics of this project and the value of our company." [also refers to Husky Energy]