Oil Investors Call for Human Rights Risk Report After Standing Rock
"The construction and operation of energy infrastructure in North America requires respect for rigorous standards of environmental review and the human rights of Indigenous Peoples," the resolution says.
They cite the United Nations’ Declaration on the Rights of Indigenous Peoples as a measure of the expectations for considering the rights of indigenous people to "free, prior and informed consent prior to the approval of any projects affecting their traditional territory."
So, they are asking Marathon to prepare a report that describes the review process used to identify and address environmental and social risks in reviewing potential acquisitions.
Human Rights Risks Are Investment Risks The resolution by Marathon shareholders is one of more than two dozen resolutions on environmental matters filed with oil and gas companies.
Marathon shareholders filed a similar resolution last year that met resistance from the company but still earned approval by 35 percent of the company’s stockholders who voted.
Although the office declined to discuss the resolution in detail, Comptroller Thomas DiNapoli said a year ago that investors had a right to know how Marathon considered the rights of indigenous peoples.
"Risks to the environment and to human rights create risks for our pension fund’s investments and should be addressed as part of a sustainable business plan."
Why Marathon Says It Opposed the Resolution The company, in its proxy statement last year, said it "respects the human, cultural and legal rights of individuals and communities" but still urged shareholders to reject the resolution.
Preparing the kind of reports sought through the resolution would require a highly customized study of projects under consideration, the company’s 2017 proxy statement said.
The Dakota Access pipeline is part of Marathon’s 8,300 mile pipeline system.