Read this update from the Vancouver Sun on the motion filed today at Enbridge’s AGM by NEI Investments regarding First Nations opposition to the company’s proposed Northern Gateway pipelines.
The motion filed by Ethical Funds to push Enbridge to address the risks associated with first nations’ opposition to their proposed pipeline has failed.
The vote was 28.5 per cent for, 60.7 per cent against, and 10.7 per cent abstained, said Jamie Bonham, manager, extractives, research and engagement at NEI Investments, the parent company of Ethical Funds.
My story today explained how NEI Investments filed the motion to be voted on at Enbridge’s annual general meeting today in Toronto.
The $5-billion Enbridge Northern Gateway oil pipeline project would transport oil from Alberta’s oilsands to Kitimat, where it would be loaded on tankers and shipped around the world. The legal, operational and reputational risks cited by Ethical Funds include a possible lengthy court battle, delays from protests or blockades and potential damage to Enbridge’s reputation, NEI Investments said in their proxy alert to shareholders.
A coalition of Northern B.C. first nations called the Yinka Dene Alliance and their supporters have taken a train across Canada to the AGM in Toronto to protest the proposed pipeline.
Ethical Funds holds Enbridge shares in their Ethical Balanced Fund. Enbridge is one of the top 10 holdings in the fund with 148,700 shares worth about $6 million, Bonham said, adding that they’ve owned the shares for more than six years.
Read original blog post: http://blogs.vancouversun.com/2012/05/09/ethical-funds-motion-fails-at-enbridge-agm/