05 May 2011 Duke Energy CEO Jim Rogers to be Challenged Over His Support of President Obama’s War on Fossil Fuels by Stockholders at the Company Shareholder Meeting Thursday
Washington, D.C. – Policy experts from the National Center for Public Policy Research will challenge Duke Energy CEO Jim Rogers over his active support of President Obama’s war on fossil fuels Thursday, May 5 at the company’s annual shareholder meeting.
Tom Borelli, Ph.D., director of the National Center’s Free Enterprise Project, and Deneen Borelli, full-time fellow of the black leadership group Project 21, will hold Rogers accountable for his participation in the United States Climate Action Partnership (USCAP) – a lobbying coalition of corporations and environmental activist groups seeking a national law to limit carbon dioxide emissions.
Tom Borelli will also be presenting shareholder proposal 5: “Shareholder Proposal Related to Preparation of a Report on Duke Energy Corporation’s Global Warming-Related Lobbying Activities,” on behalf of Shelton Ehrlich, an individual shareholder.
“Rogers must be held accountable for spending company money on President Obama’s energy policy, which would tax the use of coal – a fuel source that Duke Energy uses for its electricity generation. It’s reckless and dangerous for shareholders and the company’s customers for Rogers to support a policy that, according to the President’s own words, would make electricity prices ‘skyrocket’,” said Tom Borelli.
“Shareholders have a right to know how the company’s resources were used pursuing President Obama’s radical energy policy. Rogers put significant time and money in trying to pass cap-and-trade legislation and he came up empty since the bill failed to become law,” said Tom Borelli.
Rogers will also be challenged for using the company’s financial resources to back the Democratic National Convention. In addition to being a co-chairman of the 2012 Democratic Convention, Rogers had Duke Energy provide the DNC with a $10 million line of credit.
“What Rogers does with his personal money to advance progressive political goals is his business. However, Rogers crossed the line when he decided to put shareholders and his utility customers at risk by using company money to back his personal political views,” said Deneen Borelli.
“If the board of directors will not hold Rogers accountable, then shareholders must step up and challenge CEOs gone wild,” added Deneen Borelli.
Deneen and Tom Borelli will be representing the National Center for Public Policy Research, which owns Duke Energy stock, at its annual meeting in Charlotte, North Carolina.
The National Center For Public Policy Research is a conservative, free-market non-profit think-tank established in 1982. It is supported by the voluntary gifts of over 100,000 individual recent supporters, and receives less than one percent of its revenue from corporate sources.