05 May 2011 Duke Energy CEO Jim Rogers Takes Heat at Company’s Annual Meeting for Promoting President Obama’s War on Fossil Fuels
Rogers Challenged by the National Center for Public Policy Research Over Support of Cap-and-Trade and for Using Shareholder Money to Back the Democratic National Convention
Washington, D.C. – Today, at the Duke Energy annual shareholder meeting in Charlotte, policy experts from the National Center for Public Policy Research challenged CEO Jim Rogers over his company’s lobbying for President Obama’s energy policy, which seeks to make electricity prices skyrocket.
Tom Borelli, Ph.D., director of the Free Enterprise Project, presented a “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.
“Today shareholders were told that Rogers was a key cheerleader for President Obama’s war on fossil fuels by actively lobbying for the president’s cap-and-trade scheme. Not only did Rogers’ legislative gambit fail to become law, but he wasted years and significant shareholder money chasing legislative windmills,” said Tom Borelli.
“Rogers’ goal to provide a predicable regulatory environment through cap-and-trade was a complete failure and shareholders should hold him accountable,” added Tom Borelli.
Deneen Borelli, fellow of the National Center-sponsored Project 21 black leadership network, expressed concern that Rogers’ decision to provide the Democratic National Convention a $10 million line of credit from the company may have been rooted in securing a future position for Rogers in the Obama Administration.
“Responding to my question, Rogers told shareholders that he already has a job, but importantly, he refused to commit to giving his compensation back to the company if he did score a job with Obama. Given his close association with Obama’s political agenda, his refusal to put his money where his mouth is raises questions about his true intentions,” said Deneen Borelli.
Before the meeting, Deneen and Tom Borelli joined with about 100 tea party activists that were protesting Rogers’ anti-coal agenda and his leadership of Duke Energy. The protest was coordinated by FreedomWorks.
“It was great spending time with tea party activists who are concerned about Rogers’ role in promoting Obama’s anti-fossil fuel agenda. CEOs must realize they will feel tea party heat if they pursue progressive business strategies,” said Deneen Borelli.
“I fully support the tea party activists who came out today to make a strong statement against Rogers’ support of Obama’s war on fossil fuels. Next time Rogers will think twice before he decides to back a political agenda that harms liberty,” predicted Tom Borelli.
Tomorrow, May 6, Tom and Deneen Borelli will present a National Center for Public Policy Research shareholder proposal at the annual shareholder meeting of Goldman Sachs.
The National Center For Public Policy Research, a shareholder of both Duke Energy and Goldman Sachs, is a conservative, free-market, non-profit think-tank established in 1982. Its 2010 revenues were over $12 million. It is supported by the voluntary gifts of over 100,000 individual recent supporters, receiving less than one percent of its revenue from corporate sources. Contributions to it are tax-deductible.