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Churches ask shareholders to support action on Talisman
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The TaskForce on the Churches and Corporate Responsibility (TCCR) is asking shareholders to support action calling on the company to withdraw from Sudan. Although there are no church shareholder proposals scheduled for the company’s annual meeting May 1, TCCR is calling on shareholders in Talisman to support action it is planning for the meeting. “We believe that Talisman’s demonstration of its corporate citizenship responsibilities is wholly inadequate with respect to their presence and operations in Sudan,” TCCR says in a shareholder alert. “We believe eventually, if the investment continues, there will be a felt impact of these activities on shareholder value.” In the alert, TCCR notes that Talisman is Canada’s largest independent oil and gas producer. “Its profits have gone up by five times over last year, and cash flow more than doubled, boosted by the oil revenues from Sudan, which correspondingly has seen an escalation in the civil war in the South, where the oilfields are concentrated.” The alert was issued before Talisman released a social responsibility report on the Sudan situation. The was created in response to a company-sponsored shareholder proposal at last year’s annual meeting. A church-based shareholder proposal calling for an independently-monitored report failed. The company report was reviewed by PricewaterhouseCoopers. Talisman “will continue to advocate peace and the fair distribution of oil revenues, especially to the South, as well as continuing to publicly ask all parties to the conflict in Sudan to respect the rights of civilian populations and adhere closely to international human rights standards,” the company said in releasing the report. TCCR is asking shareholders to look closely at the report. In its shareholder alert issued before the report was released, TCCR said: “We encourage shareholders to join us in weighing the forthcoming PricewaterhouseCoopers’ report on company operations in Sudan and ask whether the full story is being told. We are asking shareholders to give us their proxies to enable TCCR to coordinate a church-based shareholder voice to speak publicly at Talisman’s Annual Meeting challenging the company’s record and complicity in the ongoing tragedy of the Sudan.” For information on how shareholders can support the church action, contact TCCR at 416-932-1758 or review the Talisman Shareholder alert at TCCR’s website. Talisman’s social responsibility report is available at www.talisman-energy.com.
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