VICTORIA – Calgary-based Enbridge Inc. is asking its shareholders to reject a proposal to report on the frequency, volume, and financial consequences of spills expected from the company’s proposed ‘Northern Gateway’ tar sands pipeline and tanker project through the lands and coastal waters of northern BC.
The proposal, advanced by BC-based Dogwood Initiative on behalf of five Enbridge shareholders, would lead to a report that would allow investors to assess new financial risks created by spills from the proposed Gateway terminal, pipeline, and tankers.
The proposed report would also benefit communities affected by the project by giving them a better understanding of how often oil and condensate spills would likely occur, and how much would likely be spilled each year.
“Enbridge’s Board doesn’t want the Company to have to write this report,” says Will Horter, Executive Director of Dogwood Initiative.
In Enbridge’s ‘Management Information Circular’, the document distributed to shareholders prior to the company’s annual general meeting this Wedensday (May 6th), Enbridge’s Board of Directors asks shareholders to reject the idea of compiling and revealing details about Gateway spills.
“Risks don’t go away simply by refusing to look at them,” continues Horter. “Enbridge shareholders should be very concerned if the company does not produce a concise picture of spill-related financial risk.”
Dogwood Initiative has released a ‘Proxy Alert’ that responds point-by-point to the rationale used by Enbridge and encourages shareholders to vote FOR the proposal.
“The cleanup from the Exxon Valdez spill over 20 years ago is still continuing and has cost ExxonMobil over $2 billion,” says Horter. “This is Enbridge’s first marine project and spills are inevitable. We have an idea what the coast stands to lose, how about Enbridge itself? Or will the public be picking up the tab if the worst happens?”