Goldman Sachs Investors Are TreeHuggers

According to the Financial Times of April 1, 2006: "Goldman Sachs investors yesterday overwhelmingly voted down a unique shareholder proposal that claimed the Wall Street bank was misusing shareholder resources by pursuing an potentially expensive pro-environmental agenda. The proposal, submitted for consideration at Goldman's annual meeting by a small mutual fund firm called the Free Enterprise Action Fund, claimed that Hank Paulson had a conflict of interest in serving both as chief executive of Goldman and chairman of the Nature Conservancy, an environmental group". For background on this now-soundly defeated proposal...it melted down faster than a Greenland Glacier in 2050, with less than 0.01% shareholder support... see our earlier coverage here and also here. The Times reported that Steven Milloy, in representing the defeated FEAF proposal, criticised Goldman's donation of land to the Chilean wildlife conservation society (WCS) and also it's environmental policy which acknowledges the existence of global warming. Looks like there might soon be more targets for FAEF's brand of anti-TreeHugger shareholder activism.

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