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Calvert Investments Calls on Amazon.com to Disclose Climate Change Impact - cbl
Posted May 23, 2011
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Barbara J. Krumsiek
By Brian Wolak
BETHESDA, Md. -- Calvert Investments has called on Amazon.com Inc. (Nasdaq:AMZN) to be more forthcoming on how it is "assessing and managing climate change."
Led by chair, CEO, and president Barbara J. Krumsiek, the Bethesda, Md.-based investment firm has proposed a proxy resolution "asking for specific data and qualitative information relating to [Amazon.com's] impact on climate change from activities that cause greenhouse gas (GHG) emissions, and how it is dealing with risks and opportunities from climate change related to the company."
Calvert Investment notes that three quarters of S&P 500 companies - notably, eBay, Apple, and Target - disclose related information through the Carbon Disclosure Project.
Amazon reportedly rebutted Calvert's initial proposal by saying that it has already undertaken green initiatives; that e-commerce "is inherently more environmentally friendly than traditional retailing;" and that "preparing an ad hoc climate report" is not an efficient use of time and resources.
Calvert notes that Amazon.com's plans to expand its cloud computing business will put a greater strain on electricity consumption; that it's Kindle e-reader is made of "plastics, metals, and chemicals;" and that it may face business risks related to climate change, including energy and fuel costs, reputation, and "physical impacts."
This is the second time in less than a month that Calvert has called out a public company by issuing a proxy proposal. Several weeks ago, citybizlist reported that Calvert called Urban Outfitters (Nasdaq:URBN) a "laggard on diversity" and said that it should add women and minority group members to its board of directors."
SEC filing: http://tinyurl.com/42s3dbp
Bio:
Barbara J. Krumsiek
President, Chief Executive Officer and Chair of Calvert Investments, Inc.
Director and Chair of Acacia Life Insurance Company
Barbara J. Krumsiek is Chair, CEO and President of Calvert Investments, Inc., a leading investment management firm headquartered in Bethesda, Maryland. Calvert manages approximately $15 billion in assets including award-winning fixed income portfolios and a full family of sustainable and responsible equity mutual funds. Ms. Krumsiek is Director and Chair of Acacia Life Insurance Company. Calvert and Acacia Life are affiliates of UNIFI, a mutual holding company based in Lincoln, Nebraska.
Ms. Krumsiek's career in the investment industry spans over three decades. Before becoming Calvert's CEO in 1997, she was Managing Director at Alliance Capital Management L.P. in New York, and was responsible for mutual fund and variable insurance product lines worth over $17 billion in assets.
At Calvert, she has presided over a period of growth and increased visibility both within the sustainable investment sector and in the financial services industry as a whole. Calvert's presence among individual investors, financial advisors and retirement plans has expanded substantially.
During her tenure, Ms. Krumsiek has been a steadfast advocate for issues relating to the advancement of women. In 2004, the Calvert Women's Principles (CWP) were launched marking the first global code of corporate conduct focusing exclusively on empowering, advancing, and investing in women worldwide. The Principles became the basis for an initiative of the City of San Francisco Department on the Status of Women called the Gender Equality Principles (GEP). In 2010, Ms. Krumsiek was presented with the CEDAW Women's Human Rights Award recognizing Calvert's contribution to the GEP initiative.
This year, Ms. Krumsiek is leading the discourse within the global investment community on the links between sustainability and financial performance. She is Co-Chair of the United Nations Environment Programme - Finance Initiative. (UNEP - FI), a partnership between the United Nations Environment Programme and 200 financial institutions around the globe mandated to develop and promote the links between sustainability and financial performance.
Barbara Krumsiek is an active member of the local D.C. business community serving on the Board of Pepco Holdings, Inc. She was named one of the "Influential Marylanders for 2010" by the Daily Record and in 2009, was inducted into the Washington Business Hall of Fame and was ranked among the "100 Most Powerful Women in Washington" by Washingtonian Magazine. Among her peers in the financial services, she was listed as one of the "25 Most Influential People In and Around the Independent Advice Business," by Investment Advisor Magazine and among the "Top 50 Influential Women in Wealth Management," by Wealth Management Magazine.
Barbara Krumsiek is a recognized leader within the local business community. Recently, she was named one of the "Influential Marylanders for 2010" by the Daily Record. In 2009, she was inducted into the Washington Business Hall of Fame and was ranked among the "100 Most Powerful Women in Washington" by Washingtonian Magazine. Among her peers in the financial services she was listed as one of the "25 Most Influential People In and Around The Independent Advice Business," byInvestment Advisor Magazine, and among the "Top 50 Influential Women in Wealth Management," by Wealth Management Magazine.
Ms. Krumsiek believes strongly in devoting time to community service. She is Chair of the Board of the Eugene and Agnes E. Meyer Foundation and serves on the boards of the Economic Club of Washington, D.C. and the Federal City Council. She also serves on the Board of the Girl Scouts USA. She is a former Chair of The Greater Washington Board of Trade.
Graduating Phi Beta Kappa with honors from Douglass College, Rutgers University, Ms. Krumsiek received a Bachelor's degree in mathematics. She received a Master's degree in mathematics from the Courant Institute of Mathematical Sciences, New York University. In 2000, the Rutgers University Alumni Federation added her to the Hall of Distinguished Alumni, and in that same year, Douglass College and the Associate Alumnae named her to The Douglass Society. In May 2002, Georgetown University awarded Ms. Krumsiek the Degree of Doctor of Humane Letters, Honoris Causa, citing her work in advancing the critical dialogue regarding the role of business in society.
Ms. Krumsiek, a native New Yorker, resides in Washington, DC with her husband, Bart Leonard, and their two daughters.
Also at citybizlist, see:
Urban Outfitters a "Laggard on Diversity," Calvert Investments Says - cbl
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