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CalSTRS seeks emissions report from pipeline firm
By Jon Ortiz - jortiz@sacbee.com
Last Updated 1:19 pm PDT Monday, April 28, 2008
The California State Teachers' Retirement System wants ONEOK Inc., a natural gas pipeline firm based in Tulsa, Okla., to report on its greenhouse gas emissions by the end of this year.
The fund also called for the ONEOK report to include a feasibility study on reducing emissions. Shareholders will vote on the proposal May 15 at the company's next shareholders meeting.
"Taking this step is vital," CalSTRS Chief Executive Officer Jack Ehnes said in a statement released Monday, "because protecting the environment means protecting the bottom line."
A CalSTRS spokeswoman said this is the only shareholder proposal the fund will issue this year and its first since 2004.
ONEOK, with $13.48 billion in revenue last year, is the largest natural gas pipeline company in the West. It owns and operates nearly 7,000 miles of natural gas pipelines, of which 5,700 miles are in Oklahoma, Texas and California.
CalSTRS, with $165 billion in assets, is the second-largest U.S. public pension fund. It owns about 2 percent of ONEOK stock.
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