Post by Aurora40 on Feb 4, 2005 15:05:28 GMT -6
Pension funds, car firms spar
The companies won't explain why they're suing over a Calif. emissions law.
The Detroit News
General Motors Corp., Ford Motor Co. and other automakers have come under fire from California's influential state pension funds for declining to explain why the companies are suing to block a state law curbing greenhouse gas emissions.
The automakers also declined to appear Monday before California lawmakers reviewing the new rule.
Beginning in 2009, California will limit carbon dioxide emissions linked to global warming. Automakers claim that only the U.S. government can impose fuel standards.
The California Public Employees' Retirement System and the California State Teachers' Retirement system, which hold about $1.5 billion worth of shares in GM, Ford and others, want automakers to explain why the funds shouldn't use their role as big investors to force the companies to abide by the new law.
The automakers fear any comments will be used against them when the case is tried.
The Alliance of Automobile Manufacturers, which represents GM, Ford, DaimlerChrysler, Toyota, BMW, Mazda, Mitsubishi, Porsche, Volkswagen and Toyota, sued in December to block the law. On Thursday, the Association of International Automobile Manufacturers, which represents Honda, Nissan, Suzuki, Isuzu, Hyundai and others, filed a motion to join the suit.
If automakers won't meet or withdraw the lawsuit, California Controller Steve Westly, a member of the funds' boards, told Bloomberg News he may push the funds to support shareholder resolutions or target the companies for egregious corporate governance practices.
From: www.detnews.com/2005/autosinsider/0502/04/D01-79576.htm
So California will use one agency to push an unrelated agenda from another agency... I think automakers should just view California as another country. They can make products specifically for that market, or not offer products at all there, all depending on what they feel will be good business.
The companies won't explain why they're suing over a Calif. emissions law.
The Detroit News
General Motors Corp., Ford Motor Co. and other automakers have come under fire from California's influential state pension funds for declining to explain why the companies are suing to block a state law curbing greenhouse gas emissions.
The automakers also declined to appear Monday before California lawmakers reviewing the new rule.
Beginning in 2009, California will limit carbon dioxide emissions linked to global warming. Automakers claim that only the U.S. government can impose fuel standards.
The California Public Employees' Retirement System and the California State Teachers' Retirement system, which hold about $1.5 billion worth of shares in GM, Ford and others, want automakers to explain why the funds shouldn't use their role as big investors to force the companies to abide by the new law.
The automakers fear any comments will be used against them when the case is tried.
The Alliance of Automobile Manufacturers, which represents GM, Ford, DaimlerChrysler, Toyota, BMW, Mazda, Mitsubishi, Porsche, Volkswagen and Toyota, sued in December to block the law. On Thursday, the Association of International Automobile Manufacturers, which represents Honda, Nissan, Suzuki, Isuzu, Hyundai and others, filed a motion to join the suit.
If automakers won't meet or withdraw the lawsuit, California Controller Steve Westly, a member of the funds' boards, told Bloomberg News he may push the funds to support shareholder resolutions or target the companies for egregious corporate governance practices.
From: www.detnews.com/2005/autosinsider/0502/04/D01-79576.htm
So California will use one agency to push an unrelated agenda from another agency... I think automakers should just view California as another country. They can make products specifically for that market, or not offer products at all there, all depending on what they feel will be good business.
