As You Sow, a shareholder advocacy organization that focuses on environmental and social issues, has withdrawn a shareholder resolution filed with Chevron Phillips Chemical Co. because the company agreed to start reporting plastics spills to the public, As You Sow announced Tuesday.
This is the second large plastics manufacturing company, after ExxonMobil, that has agreed to report on spills and spill management following pressure from shareholders.
Plastic pellets, known as nurdles, are used in plastic production and are a significant source of ocean pollution, As You Sow said Chevron Corp. and Phillips Chemical each owns half of the chemical company. Both companies petitioned the Securities and Exchange Commission to allow them to omit the shareholder resolution but the SEC ruled against them.
“We are pleased to see Chevron Phillips follow ExxonMobil and agree to public reporting on plastic pellet spills and management,” said Conrad MacKerron, senior vice president of As You Sow. “Such basic transparency is essential to enable policy makers and other stakeholders to assess the scope of this growing problem.”