May 9, 2018

Pair of investor-pushed resolutions pass at Kinder Morgan

Kinder Morgan's Trans Mountain Pipeline Burnaby Terminal. Photo: Jason Redmond/AFP/Getty Images

Investors of Kinder Morgan approved two non-binding but symbolically important resolutions related to climate change during the pipeline maker’s annual meeting Wednesday.

Why it matters: These results are among the first of several high-profile votes expected this spring at numerous energy companies’ annual meetings. It’s also the latest in a trend of investors increasingly calling on publicly held fossil-fuel companies to be more transparent about how policies to cut greenhouse gas emissions could impact their bottom lines despite President Trump's retreat on the issue.

Gritty details: The two resolutions received majority support, though specific percentage won’t be disclosed for another week or so.

  1. One resolution calls on the company to issue a report detailing how its business would fare in a world that cuts greenhouse gas emissions roughly in line with the aspirations of the 2015 Paris climate accord.
  2. The other one calls for an annual sustainability report.

Yes, but: The resolutions aren’t legally binding, but a majority support typically indicates the company will act to respond in some way rather than ignoring it, which companies often do for resolutions that don’t pass the 50% threshold. The process, which for most companies occurs in the spring, has been called "shareholder democracy."

For the record: A Kinder Morgan spokesman confirmed the votes and relayed a comment the company’s executive chairman, Rich Kinder, made at the meeting: “With regard to the two stockholder proposals that passed today: as you are probably aware, these proposals are non-binding; however, the Board will carefully consider the proposals and the information contained in the supporting statements in determining what actions to take with respect to them.”

Go deeper: Investors stunned over oil producer’s climate exemption

Go deeper

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

Brazil on Monday recorded for the first time more deaths from the novel coronavirus in a single day than the United States, Reuters notes. Brazil reported 807 deaths from COVID-19 in the past 24 hours, compared to 620 in the U.S. for the same period.

By the numbers: Almost 5.5 million people have tested positive for the virus as of Monday, and more than 2.2 million have recovered. The U.S. has reported the most cases in the world (over 1.6 million from 14.6 million tests). The U.K. is reporting over 36,900 deaths from the coronavirus — the most fatalities outside the U.S.

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 8:30 p.m. ET: 5,490,954 — Total deaths: 345,962 — Total recoveries — 2,228,915Map.
  2. U.S.: Total confirmed cases as of 8:30 p.m. ET: 1,662,250 — Total deaths: 98,218 — Total recoveries: 379,157 — Total tested: 14,604,942Map.
  3. World: Italy reports lowest number of new cases since February — Ireland reports no new coronavirus deaths on Monday for the first time since March 21 — WHO suspends trial of hydroxychloroquine over safety concerns.
  4. 2020: Trump threatens to move Republican convention from North Carolina — Joe Biden makes first public appearance in two months.
  5. Public health: Officials are urging Americans to wear masks over Memorial Day.
  6. Economy: New York stock exchange to reopen its floor on Tuesday — White House economic adviser Kevin Hassett says it's possible the unemployment rate could still be in double digits by November's election — Charities refocus their efforts to fill gaps left by government.
  7. What should I do? Hydroxychloroquine questions answeredTraveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Updated 1 hour ago - Politics & Policy

In photos: Authorities issue warning as Americans venture out for Memorial Day weekend

Ocean City in New Jersey on May 25. Photo: Donald Kravitz/Getty Images

Authorities urged Americans to maintain social distancing and wear masks to protect against the spread of the novel coronavirus amid reports of packed beaches and bars during the Memorial Day weekend.

Details: Law enforcement stepped up beach patrols, and there were crowded scenes in several places, notably at Lake of the Ozarks bars in Missouri and at Daytona Beach and on the Gulf Coast in Florida, per AP. Police dispersed crowds in some places, ABC notes. But many Americans did take precautions against COVID-19 as they ventured outside for the long weekend, some three months after the pandemic began in the U.S.