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Massey shareholders reject global warming proposal

Massey shareholders reject global warming proposal
Consol Energy shareholders defeated a similar proposal

NEW YORK (AP) — Massey Energy Co. shareholders rejected a proposal Tuesday that would have asked the Richmond, Va.-based coal company to explain its response to mounting pressure for limits on carbon dioxide emissions.
Based on a preliminary tally of the vote, shareholders also defeated a resolution that would have asked for more disclosure of the corporate political contributions, Chief Executive Don Blankenship said during the company’s annual meeting in New York.
New York City Comptroller William Thompson Jr., who proposed the carbon dioxide measure on behalf of five municipal pension funds, argued that Massey is unprepared if carbon dioxide emissions are restricted.
Massey’s board of directors, however, asked shareholders to defeat the measure, arguing that the company is preparing for the possibility. Among other things, Massey is investing in technology to capture CO2 and other emissions from coal plants.
Consol Energy shareholders defeated a similar proposal at the Pittsburgh-based coal company’s annual meeting May 1.
Massey said shareholders also elected retired accountant Richard Gabrys to the company’s board of directors and re-elected directors Dan Moore and Executive Vice President Baxter Phillips Jr.
Separately, Massey said it hasn’t finished an evaluation of alternatives for improving the value of its stock. The company hired New York investment banking firm Goldman Sachs last October to help.
Massey, the nation’s fourth-largest coal company by revenue, operates 19 mining complexes in Virginia, West Virginia and Kentucky. Its stock fell 24 cents, or 0.86 percent, to close at $27.63 Tuesday.
© 2007 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.





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