Janet Cowell
State Treasurer
N.C. Department of State Treasurer
325 N. Salisbury Street
Raleigh, N.C. 27603-1385
Re: Join institutional investors calling for removal of Duke Energy board members and an internal investigation of coal ash disaster
Dear Ms. Cowell:
NC WARN has heard from many of our members across the state and others about Duke Energy’s mismanagement of its coal ash. As manager of $93.7 billion in public pension funds, we are asking you to join other public institutional investors to force Duke Energy to change its corporate structure in order to become environmental stewards.
There have been two important communications from major institutional investors in the last few weeks challenging both Duke Energy’s handling of the coal ash spill on the Dan River and the ongoing contamination problems at all of Duke Energy’s coal ash impoundments.
The first was a letter from the Nathan Cummings Foundation and 20 other major investors calling on the Duke Energy board to conduct a prompt internal investigation of the coal ash disaster. Duke Energy’s response last week was underwhelming (duke-energy.com/pdfs/Letter-Duke-Energy-RPOC-Chair-Sharp.pdf).
The second, and more important action, was last week’s call from CalPERS, the California state pension fund, and the New York City’s retirement system to withhold support for members of Duke’s regulatory policy and oversight committee at the meeting on May 1. The four members of the Duke Energy board have responsibility for environmental compliance but do not have any expertise in that field, and moreover, they failed to live up to their responsibility.
We urge you to join the Nathan Cummings Foundation group to demand an internal investigation on how the coal ash problem has been so negligently mismanaged AND to join CalPERS and New York City in opposing the election of Duke Energy board members who should have kept a close eye on the safe handling of toxic coal ash.
Duke Energy is continuing to violate clean water rules and pollute our state’s groundwater and rivers. The coal ash disaster has been mismanaged, showing fundamental flaws in Duke Energy’s fiscal integrity.
Sincerely,
Jim Warren
Executive Director