NEW YORK (
is being taken to task by a Tea Party group that wants it to disclose business risks related to its renewable energy business.
A shareholder proposal filed the with the
Securities and Exchange Commission
Tuesday from The National Center for Public Policy Research, a nonprofit with strong ties to the Tea Party, asks Goldman to produce "a report disclosing the business risk related to developments in the political, legislative, regulatory and scientific landscape regarding climate change."
The proposal argues that "the quality, integrity and accuracy of global warming science has been called into question," and that "changes in the political landscape," such as the Republican takeover of the House of Representatives "bring uncertainty to business plans based on government action on climate change."
Goldman has $3 billion in clean energy investments and has raised more than $10 billion globally for clean energy clients, according to the bank's website. The bank's board recommends shareholders vote against the proposal, arguing the information would not "provide meaningful information to our shareholders."
"We do not believe our Annual Meeting is an appropriate forum for a debate on complex scientific topics," Goldman states as part of its board's recommendation for a "no" vote to the proposal.
The National Center for Public Policy Research has made similar proposals to
A Goldman spokesperson declined to comment.
Written by Dan Freed in New York
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.