Anti-Driller Wins Right to Nominate Candidates for CONSOL’s Board

NYC Comptroller Scott Stringer

The anti-drilling nutjobs who run the finances for New York City have been (potentially) successful in interfering with the operation of CONSOL Energy, a coal company rapidly transforming itself into a Marcellus/Utica driller. The Comptroller for New York City is Scott Stringer, a hardened leftist and anti-fossil fuel nutjob. He apparently likes to invest in fossil fuel companies with OPM (other people’s money) in order to try and shut them down. At least that’s the way it appears. He uses the pension funds of NYC residents to try and force the companies he invests in out of business. And somehow he gets elected and re-elected–go figure. Stringer sponsored a proxy resolution that passed at CONSOL’s annual meeting yesterday–a resolution that will allow any single investor owning 3% (or more) of the CONSOL’s stock for three consecutive years the ability to nominate a candidate to the board of directors. The board, of course, hires and fires top management and essentially guides the company on the path it wants the company to go. The proposed candidate must still pass a vote by all shareholders. If Stringer can motivate enough other investors, over time he may be able to get anti-fossil fuel candidates elected, which would be a disaster for the company. Needless to say, CONSOL’s management was not happy…

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