Saturday, August 18, 2007

CARB Chair Conflicted?

California Air Resources Board chair owns stocks in 13 energy firms
Matthew Yi, SF Chronicle, August 18, 2007

The new chairwoman of the California Air Resources Board owns stocks in several oil, coal and utility firms, some of which are likely to be affected by rules the agency implements as part of the state's groundbreaking law to fight global warming, The Chronicle has learned. The air board is expected to consider wide-ranging regulations that will affect what kind of fuel motorists pump into their vehicles and help dictate what sources of energy utility companies can use to generate electricity.

Mary Nichols' stock holdings include shares in oil giants Chevron Corp., BP PLC, and Royal Dutch Shell, a stake in a Bermuda tanker company that transports crude oil, the world's largest coal company, Peabody Energy Corp., and utilities including Edison International, whose subsidiary, Southern California Edison, serves most of the Southern California electricity market.

In total, she and her husband, John Daum, an attorney who represents Exxon in the ongoing Exxon Valdez oil-spill case, have a financial stake in 13 energy-related firms in a diversified stock portfolio that contains 84 companies, according to statements she filed on Tuesday with the state Fair Political Practices Commission.

Nichols is highly regarded by some in the environmental community as a longtime environmental lawyer who served on the air board three decades ago under then-Gov. Jerry Brown.

Read the complete story at

UPDATE: (SFGate, September 27, 2007)

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