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170 | Environmental and social transparency under the Companies Act 2006Notes | 171157R Boele et al, ‘Shell, Nigeria and the Ogoni. A study in unsustainable development: I. Thestory of Shell, Nigeria and the Ogoni people - environment, economy, relationships: conflictand prospects for resolution’.158BBC News, ‘Nigeria’s shadowy oil rebels’ (20 April 2006).159Carl Mortished, ‘Attacks hit Shell oil production in Nigeria’ The Times (21 February2006).160Jad Mouawad, ‘Shell Expects Full Output From Nigeria’ The New York Times (5 April2007).161Nathaniel Ibigor, ‘Shell: Nigeria protests shut off 170,000 daily barrels of oil production’The Associated Press (15 May 2007).162Ibid.163Nick Mathiason, ‘Shell’s future in Nigeria in doubt’ The Observer (13 April 2008).164See, for example: Russell Hotten, ‘Shell shuts Nigerian oilfield after rebels attack’ TheDaily Telegraph (19 June 2008); The Associated Press, ‘Niger Delta rebels ratchet up oilrelatedviolence’ (17 September 2008).165Guy Chazan, ‘Oil Sands Are Shifting in Alberta’ The Wall Street Journal (5 Feb 2008).166Ibid. It should be noted that additional to the business uncertainties relating to regulatorychanges noted below, the volatile price for oil creates significant risks for operationswith such high costs as oil sands extraction.167Ibid. For further detail, see A E Farrell et al, ‘Risks of the oil transition’ 2006 Environ.Res. Lett. 1 014004 (Environmental Research Letters, Institute of Physics Publishing).168Natural Resources Defense Council, ‘Land Facts: Strip Mining for Oil in EndangeredForests’ (June 2006).169WWF-Canada and The Pembina Institute, ‘Under-Mining the Environment: The OilSands Report Card’ (January 2008).170Tim Webb, ‘Tide turns against ‘dirty’ oil sands’ The Observer (16 November 2008).171Guy Chazan, ‘Oil Sands Are Shifting in Alberta’.172Ibid.173Greenpeace and Platform, ‘BP and Shell: Rising Risks in Tar Sands Investment’ (September2008).174Ibid.175Ibid.176Ibid.177CERES Press Release, ‘U.S. Companies Face Record Global Warming Resolutions AmidGrowing Support in Washington for Clean Energy and Mandatory CO2 Limits’ (18 February2009); Timothy Gardner, ‘Investors target Exxon, Massey for lags on climate’ Reuters(18 February 2009).178D Neef, Managing Corporate Reputation and Risk: A Strategic Approach Using KnowledgeManagement, p. 36.179The Mayagna (Sumo) Awas Tingni Community v. Nicaragua Inter-Am. Ct. Hum. Rts. (Ser.C) Case No. 79 (Judgment of Aug. 31, 2001).180S J Anaya and C Grossman, ‘The Case of Awas Tingni v. Nicaragua: A New Step in theInternational Law of Indigenous Peoples’ 19 Ariz. J. Int’l & Comp. Law 1 (2002).181The Equator Principles are a set of (voluntary and unmonitored) environmental andsocial benchmarks for managing environmental and social issues in global project finance.In adopting them, banks and other financial institutions commit to refrain from financingprojects that fail to follow specific processes and meet specific standards, as defined by thePrinciples.182Bretton Woods Project, ‘Bank stumped on Uruguayan paper mills’ (19 June 2006).183Business for Social Responsibility, ‘Emerging Trends in Corporate Social Responsibilityin the Mining Industry’.184Ibid.185Goldman Sachs, ‘Global Energy: Introducing the Goldman Sachs Energy Environmentaland Social Index’ (February 2004), p. 1.186Tamsin Carlisle, ‘For Canadian Firm, an African Albatross’ The Wall Street Journal (17August 2000), quoted in S Kobrin, ‘Oil and Politics: Talisman Energy and Sudan’, 36 N.Y.U.J. Int’l L. & Pol. 425 (2004).187Ibid. (S Kobrin), p. 425.188Consent decree between Shell Oil Company and the State of Colorado, Civil Action No.83-C-2386, June 2008 (United States District Court for the District of Colorado).189United States General Accounting Office, ‘Report to Congressional Requesters: EnvironmentalCleanup - Inadequate Army Oversight of Rocky Mountain Arsenal Shared Costs’(GAO/NSIAD/AIMD-97-33, 1997).190Matthew L. Wald, ‘Wide Impact Expected in Shell Pollution Case’ The New York Times(21 December 1988).191United States General Accounting Office, ‘Report to Congressional Requesters: EnvironmentalCleanup - Inadequate Army Oversight of Rocky Mountain Arsenal Shared Costs’.Total estimated clean up costs were $2.1bn. It was agreed that Shell would pay 50% of costs