Scott Nathan, Chairman of the board of a leading environmental advocacy group, has invested through his firm (Baupost Group) heavily in the oil giant BP plc. (NYSE:BP) (LON:BP).
League of Conservation Voters Chairman Scott Nathan also holds the position as chief risk officer (CRO) in a major hedge fund, Seth Klarman’s Baupost Group. He is also a member of the hedge fund’s management committee that oversees investments, according to a report published at HuffingtonPost by Lucia Graves and Ryan Grim.
Baupost among top holders of BP stock
The Baupost Group is ranked among the top 10 institutions holding position in the oil major BP plc. (NYSE:BP) (LON:BP). According to CNBC data, the Baupost Group holds over 17.1 million shares valuing $725 million in the oil major. The hedge fund is ranked fifth behind Wellington, State Street, Franklin and Barrow, Hanley.
League of Conservation Voters has been consistently fighting against ‘subsidies’ for BP plc. (NYSE:BP) (LON:BP) and other major oil companies. The LCV has been particularly critical of the oil major’s performance during the Gulf oil spill in 2010.
According to a report in HuffPost, the president of League of Conservation Voters has emphasized that LCV has been a consistent critic of Big Oil and their destructive impact on our environment. Besides, the president reiterated that Scott Nathan is a passionate advocate of LCV’s policies.
LCV has also pledged to spend $400,000 on a direct mail campaign to support the environmental champion Democratic Congressman Ed Markey for Massachusetts Senate race.
BP’s Largest Oil Spill In The Gulf Of Mexico
The British Petroleum BP plc (NYSE:BP) (LON:BP) oil spill in the Gulf of Mexico was the largest environmental disaster in U.S. history. On April 20, 2010, BP’s Deepwater Horizon oil rig exploded, tragically killing 11 rig workers and sending 4.9 million barrels of oil into the Gulf of Mexico in an 87-day uninterrupted flow that affected fish and wildlife, wetlands, fishermen and tourism businesses.
LCV at its website indicated that the oil companies are not investing in safety measures due to a maximum liability cap set at $75 million in the event of a spill. Besides, LCV will fight to protect the interest of coastal communities from risky offshore drilling.
In another report today, League of Conservation Voters announced it was spending about $400,000 on a mailing campaign targeting Republican Gabriel Gomez over his support of the proposed Keystone XL Oil Pipeline.