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Active Shareholders Push to Limit Development of Hudson Rive

| March 26, 2014
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Blue Summit signed onto an investor letter asking LG Electronics to modify the design of its new U.S. headquarters building in Englewood Cliffs, NJ in order to protect the Palisades, a long-cherished Hudson River landscape just north of Manhattan. The Palisades have been officially designated a National Natural Landmark as well as a National Historic Landmark and its scenic cliffs, vistas, and parklands are enjoyed by millions of visitors and local residents.

The Issue:

As currently designed, LG’s new headquarters would tower 90+ feet above the tree-line of the Palisades, spoiling the scenic vistas of this iconic landscape for everyone except LG itself. There is widespread opposition to the building; the U.S. EPA, the National Park Service, the editorial board of the NYT, many NJ/NY political leaders, and a broad coalition of community and environmental organizations— all have requested that LG lower the height of its building in keeping with the historic zoning limits respected by all other corporations in this region. So far, the company has refused to so, thereby exposing itself to reputational risks, litigation, community protests, and consumer boycotts.

The Ask:

While we welcome LG’s expansion of its U.S. headquarters, this letter asks LG to demonstrate its public commitment to environmental responsibility and community support by modifying its building design. Specifically, it asks LG to lower the height of its building below the tree-line… thereby saving the scenic vistas of the Palisades for everyone.

Blue Summit proudly supports efforts to mitigate the environmental impact of our economy wherever possible.

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