VALDEZ PRINCIPLES

noun phrase (Environment) A set of guidelines, drawn up in the US in 1989, which is designed to regulate and monitor the conduct of corporations in relation to the environment. Etymology: Formed by compounding: part of the name of the oil tanker Exxon Valdez, which ran aground off Valdez in Alaska and spilled millions of gallons of oil into Prince William Sound in March 1989, combined with principles (because these were environmental principles which were already being considered and were finally agreed as a direct result of the disaster). History and Usage: The Valdez Principles started as an environmental charter drawn up by CERES (the Coalition for Environmentally Responsible Economies), an organization representing American environmentalists and investment groups. It existed in draft form early in 1989, before the Exxon Valdez disaster had occurred, and acquired the name Valdez Principles among CERES staff as soon as it became clear that this was to be one of the US's worst environmental disasters and one from which corporations promised to learn lessons about environmental responsibility. This colloquial name was made official when the Principles were publicly announced in September 1989. The Valdez Principles themselves deal with broader issues than the problems raised by the oil spillage: they cover protection of the biosphere from pollutants, sustainable use of renewable resources, the reduction and safe disposal of waste, energy conservation, the health and safety of employees, the marketing of environmentally sound products and services, compensation for victims of pollution, freedom of information about hazards, and provision for audit procedures. Information about whether a company has signed a pledge to follow the Valdez Principles will be disseminated to shareholders. Newsday 7 Sept. 1989, p. 77 Ecologist Barry Commoner sees the beginning of a revolution in the idea of 'corporate responsibility' and the 'Valdez Principles',...introduced by a coalition of environmental organizations and investment groups. Boston Globe 22 Apr. 1990, p. 28