First Nations opposition to Enbridge's Northern Gateway pipeline has become so entrenched that the firm's entire corporate reputation could be at risk, says a Toronto-based mutual fund company.

"Enbridge is a very well-run company," NEI Investments vice-president Robert Walker told The Tyee in an interview. "Our concern is that they're squandering a hard-earned reputation on one project."

This is the rationale behind a shareholder resolution being presented by NEI Investments at Enbridge's annual general meeting in Toronto next week.

The resolution asks that Enbridge provide a report to shareholders by May 2013, explaining "how First Nations’ opposition will factor into the final decision to pursue Gateway," and "how the company will mitigate the operational, reputational, and legal risks of such opposition."

The company is currently developing projects worth $48 billion; Gateway represents about 10 percent of this total.

Yet a potent First Nations backlash, publicized almost daily in media reports, NEI's supporting documents read, could hurt the entire portfolio.

"Should the company become engaged in a protracted dispute with the First Nations opposing the project, damage to the corporate brand will only get worse," the documents read.

"The spread of this opposition is likely to have impacts on future negotiations with these and other communities, putting at risk Enbridge’s ability to secure a social license to operate for future projects."

NEI Investments owns only a tiny percentage of Enbridge's shares, but has followed the company's First Nations outreach since 2005. The current resolution is an attempt to "raise the bar", Walker says, not only for Enbridge, but the entire energy industry.

The Tyee has reported in-depth on the stand-off between Northern Gateway proponents and First Nations. Read more by clicking here and here.

Geoff Dembicki reports on energy and climate issues for The Tyee.