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Article

12 Jan 2016

Author:
Andrea Vittorio, Bloomberg BNA (USA)

Investors increase pressure on companies to address climate change via proxy shareholder resolutions

"Investors Eye Oil Majors' Lobbying on Climate Policy", 12 Jan 2016

Shareholders are asking…Exxon Mobil Corp. and 10 of its oil and gas industry peers…to explain what they are doing and saying to affect climate policy…[T]his proxy season, “the context has changed considerably,” Timothy Smith, a senior vice president at Boston-based Walden Asset Management…Andrew Logan, who works with…Ceres [said that n]ow that nearly 200 nations have agreed on a plan that would involve “pretty aggressive decarbonization,” investors want to know which side of the issue companies stand onInvestors have filed 15 resolutions asking oil and gas companies to provide more details on the millions of dollars they spend lobbying the government on a range of topics, including climate change…BP and Shell were also part of a group of Europe's largest oil companies that declared their support for the international climate change agreement reached in Paris…Exxon Mobil…came out in favor of a carbon tax…[Also refers to Chevron, ConocoPhillips, and Occidental Petroleum.]