USA: Shareholders vote to make ExxonMobil more transparent about the impacts of climate change on its business

A 62 percent majority of ExxonMobil investors voted to increase transparency about climate change risks at the annual meeting of the world's largest oil company. The adopted resolution (which only gained 38 percent of shareholder support last year) requests that the company publish an annual assessment of the long-term impacts of technological advances and climate policies on its full portfolio of reserves and resources, including a portfolio resilience assessment that considers a low oil demand scenario consistent with the globally agreed upon 2-degree (celsius) target. In advance of the vote, ExxonMobil CEO Darren Woods acknowledged the risks of climate change as serious and warranting action, but said that "the board believes the company has adequately assessed the future impact of policy developments" and opposed the proposal. Many shareholders have praised the vote as a victory.

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Article
5 June 2017

Exxon Shareholders Push Company To Be More Transparent About Climate Risks

Author: Chris D'Angelo, The Huffington Post (USA)

Published on: 31 May 2017

Exxon Mobil Corp. shareholders voted in favor of a measure calling for the company to disclose the risks that climate change policies pose to its business. New York State Comptroller Thomas P. DiNapoli...said ...“Climate change is one of the greatest long-term risks we face in our portfolio and has direct impact on the core business of ExxonMobil." Kathy Mulvey, the climate accountability campaign manager at the Union of Concerned Scientists, called Wednesday's vote..."a really strong signal to Exxon Mobil and to other major fossil fuel companies that investors want to see them get serious about a low-carbon future. "Exxon has faced...legal trouble in recent years, including investigations by multiple state attorneys general looking into whether the company lied to the public and its investors about the risks of climate change...[Exxon] CEO David Wood... argued that Exxon has “adequately assessed the potential impacts of future policy developments” and shared those findings with its investors. 

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Article
5 June 2017

ExxonMobil investors make history with majority vote on climate risk disclosure

Author: Ceres (USA)

Published on: 31 May 2017

The vote at Exxon, coupled with recent majority votes at Occidental Petroleum and PPL Corporation, represent a historic shift in investor support for climate risk disclosure... [T]he very largest investors in the world are challenging the companies representing some of their biggest holdings on this issue... In December, the international Financial Stability Board... endorsed 2-degree scenario analysis in its draft recommendations. Global consultancies McKinsey & Company, Deloitte,...Moody’s Investors Service,...BlackRock, Vanguard and Fidelity Investments have also added their names to the list of mainstream investors supporting such analysis and disclosure. Sue Reid, vice president of climate and energy at Ceres [said,] "Business as usual is no longer an option for carbon-intensive companies like Exxon." [refers to: PPL Corporation, Occidental Petroleum, McKinsey, Deloitte, Moody's, BlackRock, Vanguard, Fidelity Investments]

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Article
22 May 2017

Ahead of Exxon's annual meeting, climate activists gain ground

Author: Ross Kerber, Reuters (UK)

[Shareholder climate activists] ranging from giant New York and California state pension funds to Wespath Investment Management of Illinois scored a number of victories this month [including] a resolution at PPL Corp...[and] Occidental Petroleum Corp...Edward Kamonjoh, executive director of the 50/50 Climate Project in Washington...said actions by U.S. President Donald Trump like the dismantling of Obama-era climate policies may have moved big investors to take on a more active role..."Investors who feel that climate is a risk now realize they just have themselves to manage this risk in the next few years," [refers to: PPL Corporation, Occidental Petroleum, BlackRock, Chevron, Anadarko]

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Article
16 May 2017

Exxon, Chevron face judgement day at upcoming shareholder meeting

Author: Kathy Mulvey, Union of Concerned Scientists, on EcoWatch (USA)

In preparation for their annual meetings on May 31, both Chevron and ExxonMobil opposed every climate-related resolution put forth by their shareholders...Now the proponents of a shareholder resolution calling for Chevron to publish an annual assessment of long-term impacts of climate change...have withdrawn it from consideration at the annual meeting...ExxonMobil shareholders will vote on a comparable proposal in two weeks. In 2016, a resolution urging the company to report on how its business will be affected by worldwide climate policies received the highest vote ever (38 percent)...from company shareholders in favor of a climate change proposal. [refers to: Chevron, AES, Dominion Resources, Duke Energy, Marathon Petroleum, Occidental Petroleum, BP]

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