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5 Jun 2017

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.