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As Exxon Faces Investigation, Investors Renew Pressure for Stronger Climate Stance
As Exxon Faces Investigation, Investors Renew Pressure for Stronger Climate Stance
This year's shareholder resolutions extend a 25-year campaign to get Exxon to confront the climate threat. No climate resolution has ever been adopted.
BY DAVID HASEMYER, INSIDECLIMATE NEWS
JAN 12, 2016
Against the backdrop of the historic Paris climate treaty last month and in the face of mounting calls for sweeping investigations of the company, ExxonMobil investors have filed a series of shareholder resolutions seeking to reform the company's climate change policy.
Stockholders are demanding more transparency this year from the global oil giant over how much it spends on lobbyists and organizations dedicated to obfuscating climate science and opposing emission regulations designed to slow climate change. They want Exxon to pledge to comply with measures to hold global warming under the 2-degree Celsius limit set by the Paris accord, and they want the company to add climate-conscious board members.
Two resolutions proposed for the annual shareholders meeting May 25 would ask the company's board to disclose information about its public policy advocacy. One was filed by the Needmor Foundation, a social justice organization based in Ohio, and a similar one by the United Steel Workers of America. The proposals are among seven climate-related resolutions that shareholders hope will make it to a vote.
"We believe there is a broad cross-section of investors who are concerned about the ways oil and gas companies are using their power and influence to oppose forward-looking policies on climate," said Tim Smith, senior vice president of Boston-based Walden Asset Management, a company that promotes corporate responsibility on behalf of shareholders.
While all seven proposals may not make it to a vote, this year's crop of resolutions continues a 25-year campaign by activist shareholders to get Exxon to confront the threat of climate change...
http://insideclimatenews.org/news/12012016/exxon-mobil-under-investigation-climate-change-science-shareholder-resolutions-investorsThis year's shareholder resolutions extend a 25-year campaign to get Exxon to confront the climate threat. No climate resolution has ever been adopted.
BY DAVID HASEMYER, INSIDECLIMATE NEWS
JAN 12, 2016
Against the backdrop of the historic Paris climate treaty last month and in the face of mounting calls for sweeping investigations of the company, ExxonMobil investors have filed a series of shareholder resolutions seeking to reform the company's climate change policy.
Stockholders are demanding more transparency this year from the global oil giant over how much it spends on lobbyists and organizations dedicated to obfuscating climate science and opposing emission regulations designed to slow climate change. They want Exxon to pledge to comply with measures to hold global warming under the 2-degree Celsius limit set by the Paris accord, and they want the company to add climate-conscious board members.
Two resolutions proposed for the annual shareholders meeting May 25 would ask the company's board to disclose information about its public policy advocacy. One was filed by the Needmor Foundation, a social justice organization based in Ohio, and a similar one by the United Steel Workers of America. The proposals are among seven climate-related resolutions that shareholders hope will make it to a vote.
"We believe there is a broad cross-section of investors who are concerned about the ways oil and gas companies are using their power and influence to oppose forward-looking policies on climate," said Tim Smith, senior vice president of Boston-based Walden Asset Management, a company that promotes corporate responsibility on behalf of shareholders.
While all seven proposals may not make it to a vote, this year's crop of resolutions continues a 25-year campaign by activist shareholders to get Exxon to confront the threat of climate change...