Exxon Suffers Stinging Defeat On Shareholder Climate Resolution

1 Jun 2017   Climate

ExxonMobil tried to beat back a move from shareholders to press the company to disclose its vulnerabilities to climate change and climate regulation, but it failed. At its annual meeting on May 31, shareholders passed a climate resolution with a vote of 62 percent in favor. Exxon became the second major oil company in recent weeks to suffer a defeat at the hands of its own shareholders. Shareholders of Occidental Petroleum passed a climate resolution in early May, an important development in years of work for climate activists who have tried to push similar measures through, with little success. The Occidental resolution calls upon the company to review and report on the company‚Äôs exposure to climate change. In the past, these moves have been viewed through the lens of corporate social responsibility. That is, shareholders pressed their companies to clean up their act for the sake of the environment. […]

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