Exxon Shareholders Pass Climate Activists’ Proposed Resolution
The logo of Exxon Mobil Corporation is shown on a monitor above the floor of the New York Stock Exchange in New York, December 30, 2015. REUTERS/Lucas Jackson/File Photo
ExxonMobil shareholder supported a resolution Wednesday requiring the oil producer to report on financial risks that Obama-era climate regulations pose to the company.
Exxon opposed the resolution and lobbied individual investors to vote against the proposal at the company’s annual meeting. More than 60 percent of investors voted in support of the proposal — a similar proposal gained 38 percent support last year.
Jeff Woodbury, the company’s vice president, wrote several letters to shareholders Tuesday suggesting that “the corporation agrees with the underlying objective – we just have a different view on the best means to achieve it.”
The company has indicated support for several climate measures, including the Paris climate agreement and carbon taxes. But officials with the company argued the measures could negatively impact Exxon’s business model.
Much of the push to force Exxon’s hand on the measures is a result of a Democrat-led investigation into the company’s climate record. Attorney generals from across the country began pursuing the company last year to determine whether Exxon hid from the public more than four decade’s worth of climate data.
The probes were based on reports from liberal-leaning media outlets InsideClimate News and Columbia University, which claim that Exxon has known the risks of global warming for decades but kept such knowledge under wraps.
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