Exxon, Chevron Face Judgment Day at Upcoming Shareholder Meeting

Exxon, Chevron Face Judgment Day at Upcoming Shareholder MeetingIn preparation for their annual meetings on May 31, both Chevron and ExxonMobil opposed every climate-related resolution put forth by their shareholders.

In a previous post, I wrote that Chevron continues to downplay climate risks while attempting to convince shareholders that the company’s political activities—which include support for groups that spread climate disinformation—are in shareholders’ long-term interests.

Now the proponents of a shareholder resolution calling for Chevron to publish an annual assessment of long-term impacts of climate change, including 2°C scenarios, have withdrawn it from consideration at the annual meeting.

In a carefully calibrated statement, investors Wespath and Hermes noted that the report Managing Climate Change Risks: A Perspective for Investors lacks a substantive discussion of Chevron’s strategies, but accepted the report as a first step and decided to give the company more time to explain how climate change is factored into its strategic planning.

Similar resolutions are gaining momentum with shareholders of utility and fossil fuel companies this spring, receiving more than 40 percent support at AES Corporation, Dominion Resources Inc., Duke Energy Corporation and Marathon Petroleum Corporation.

Last Friday, a majority of Occidental Petroleum Corporation shareholders voted in favor of a resolution (also filed by Wespath) calling on the company, with board oversight, to “produce an assessment of long-term portfolio impacts of plausible scenarios that address climate change.”

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.

The 2°C scenario analysis proposal, co-filed by the Church Commissioners for England and New York State Comptroller Thomas P. DiNapoli as Trustee of the New York State Common Retirement Fund, is on the agenda again this year, and a coalition of institutional investors with more than $10 trillion in combined assets under management is pushing for its adoption. (Look for a forthcoming blog on ExxonMobil’s 2017 annual shareholders’ meeting).

Chevron has bought some time from shareholders, but the company would be wise to improve its disclosures in response to growing investor concerns about the potential business, strategic and financial implications of climate change.

See also | ExxonMobil Hit With $20 Million Penalty For Polluting Air With Hazardous Chemicals

Instead, the company (along with BP, ConocoPhillips, and Total SA) funded a new report criticizing the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD—see below for additional details).

The U.S. Chamber of Commerce will roll out the oil and gas company-sponsored report at an event this week. While the U.S. Chamber claims to represent the interests of the business community, few companies publicly agree with the group’s controversial positions on climate change.

Meanwhile, carbon asset risk is still on the agenda for Chevron’s shareholders this month: the proposal on transition to a low-carbon economy filed by As You Sow will go forward to a vote.

As UCS closely monitors Chevron’s and ExxonMobil’s communications and engagement with concerned shareholders over its climate-related positions and actions, our experts and supporters will be stepping up the pressure on both companies in the lead-up to their annual meetings at the end of May.

Sourceecowatch

Find us here

Get news from the CSGLOBE in your inbox each weekday morning

The views and opinions expressed in this article are those of the authors/source and do not necessarily reflect the position of CSGLOBE or its staff.

Paid content

China Is Turning The Rainforest Into Cheap Furniture For The U.S.

Driven by American demand for cheap furniture, China has become the greatest importer of illegal timber. The...

France Declares All New Rooftops Must Be Topped With Plants Or Solar Panels

A new law recently passed in France mandates that all new buildings that are built in commercial zones in France must be partially covered in...

Bill Gates Admits to Chemtrails

Bill Gates backs climate scientists lobbying for large-scale geoengineering ( Chemtrails ) Geo-engineers are finally coming out of the “chemtrail” closet, as reports are now...

What's New Today

Georgia House Votes To Allow Citizens To Abolish Police Departments In The State

The Georgia House backed an effort on Friday to dissolve the Glynn County Police Department and any...

Leaked CDC document contradicts Pence claim that U.S. coronavirus cases ‘have stabilized’

Even as Vice President Mike Pence wrote in a Wall Street Journal op-ed published Tuesday that coronavirus...

Five bombshells about Trump from Bolton ‘s book

Excerpts from former national security adviser John Bolton ’s book about his time in the Trump administration...

Don’t Listen to Fox. Here’s What’s Really Going On in Seattle’s Protest Zone.

It seems I live in a city undergoing a “totalitarian takeover” that will lead to “fascist outcomes”...

MOST READ

What Is Agenda 21? Depopulation of 95% of the World By 2030

Most people are unaware that one of the greatest threats to their freedom may be a United Nations program which plans to depopulate 95%...

Putin has Banned Rothschild and His New World Order Banking Cartel Family from Entering Russian Territory

As of recently, Russian president Vladimir Putin took yet another decision for his country. "Under any circumstances", the Rothschild family is banned from entering Russian territory. Along...

Alien Base for Giants Discovered in the Bucegi Mountains

In the summer of 2003, in an unexplored area of the Bucegi Mountains, a team from Zero Department (a top secret section of the...

China Is Turning The Rainforest Into Cheap Furniture For The U.S.

Driven by American demand for cheap furniture, China has become the greatest importer of illegal timber. The...

NASA Confesses to Dosing Americans with Air-borne Lithium and Other Chemicals

There’s the official explanation for why NASA is spraying lithium, a pharmaceutical drug most often used to treat people with manic depression or bi-polar...

Greenland Is Literally Cracking Apart and Flooding the World

Visit Greenland on the right summer day, and you could see a 12-billion-gallon lake disappear before your very eyes. Glaciologists saw this happen for the first time...

Colombian Town Rejects $35 Billion Gold Mine in Preference of Clean Air, Water, Simple Life

The World Bank wants its gold mining project in Cajamarc, Colombia badly, but the people of this small town just voted against the mammoth...

Ten Eye-opening facts about hemp

Well, the answer to that is quite simple, but not really what this article is about so we can save that for another time....

850 tons of ‘decontaminated’ Fukushima water dumped into ocean

The first batch of radioactive groundwater filtered below “measurable limits” at Japan’s tsumani-stricken Fukushima nuclear power plant has been dumped into the ocean, as...

The Big Old Dream

Everyday life is a big old dream that we’re sometimes lucky enough to wake up out of. When we don’t wake up – which...

The 75 Trillion Dollar Shadow Banking System Is In Danger Of Collapsing

Keep an eye on the shadow banking system – it is about to be shaken to the core.  According to the Financial Stability Board,...