This month saw the US Securities and Exchange Commission (SEC) bat away two proposals at ExxonMobil calling on the US oil giant to outline how it plans to reconcile its business with the Paris climate agreement.
One was co-filed by US non-profit, As You Sow and the UK’s Church Commissioners.
The other was filed by Dutch non-profit, Follow This.
As You Sow’s proposal was deemed to have been “substantially implemented” after the regulator was convinced by the firm’s claims that its strategic planning was already aligned with Paris [see RI’s coverage].
Follow This’ proposal was excluded on a technicality, not just at Exxon but also at Chevron and ConocoPhillips.
The Church Commissioners and New York State, which lead on Exxon as part of Climate Action 100+ (CA100+), have said they will now vote against the firm’s board in response to its positioning on climate.
Eyes will be on CA100+’s newest members, Blackrock and JP Morgan, to see how these…