ExxonMobil (XOM) is bracing for stiff opposition at Wednesday's annual shareholder meeting from activists and shareholders upset with the oil giant's stance on climate change.
All eyes will be on a shareholder proposal that calls for Exxon to install an independent board chair during its next CEO transition. Exxon opposes the shareholder proposal, noting its board comprises entirely independent directors, other than the CEO. However, the proposal has received support from the Church of England’s endowment fund and the New York State pension fund.
Those groups are irked by Exxon’s successful effort to lobby the SEC to block a separate resolution they proposed that would have urged the company to adopt and disclose greenhouse gas emissions targets.
"The transition to the low-carbon economy is the single greatest challenge the company faces,” Edward Mason, head of responsible investment at the Church Commissioners for England, told CNN Business.
The greenhouse gas emissions proposal that was blocked by the SEC was backed by Mason and other investors with a total of $9.5 trillion in assets. That group, known as Climate Action 100+, previously reached agreements with Royal Dutch Shell, Equinor, BP and other oil giants.
We believe the issues we have been having with engagement at Exxon are linked to governance of the company,” said Mason.
https://www.cnn.com/business/live-news/stock-market-news-today-052919/index.html
2019-05-29 12:14:00Z
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