The Tri-State Coalition for Responsible Investment

Investors View Solid Support for Climate Proposals at ExxonMobil/Chevron AGMs as Wake-Up Call for Industry

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CEOs Tillerson and Watson remain bullish on fossil fuels in spite of mounting pressure from institutional investors calling for alternative, more sustainable energy pathways.

NEW YORK, NY, WEDNESDAY, MAY 25, 2016 ICCR members who have long advocated for climateconscious business planning at oil and gas giants ExxonMobil and Chevron, pushed for climate action through a variety of shareholder-sponsored proposals at today’s annual meetings in Dallas and San Ramon.

The strong results lend weight to investor arguments that the companies have not done enough to adapt their businesses to the 2°C scenario adopted in the Paris Climate Agreement. The CEOs’ comments and answers during the Q & A sessions at the respective annual meetings did little to allay investor anxieties that management is prepared for the new climate realities threatening their business models.

Collectively the votes in favor of the eight climate-related proposals on the ExxonMobil ballot sent a clear message that shareholders are dissatisfied with how ExxonMobil is managing climate risks, responding to the moral imperative and political reality of the 2° C target, and aligning lobbying activities and trade association memberships with its stated positions on climate change. This includes a resolution calling for a change to the proxy access bylaw, filed in part due to ExxonMobil’s climate risk management, which would permit large shareholders to nominate directors: the proposal received more than 60% support.

Full Press Release Available here.

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