Exxon is showing shareholder climate activists a red rag AntonyMCurrie
The Securities and Exchange Commission on April 2 gave Exxon Mobil permission to exclude a climate change-related shareholder proposal from its proxy materials for its 2019 annual meeting.
The proposal, submitted by the New York State Common Retirement Fund, sought to prompt the company to set emissions targets “aligned with the greenhouse gas reduction goals established by the Paris climate agreement.” SEC Special Counsel Courtney Haseley said that the proposal would “micromanage” the company by seeking to impose complex policies in place of the judgment of the management and board.
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