The Securities and Exchange Commission granted Exxon's request to block a shareholder resolution that would've urged the oil behemoth to adopt and disclose greenhouse gas emissions targets on its business and products in line with the Paris climate accord
The agency granted Exxon's request to block a shareholder resolution that would have urged the oil behemoth to adopt and disclose greenhouse gas emissions targets on its business and products in line with the Paris climate accord.The SEC ruled that the nonbinding proposal, which was backed by investors with $9.5 trillion in assets, would"micromanage" Exxon by seeking to impose"specific methods for implementing complex policies" in place of managerial judgment.
"Shareholder activism is on the rise, but companies are fighting backExxon pointed to the company's 2018 Energy and Carbon Summary as evidence that it is already doing its part to address the risks of climate change. Exxon pointed to other climate-related steps, including promises to cut emissions, research into fuel cells and biofuels and purchases of wind and solar energy.
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