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Exxon shareholders want action on climate change. The SEC calls it micromanagement.
Full disclosure: I have a few shares of ExxonMobil that I got through an inheritance. I'm not even sure how many there are. IIRC, I did not take management's advice on these issues. I don't always go along with shareholder proposals, as a lot of them are from a handful of crackpots.
What's the point of being an owner if you don't get to vote on how things are run?
2019 Annual Meeting of Shareholders
ExxonMobil's 2019 Annual Meeting of Shareholders will be held on Wednesday, May 29, 2019 at the Renaissance Dallas Hotel Conference Center, 2222 North Stemmons Freeway, Dallas, Texas 75207 at 9:30 a.m. CT.
....
2019 Proxy Statement
PDF/6.10 MB • Apr. 11, 2019
ExxonMobil's 2019 Annual Meeting of Shareholders will be held on Wednesday, May 29, 2019 at the Renaissance Dallas Hotel Conference Center, 2222 North Stemmons Freeway, Dallas, Texas 75207 at 9:30 a.m. CT.
....
2019 Proxy Statement
PDF/6.10 MB • Apr. 11, 2019
Health & Science
Exxon shareholders want action on climate change. The SEC calls it micromanagement.
By Steven Mufson
May 8 at 6:33 PM
Big investment firms are again using their vast stock holdings to pressure corporate executives over everything from boardroom diversity and political activity to food waste and plans to reduce greenhouse-gas emissions. ... But the Securities and Exchange Commission, which has widened its definition of shareholder “micromanaging,” has sided with company management and has issued guidance effectively keeping a wide array of shareholder resolutions off annual-meeting ballots.
One of the highest-profile battles is being waged over a proposal that would have urged ExxonMobil to disclose short-, medium- and long-term greenhouse-gas targets “aligned with” reductions established by the Paris climate agreement in 2015 in an effort to limit global warming to two degrees Celsius, if not 1.5 degrees.
....
The company’s three biggest shareholders are Vanguard, BlackRock and State Street, with a total of nearly 20 percent of Exxon’s stock. How they will vote is a crucial question; they supported the 2017 measure but have not indicated their plans this year. ... The New York pension fund has $207 billion in assets and the Church Commissioners group manages about $10.8 billion in investments for the Church of England, but their ExxonMobil holdings are relatively modest.
....
Majority Action has two resolutions at Duke Energy, one aimed at forcing transparency about lobbying and political spending and the other seeking a report on public health risks posed by coal operations. The group also lamented that Duke renominated former steel executive Daniel DiMicco to its board; DiMicco has said that he does not believe in the need for climate policies.
....
Steven Mufson covers the business of climate change. Since joining The Washington Post in 1989, he has covered economic policy, China, diplomacy, energy and the White House. Earlier he worked for The Wall Street Journal in New York, London and Johannesburg. Follow https://twitter.com/StevenMufson
Exxon shareholders want action on climate change. The SEC calls it micromanagement.
By Steven Mufson
May 8 at 6:33 PM
Big investment firms are again using their vast stock holdings to pressure corporate executives over everything from boardroom diversity and political activity to food waste and plans to reduce greenhouse-gas emissions. ... But the Securities and Exchange Commission, which has widened its definition of shareholder “micromanaging,” has sided with company management and has issued guidance effectively keeping a wide array of shareholder resolutions off annual-meeting ballots.
One of the highest-profile battles is being waged over a proposal that would have urged ExxonMobil to disclose short-, medium- and long-term greenhouse-gas targets “aligned with” reductions established by the Paris climate agreement in 2015 in an effort to limit global warming to two degrees Celsius, if not 1.5 degrees.
....
The company’s three biggest shareholders are Vanguard, BlackRock and State Street, with a total of nearly 20 percent of Exxon’s stock. How they will vote is a crucial question; they supported the 2017 measure but have not indicated their plans this year. ... The New York pension fund has $207 billion in assets and the Church Commissioners group manages about $10.8 billion in investments for the Church of England, but their ExxonMobil holdings are relatively modest.
....
Majority Action has two resolutions at Duke Energy, one aimed at forcing transparency about lobbying and political spending and the other seeking a report on public health risks posed by coal operations. The group also lamented that Duke renominated former steel executive Daniel DiMicco to its board; DiMicco has said that he does not believe in the need for climate policies.
....
Steven Mufson covers the business of climate change. Since joining The Washington Post in 1989, he has covered economic policy, China, diplomacy, energy and the White House. Earlier he worked for The Wall Street Journal in New York, London and Johannesburg. Follow https://twitter.com/StevenMufson