Free-Market Champion Exxon Asks For SEC Assistance To Swat Down Scary, Scary Shareholder Carbon Plan

[hatrack]

(Reuters) - Exxon Mobil Corp is trying to block an investor proposal that calls on the world’s largest publicly traded oil company to set targets for lowering its greenhouse gas emissions, two of the investor groups involved said on Sunday.

Exxon in late January wrote to the U.S. Securities and Exchange Commission that the proposal, which is set for a vote at its May annual meeting, is misleading and an attempt to “micro-manage the company,” spokespeople for investors supporting the proposal said. The Financial Times reported on the letter earlier on Sunday.

The Church Commissioners for England (CCE), the endowment fund of the Church of England, an institutional investor that supports the proposal, as well as New York State Comptroller Thomas DiNapoli, who manages the state’s pension fund that is pushing the proposal, both saw the Exxon letter, officials for both groups told Reuters.

“Trying to strike out a shareholder proposal from institutional investors with a fiduciary responsibility to manage climate risk is an outdated reflex,” CCE head of responsible investment Edward Mason said in a statement. “Our proposal deserves more serious consideration.”

EDIT

https://www.reuters.com/article/us-exxon-mobil-shareholders-climatechang/exxon-asks-u-s-regulator-to-block-climate-change-resolution-investors-idUSKCN1QD0X1

[Farmer-Rick]

1. Well, it was a corporation who wanted religion in their policies.

They like religion when it's saying don't give your female employees decent health benefits. But they don't like religion when it says wait a minute we're all making money by killing off our species, maybe we can manage a slower extinction.

[Raster]

2. exxon* is the prime example of why corporations are NOT people...

...and should never be treated as such. exxon* KNEW in the 1960's that burning fossil fuels was changing our planet's atmosphere, and not for the better. exxon* has fought against climate change science, understanding, and action for decades.

exxon* should be sold off part and parcel and the proceeds should be used to repair the damage that it has caused. And NO RESPITE for shareholders... they are accomplices.