Exxon shareholders vote to force company to disclose climate risks

[Yo_Mama_Been_Loggin]

In a surprise victory for climate advocates, 62 percent of Exxon shareholders voted in favor of a resolution requiring the oil and gas giant to report how its business will be affected by global efforts to address climate change and keep warming to below 2ºC (3.6ºF).

The vote came at Exxon’s annual meeting Thursday, just hours after it was reported that the United States would likely leave the Paris climate agreement, in which nearly every country has committed to lower emissions in an effort to meet a less-than 2ºC goal.

“The need for extractive companies to provide disclosure on the resilience of their portfolios to the transition to a low carbon economy is generally established,” the proposal authors wrote. “This resolution aims to ensure that ExxonMobil fully evaluates and discloses to investors risk to the viability of its assets as a result of the transition to a low carbon economy.”

The resolution’s passage was lauded by activist investors, who have been trying for years to get the company to address risk to the company’s assets in the face of global efforts to combat climate change. Last year, none of the four climate-related resolutions passed.

https://thinkprogress.org/exxon-climate-resolution-893733366068

[NoWheyJose]

1. I would guess a transition to a low carbon economy might not benefit an oil company

But then I'm not an economist.

[Lithos]

3. Most oil companies such as Exxon

Diversified a long time ago. Oil is too cyclical and thus risky to profits. Further transition should not be a death knell to the company.

[american_ideals]

2. This is big. Means big fund managers care about this.

The big fund managers probably care because of the risk to their bottom line. But still, it's good that their bottom line accords with saving the planet.