CalPERS, NYC pensions urge Exxon investors to back climate measure

Pension fund chiefs from California and New York City urged Exxon Mobil shareholders on Wednesday to back a measure that would force the company to finely detail how its business will be impacted as governments move to tackle climate change.

CalPERS investment director Anne Simpson and NYC Comptroller Scott Stringer also said in a letter they would engage other shareholders as they push the world's largest publicly-traded oil company to say more about how its revenues, reserves and operations could be hurt by the Paris Agreement that governments signed in December to limit global warming to 2 degrees Celsius.

Their letter was the latest sign environmental concerns that were once peripheral for many investors have become mainstream, with some of the most traditional shareholder groups demanding fossil fuel companies in general, and Exxon in particular, do more in response to climate change.

"Climate change poses financial risks, and investors need better disclosure to understand and price those risks," the joint letter said.

“reserves and operations could be hurt by the Paris Agreement that governments signed in December to limit global warming to 2 degrees Celsius.”

And just how the hell do governments propose to accomplish this? Turn down the temperature dial?

what public agencies and mandatory-contribution pension schemes have to do with this silly proposal... should be NADA NIL NOTHING

CalPers management needs to get back to managing their portfolio and stay the hell out of politics, especially anti-business BS proposals like this!

Yep. The following investors drive oil prices up by pushing for more regulations against oil production (which lowers production, raises prices and provides more cash flow to them). Quite a racket, eh? Most of those who can afford to invest, by the way, are those who get their incomes from government.

OpenSecrets.org
American Fedn of St/Cnty/Munic Employees [State/County/Municipal Employees]
[Total Contributions:] $94,708,977
[To Dems & liberals:] $93,739,954
[To Repubs & Conservs:] $671,755
[Pct to Dems & liberals:] 99%
[Pct to Repubs & Conservs:] 1%

Leviathan (Uncle Sam employs more people than you think)
National Review ^ | 02/03/2011 | Iain Murray
"...nearly 40 million Americans employed in some way by government."

...and pensioners from the same.

America’s Ruling Class — And the Perils of Revolution
http://spectator.org/articles/39326/americas-ruling-class-and-perils-revolution

The Fragmenting of the New Class Elites, or, Downward Mobility
http://volokh.com/2011/10/31/the-fragmenting-of-the-new-class-elites-or-downward-mobility/

Environmentalism and the Leisure Class
http://www.freerepublic.com/focus/f-news/2835601/posts

The New Upper Class and the Real Reason We Dislike Them
http://www.freerepublic.com/focus/news/2843575/posts

Are you a member of the political class?
http://www.americanthinker.com/blog/2010/08/are_you_a_member_of_the_politi.html

Downton’s Class System — and Ours: We have a ruling class that despises the free market and does...
http://www.freerepublic.com/focus/f-news/3024119/posts

EXXON/MOBIL really needs to SHUT DOWN ALL OPERATIONS IN CA and NY, to do otherwise would be a HUGE COnflict of Interest considering they Are SUING THEM for Bogus Claims about Global Warming.

In the words of Jeff Kuhner they need to tell CA & NY pension boards to "Blank Off". Just like the Firearm Manufacturers that moved out of NY and CT did.....

Their are times the metaphorical Italian Salute is needed, these industries can't keep taking it. A Dick Cheney Vs. Leaky Leahy moment, and Reagan vs the Controllers Union come to mind as well. You have to stand and have a pair...

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