ESG Blowback: Exxon, Chevron Investors Reject Climate Measures
Shareholders’ votes, along with others in Europe, deal a blow to activists
https://www.wsj.com/articles/esg-blowback-exxon-chevron-investors-reject-climate-measures-4532da99
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An investor-driven climate change push at some of the world’s largest oil companies has stalled out.
On Wednesday, Exxon Mobil XOM -1.79%decrease; red down pointing triangle and Chevron’s CVX -1.63%decrease; red down pointing triangle shareholders struck down a raft of proposals urging the companies to cut greenhouse-gas emissions derived from fuel consumption, put out new reports on climate benchmarks and disclose certain oil-spill risks, among other initiatives.
The votes were abysmal for climate activists. All but two of the 20 shareholder proposals for the two companies garnered less than 25% of investors’ vote, according to preliminary results, with some performing much worse than similar proposals put forward last year.