ExxonMobil is reportedly working to block a proposal from institutional investors to lower the company’s greenhouse gas emissions in line with the Paris climate agreement. The proposal, which would require Exxon to disclose more information about its carbon footprint, has been met by opposition from some of Exxon’s largest shareholders, including pension funds and other institutions. File Photo 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. Two investor groups, managing a total of $1.9tn, are pushing for the proposal and have called Exxon ’s efforts “shortsighted and disappointing”. Shell and BP recently broadened disclosure on emissions and linked executive pay to climate change efforts after facing similar pressure.
ExxonMobil is reportedly working to block a proposal from institutional investors to lower the company’s greenhouse gas emissions in line with the Paris climate agreement. The proposal, which would require Exxon to disclose more information about its carbon footprint, has been met by opposition from some of Exxon’s largest shareholders, including pension funds and other institutions. Two investor groups, managing a total of $1.9tn, are pushing for the proposal and have called Exxon ’s efforts “shortsighted and disappointing”. Shell and BP recently broadened disclosure on emissions and linked executive pay to climate change efforts after facing similar pressure.