Rex Tillerson, chairman and CEO of ExxonMobil, managed to defeat proposals at yesterday’s annual meeting which would have required the company to acknowledge the environmental effects of climate change and its impact on the company’s profits. Tillerson claimed that reducing oil production was “not acceptable for humanity” and that he expected oil and gas to still be providing 60% of global energy by 2040. 41% of investors voted for a proposal calling for the publication of an annual report on the impact of climate policies agreed at COP21 on Exxon’s profits. Shareholders also won a vote that could help them to remove sitting directors and replace them with more environmentally conscious board candidates. An equivalent vote at Chevron’s annual meeting, also held yesterday, received Over 38% support.
Rex Tillerson, chairman and CEO of ExxonMobil, managed to defeat proposals at yesterday’s annual meeting which would have required the company to acknowledge the environmental effects of climate change and its impact on the company’s profits. Tillerson claimed that reducing oil production was “not acceptable for humanity” and that he expected oil and gas to still be providing 60% of global energy by 2040. Over 38% of investors voted for a proposal calling for the publication of an annual report on the impact of climate policies agreed at COP21 on Exxon’s profits. Shareholders also won a vote that could help them to remove sitting directors and replace them with more environmentally conscious board candidates. An equivalent vote at Chevron’s annual meeting, also held yesterday, received 41% support.