The proposal was organized by the Tri-State Coalition for Responsible Investment and the Interfaith Center on Corporate Responsibility (ICCR).
As the reduction of greenhouse gas (GHG) emissions become more imperative due to the growing body of scientific evidence on the impacts of climate change, fossil fuel companies are facing increased scrutiny from policy-makers, investors and the public. This proposal was only one of many climate-related proposal on the company proxies this year.
The proposal at ExxonMobile received 9.6% of the vote in support and at Chevron received 9% in support. The result is a disappointment, particularly given the urgency of action to address climate change and the regulatory and financial risks.
However, we were pleased that other climate change resolutions on fracking and board member with environmental expertise received strong support.