AP4 part of shareholder proposal for climate change at ExxonMobil and Chevrons AGM

In conjunction with ExxonMobil and Chevrons annual general meeting some public and faith-based investors - including AP4, AP2, AP3 and AP7 among others – urged the oil and gas giants to live up to their stated visions as energy companies of the future by driving the transition to a low-carbon economy.

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.

Publicerad den 26 maj 2015