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Exxon Unlikely to Change Course on Climate Change at Annual Shareholder Meeting

ExxonMobil Corp. wants to extend its quarter-century streak of largely resisting the demands of some of its most vocal shareholders to alter course on climate change.

At the annual stockholders meeting on Wednesday, management will again urge rejection of six resolutions on global warming. These include taking moral responsibility for climate change, electing a board member with environmental expertise, paying special dividends rather than investing more in fossil fuel reserves, and assessing how global action to slow climate change would affect Exxon's business.

What's different this year is that Exxon is doing so in the face of mounting pressure from dozens of activist stockholder groups, including some with significant holdings. State attorneys general are investigating whether Exxon violated racketeering, consumer protection or investor protection statutes through what it said about climate change. Other oil companies are already shifting gears. Shell, BP and Statoil last year backed resolutions to assess the implications of restrictions on fossil fuel use, and ConocoPhillips is conducting such an analysis.

Mike Mozart

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