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US Exxon, Chevron face new round of shareholder climate resolutions

01:40  16 december  2019
01:40  16 december  2019 Source:   reuters.com

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The Exxon and Chevron resolutions are vaguer than the European text, underscoring an Atlantic divide over companies' approach to climate change. Exxon last year successfully blocked a resolution by the Church Commissioners for England and the New York State comptroller's office.

Exxon Mobil and Chevron faced protests Wednesday from environmental activists and some of their own investors at their annual meetings, but shareholders still shot down proposals pushing for greater climate change transparency and accountability. The United States' two largest energy companies

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a black sign with white letters: FILE PHOTO: An Exxon sign is seen at a gas station in the Chicago suburb of Norridge© Reuters/Jim Young FILE PHOTO: An Exxon sign is seen at a gas station in the Chicago suburb of Norridge

LONDON (Reuters) - An activist group is increasing the pressure on five big U.S. and European oil companies with shareholder resolutions urging them to meet the Paris climate goals and cut carbon emissions.

a sign in front of a building: FILE PHOTO:  An entrance sign at the Chevron refinery, located near the Houston Ship Channel, is seen in Pasadena© Reuters/LOREN ELLIOTT FILE PHOTO: An entrance sign at the Chevron refinery, located near the Houston Ship Channel, is seen in Pasadena

Dutch group Follow This is targeting U.S. giants ExxonMobil, Chevron and their European rivals Royal Dutch Shell, BP and Equinor with climate resolutions ahead of next year's annual general meetings (AGMs) scheduled for the first half of 2020.

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But shareholders at Exxon Mobil approved one resolution that could make it easier to one day nominate an environmentalist to the board. ExxonMobil Chairman Rex Tillerson, shown here in 2015, urged shareholders to reject the resolutions , arguing that not enough is known about the

Both ExxonMobil and Chevron are urging voting shareholders to reject proposals that would force the companies to release climate impact reports, increase transparency of climate change lobbying efforts, adopt greenhouse gas emission (GHG) reduction targets, and in Exxon 's case

a close up of a sign: FILE PHOTO: The logo of Royal Dutch Shell is seen at a petrol station in Sint-Pieters-Leeuw© Reuters/Yves Herman FILE PHOTO: The logo of Royal Dutch Shell is seen at a petrol station in Sint-Pieters-Leeuw

Follow This owns minor stakes in the companies which enables it to file shareholder resolutions.

The Exxon and Chevron resolutions are vaguer than the European text, underscoring an Atlantic divide over companies' approach to climate change.

The U.S. version calls on the Exxon and Chevron boards to "align its strategy with emission levels compatible with the goal of the Paris Climate Agreement", which aims to keep global warming below 2 degrees Celsius.

The European companies, which all agreed in recent years on various emission reduction targets, are however urged to set and publish clear long-term targets to meet the Paris goals.

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Exxon and Chevron shareholders rejected a series of climate change-related proposals at the companies’ annual investors meetings on Wednesday. At Chevron ’s meeting, one investor proposal asked the company to report on its strategy for reducing its carbon footprint, putting the business in

SAN RAMON, Calif. - Today, 33% of investors at Chevron Corporation’s annual meeting voted in support of a shareholder resolution asking the company to report on how it plans to reduce its full range of greenhouse gas emissions and transition its business model to align with a decarbonizing

FILE PHOTO: Logo of BP is seen at a petrol station in Kloten© Reuters/Arnd Wiegmann FILE PHOTO: Logo of BP is seen at a petrol station in Kloten

The resolutions urge all companies to include all types of emissions in their climate strategies, including those from fuels and products sold to customers, known as Scope 3 emissions, which are 6 to 8 times bigger than emissions from the companies' operations.

Follow This first filed a climate resolution with Shell in 2016 but last year it expanded its efforts to other companies as the climate debate gathered momentum.

Its resolutions have always been opposed by the companies' boards and have never won a majority support, but they have often led to debates during annual meetings.

a sign on the side of a building: FILE PHOTO: Equinor's logo is seen at the company's headquarters in Stavanger© Reuters/INTS KALNINS FILE PHOTO: Equinor's logo is seen at the company's headquarters in Stavanger

It is still unclear if the U.S. resolutions will be put to vote as companies are allowed to request regulators to bar shareholder resolutions.

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Two big climate votes today at the Chevron Corporation (NYSE:CVX) and Exxon Mobil Corporation ExxonMobil shareholders voted in support of a shareholder resolution asking the company to Both resolutions were filed by As You Sow. Danielle Fugere, president of As You Sow, had this to

Shareholders worried, read the resolution , that Chevron had not adopted any policies to reduce pollution and subsequent climate change, despite the Lila Holzman, energy program manager of As You Sow, a shareholder advocacy group that helped draft the resolutions said the Exxon vote was

Exxon last year successfully blocked a resolution by the Church Commissioners for England and the New York State comptroller's office.

Follow This also renewed pressure on Shell with a call to set out clear short, medium and long-term targets for greenhouse gas emission targets.

Last year the group did not file a resolution with the Anglo-Dutch company after it had agreed in 2017 together with a large group of investors on a long-term ambition to halve its emission intensity by 2050.

Shell confirmed a resolution has been filed and it is being reviewed. BP declined to comment. Equinor did not reply to requests for comment.

Chevron confirmed the resolution was filed. A spokesman for the company said it was "too early to comment directly on stockholder proposals," adding that the company had established goals to reduce emission intensity in its upstream operations.

Exxon did not comment on the Follow This resolution but said that "all shareholder proposals will go through the proper process in advance of the annual meeting."

(Additional reporting by Jennifer Hiller in Houston, Nerijus Adomaitis in Oslo; editing by David Evans)

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