CalPERS Urges Exxon Shareowners Vote “Yay” on Climate Change Proxy May 31

Proposal #12  looks to enhance reporting on impact of oil and gas reserves under 2-degree target and review long-term impacts.

Exxon Mobil shareowners are being urged by the California Public Employees’ Retirement System (CalPERS) to vote in favor of a proxy ballot resolution requiring the company to report on climate change related environmental risks and opportunities.

Formally titled Proposal #12, the resolution will be voted on at the international oil and gas company’s Annual General Meeting on May 31.

Under the “2 Degree Scenario,” the proposal would request an assessment of the company’s portfolio, which would not only enhance existing reporting by analyzing oil and gas reserve impacts under the globally agreed 2-degree target, but also review long-term impacts of global climate change policies as well as technological advancements. The assessment also looks to examine the financial risks and resiliency of Exxon Mobil’s portfolio through 2040 and beyond.

“Exxon is a leading voice in the business community supporting the Paris climate change goals to limit global warming to 2 degrees,” said Anne Simpson, CalPERS investment director, sustainability, in a press release. “We applaud their efforts and encourage Exxon directors to engage with shareowners. It’s time for Exxon to provide investors with the risk reporting that backs up their welcome policy position.”

The meeting will be held at the Morton H. Meyerson Symphony Center in Dallas, Texas, at 9:30 a.m. CT. Supplemental proxy materials may be downloaded here.

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