Exxon shareholders reject faster carbon emission cuts

news item image
ExxonMobil Corp shareholders have backed the energy company's energy transition strategy - voting against most proposals related to accelerating carbon emission cuts, Reuters reported.
Major oil producers in the US and Europe faced less hostile investor votes tied to climate change this year compared to a year ago as energy security and rising fuel prices overshadowed environmental concerns.
In a preliminary voting session with more than 80% of Exxon's investors, shareholders voted against a resolution filed by activist group Follow This, urging faster action to battle climate change.
Only 28% of the participants backed the proposal for setting and publishing medium and long-term targets to reduce the greenhouse gas emissions from Exxon's operations and products as well as reducing hydrocarbon sales.
A proposal calling for a report on low carbon business planning was not approved, with only 10.5% votes in favour. Investors also gave a no vote for a report on plastic production, with 37% voting for it.
Shareholders approved a proposal for the company to create a report on scenario analysis for climate change.

136 queries in 1.063 seconds.