Exxon shareholders reject faster carbon emission cuts
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.