Facepalm: Exxon and Chevron shareholders nix climate change proposals

Majority shareholders from both ExxonMobil and Chevron voted against initiatives for the companies to be more conscious when it comes to global warming.


May 31, 2019

In recent years, big oil companies have faced pressure to get more aggressive on climate change prevention. But with every step forward, it seems they take 20 steps back. And on Wednesday, it happened again.

Resolutions pushing ExxonMobil and Chevron to act on the prevention of global warming were almost unanimously defeated at their annual shareholder meetings.

*big, long, exasperated ‘sigh’*

At Exxon’s meeting, a proposal to create a special board committee on climate change died with just 7.4% support.

Chevron’s meeting had a similar outcome, where roughly 92% opposed creating a new board committee, and 67% opposed cutting emissions “in alignment” with the Paris agreement.

*even bigger, longer, more exasperated ‘sigh’*

The climate-related proposals were rejected by investors speaking for most of the 2 oil giants’ shares because, naturally, they stand to make the most money by continuing to eat the earth for breakfast, lunch, and dinner.

That said, the initiative at Exxon to remove CEO Darren Woods as chairman of the board saw an uptick in minority support, which Edward Mason, head of responsible investment for the Church of England, described as “a warning shot to management” reflecting “profound dissatisfaction” among investors.

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