The Guardian reports: ExxonMobil will face a revolt from some of its biggest and most influential shareholders on Wednesday as they fight to force the world’s largest oil company to open up about the effect of climate change on its future profits.
Investors managing more than $10tn (£6.9tn) of assets will vote in favour of a resolution calling on Exxon to “publish an annual assessment of long term portfolio impacts of public climate change policies” following the Paris Agreement to limit the global temperature rise to less than 2C (3.6F).
The resolution up for discussion at Exxon’s annual meeting in Dallas has been proposed by the New York state comptroller, a trustee of the New York State Common Retirement Fund, the third largest US pension fund, and the Church of England.
More than 30 of Exxon’s largest shareholders, including the pension funds of the governments of Norway, Canada and California, Legal & General Investment Management and Schroder’s, have said they will also vote in favour of the motion. Other supporters of the motion include the pension funds of local authority workers in Greater Manchester and Tyne & Wear. [Continue reading…]