Exxon, Chevron Shareholders Reject Climate Resolutions

chevronShareholders at Exxon Mobil and Chevron rejected resolutions backed by environmentalists that would have pushed the companies to take stronger stands in favor of limiting climate change.

Environmentalists took solace, however, that some of their ideas gained considerable support.

At Chevron Corp., a resolution asking for an annual report each year on how climate-change policies will affect the company received 41 percent of the vote. A similar resolution at Exxon got 38 percent.

Also, Exxon Mobil Corp. shareholders voted to ask directors to adopt a proxy-access rule, which would make it easier for shareholders to propose their own board candidates. Backers including the New York City comptroller said it could result in the election of independent directors who could help the company address risks like climate change.

The meetings Wednesday — Exxon’s in Dallas, Chevron’s in San Ramon, California — came as the companies are trying to dig out from the collapse in crude prices that began in mid-2014. Exxon earned $16.15 billion last year, its smallest profit since 2002. Chevron’s annual profit plunged 76 percent to $4.59 billion and included the company’s first money-losing quarter since 2002.

Crude prices have rebounded since February, boosting the shares of the top two U.S. oil companies, but they remain about half of what they were at their last peak.

Exxon is also dealing with investigations by officials in several states into what the company knew and allegedly didn’t disclose about oil’s role in climate change.

The company’s shareholders rejected resolutions to put a climate expert on the board and support the goal of a UN meeting in Paris last year to limit global warming to 2 degrees Celsius above pre-industrial levels.

Read rest…

Comments (3)

  • Avatar



    “Limiting climate change ” Oh really ?
    Sun spot activity is too high or low for some peoples liking . So how are they going to limit it ?
    Humans have virtually no influence one way or the other on climate change .
    At least when they were grossly overstating global warming model projections they called it global warming not some nondescript weasel words like climate change .

    Global warming is the best possible thing to happen to plants ,animals , trees and sea creatures . Humans will maybe have to move their beach furniture a half inch every
    10 or 20 years but we will put on our big kids pants and adapt either way .

    A $$ trillion dollar scam sold on the basis that something good for the planet is supposed to be scary bad .

    No wonder humans will likely do themselves in long before the planet does .

  • Avatar



    It is very simple, all those greenies have to do is quit buying fossil fuels . See how many others enjoy their cave dweller life style .

    Last time I looked gasoline , home heating fuel and natural gas were all legally sold products that contribute tremendously to the highest stand of living ever on earth . Plants ,forests and animals are better off now than the last ice age . Or are the greenies denying that ?

    Simply put extreme green wants to guilt trip and shake down fossil fuel companies
    who they are betting on will write them big checks if they huff and puff enough .

    The good news is this is the last desperate kick at the can as this massive fraud implodes . When can we expect global cooling hysteria again ?

Comments are closed