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Exxon shareholders reject climate proposals from activist in annual meeting
Exxon shareholders soundly reject all climate-related petitions By Reuters
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Published May 31, 2023 12:20PM ET
Updated May 31, 2023 12:46PM ET
(C) Reuters. FILE PHOTO: A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018. REUTERS/Sergio Moraes/File Photo
By Sabrina Valle and Mrinalika Roy
HOUSTON (Reuters) – Exxon Mobil Corp (NYSE:XOM). shareholders on Wednesday overwhelmingly supported the company’s views on climate reports and strategies, rejecting proposals for report on methane, greenhouse gas reporting and oil-spill preparations by a wide margin.
None of the initiative proposals received more than 36% of votes cast, according to early results at the online shareholder meeting. Several of the proposals won only low-double digit support.
Results showed a lessening of support for proposals designed to strengthen oil and gas firms contributions to tackling climate change. After winning some ground earlier this decade, the initiatives lost ground after the worries soared over supply and prices following Russia’s invasion of Ukraine.
A proposal to increase Exxon’s methane-gas measurement reporting won 36% of votes cast, the largest for any climate initiative. A similar methane-gas reporting request won 51% of votes last year.
A shareholder request to set medium-term targets to reduce greenhouse gas emissions from customers’ use of its fuels, known as scope 3 targets, received only 11% of votes, according to figures released by the company.
Exxon is the only one of the five Western oil majors with no 2030 target for reducing customers’ carbon emissions (GHG) from its products.
Shareholders also rejected disclosures on worst-case scenario oil-spill response plan for its Guyana operations, with only 13% of the votes for it. Its offshore Guyana projects are responsible for the company’s fastest-growing oil-production.
Exxon shareholders soundly reject all climate-related petitions
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