Exxon and Chevron Targeted by Climate-Activist Shareholder Group
The Dutch activist fund that has filed shareholder resolutions pressuring major oil companies in Europe to take action on climate change has set its sights on the U.S.
Investor advocacy group Follow This has filed requests for shareholder votes at Exxon Mobil Corp. and Chevron Corp.’s annual meetings for the first time, asking the companies to align their plans with the Paris climate accord. It has also filed resolutions for Royal Dutch Shell Plc, BP Plc and Equinor ASA.
Big Oil has come under increasing pressure from investors and environmental groups to invest in cleaner fuels as part of a wider energy transition. While Follow This resolutions have so far been defeated, the group has gained public support from investors such as Dutch insurer Aegon and M&G Investments.
“We believe change comes from a small number of progressive investors, not the majority,” Follow This head Mark Van Baal said in a phone interview.
Read more: https://www.bloomberg.com/news/articles/2019-12-16/exxon-and-chevron-targeted-by-climate-activist-shareholder-group
