SEC sides with Exxon by blocking major climate vote

[Maxheader]

Source: CNN



New York (CNN Business)ExxonMobil has dodged a climate change shareholder vote — with some help from the SEC.
The agency granted Exxon's request to block a shareholder resolution that would have urged the oil behemoth to adopt and disclose greenhouse gas emissions targets on its business and products in line with the Paris climate accord.
The SEC ruled that the nonbinding proposal, which was backed by investors with $9.5 trillion in assets, would "micromanage" Exxon (XOM) by seeking to impose "specific methods for implementing complex policies" in place of managerial judgment.
The decision deals a blow to momentum in the investment community to coax fossil fuel companies to come to terms with the realities of climate change. Exxon's European rivals have already agreed to adopt similar emissions targets.

Read more: https://www.cnn.com/2019/04/03/investing/exxon-sec-climate-change-shareholder-vote/index.html

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Securitys exchange commision? What the hell are they doing getting involved in climate change discussions?

"micromanage" Exxon (XOM) by seeking to impose "specific methods for implementing complex policies" in place of managerial judgment.

What a load of brown smelly...

[bigbrother05]

1. Why is the SEC interfering with internal shareholder governance?

Doesn't appear that they were asking Exxon to violate any laws, just internal business practices.

Exxon management got the SEC to protect them from their shareholders, i.e. the owners.

[Maxheader]

2. Screw exxon..Maybe the shareholders can throw their investments into green energy corps...

If such a thing exists....

[nykym]

3. Maybe

SEC = Screw Environmentalists Concerns

[sinkingfeeling]

4. Everybody on the Right is terrified of voting.

[riversedge]

5. "We're not going away," New York State Comptroller Thomas DiNapoli, who runs the state's pension fun

glad they will continue the fight


....But backers of the proposal, including the New York State pension, vowed to keep fighting for change at Exxon and other oil companies.
"We're not going away," New York State Comptroller Thomas DiNapoli, who runs the state's pension fund, told CNN Business. "Don't take a minor setback as defeat. It's part of a longer process."

The New York State Common Retirement Fund, which owned 10.5 million shares of Exxon as of the end of last year, led the Exxon shareholder proposal along with the Church of England's endowment fund. DiNapoli suggested the SEC's position was "influenced" by the Trump administration's climate change skepticism.


"We've had a national administration spend a lot of time denying that climate change is a reality," DiNapoli said.
Exxon declined to comment on the SEC ruling.

[stuffmatters]

6. Props to the C of E (Episcopal Church) for leading this proposal along w NYS Retirement Fund