Exxon shareholders pass measure that may put climate expert on board

Wed May 25, 2016 5:43pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

By Luc Cohen and Rory Carroll

DALLAS/SAN RAMON, Calif. (Reuters) - Voters at Exxon Mobil Corp's (XOM.N: Quote) annual meeting on Wednesday approved a measure to let minority shareholders nominate outsiders for seats on the board, meaning a climate activist could eventually become a director at the world's largest publicly traded oil company.

The so-called proxy access measure was the first Exxon shareholder proposal since 2006 to be approved, and it was the only one of 11 proposals related to climate change to pass at meetings held on Wednesday by Exxon and fellow U.S. major Chevron Corp (CVX.N: Quote).

This year's meetings were arguably the tensest ever, coming on the heels of the Paris accord to curb fossil fuel emissions and as New York's attorney general investigates allegations from environmentalists that Exxon misled the public about climate change risks.

Exxon has denied this and complained of being unfairly targeted.

More than 60 percent of Exxon shareholders backed proxy access, which was narrowly defeated last year. Exxon's board had opposed the proposal, saying it risked increasing the influence of "special interest groups."

New York City Comptroller Scott Stringer, who sponsored the proxy access proposal, urged the board to enact it.

"If this company is to properly address fundamental long-term risks like climate change, its board of directors must be diverse, independent, and accountable," he said in a joint statement signed with the California Public Employees' Retirement System.

Stringer later called Exxon shareholders' approval of the measure a "watershed moment."   Continued...

 
The logo of Down Jones Industrial Average stock market index listed company Exxon Mobil is seen in Encinitas, California April 4, 2016.  REUTERS/Mike Blake/File Photo