Comptroller Thomas P. DiNapoli, as Trustee of New York State Common Retirement Fund, and the Church of England co-filed a shareholder proposal at ExxonMobil in December, asking the company to assess how the worldwide effort to rein in global warming would impact its business. In response, ExxonMobil sought clearance from the Securities and Exchange Commission (SEC) to block DiNapoli’s proposal from a shareholders' vote at its annual meeting. Today, the SEC rejected that request.
“This is a major victory for investors who are working to address the risks that global warming presents to our portfolios,” DiNapoli said. “The Securities and Exchange Commission’s determination upholds shareholders’ rights to ask for vital information. Investors need to know if ExxonMobil is taking necessary steps to prepare for a lower carbon future, particularly now in the wake of the Paris agreement. We look forward to presenting our proposal to fellow shareholders at ExxonMobil’s annual meeting.”
Edward Mason, Head of Responsible Investment for the Church Commissioners, said: "We are delighted that shareholders will have the opportunity to confirm that they would like ongoing assurance from ExxonMobil that the company is positioning itself for the transition to a low carbon economy."
The SEC’s full opinion can be read here: https://web.osc.state.ny.us/pension/Exxon_Mobil_Corporation_New_York_State_Common_Retirement_Fund.pdf
Previous press releases on this shareholder proposal can be read here: