2016 is a watershed year for the fossil fuel industry, in particular, oil and gas giants ExxonMobil and Chevron. Pressure is building in the wake of last year's historic agreement at COP21 in Paris, where nations of the world, global corporations and leading investors achieved consensus on the need to limit global warming to below 2-degrees Celsius to avoid catastrophic planetary impacts. Pending investigations by 17 State Attorneys General is also intensifying public pressure for action. The Papal Encyclical, Laudato Si', continues to grow in significance, and has done much to underline the clear moral imperative to address the 2 degree warming scenario.
Simultaneously, fossil fuel companies face both a moral and business imperative to rethink their long-term business strategies, as these companies face impending regulation that will soon force them into compliance. Faith-based and values investors and members of the Interfaith Center on Corporate Responsibility have been pressing for this transition for nearly 40 years. This year, proponents of shareholder proposals at both Exxon and Chevron (both on May 25) will be making their cases at the annual meetings of both companies in the hope that shareholders will broadly join them in pressing the companies to change.
ICCR members and representatives from the Union of Concerned Scientists held a joint 30 minute tele-press briefing on Monday, May 23 at 11:30am Eastern. LISTEN TO THE RECORDING HERE.
Telebriefing #1 -- 11:30am Eastern -- Speakers included investor advocates from the Interfaith Center on Corporate Responsibility, climate scientists and others who will be presenting resolutions on and/or speaking about the need for ExxonMobil (and Chevron) to adapt to a 2-degree scenario at their respective shareholder meetings.
(Note: Chevron’s shareholder meeting was also May 25)
The speaker line-up was:
Investors and members of the Interfaith Center on Corporate Responsibility (ICCR)
- Sr. Patricia Daly - TriState Coalition for Responsible Investment
- Danielle Fugere - As You Sow Foundation
- Rev. Michael Crosby - Province of St. Joseph of the Capuchin Order
Union of Concerned Scientists / Amazon Watch
- Moderator: Kathy Mulvey - Union of Concerned Scientists
- Mike MacCracken - Union of Concerned Scientists
- Paul Paz y Miño - Amazon Watch
Preliminary Exxon Vote Results (excludes abstentions)
- Item 4 – Independent Chairman – 38.8% .
- Item 5 – Climate Expert on Board – 20.9% for 79.1% against.
- Item 6 – Hire an Investment Bank - 2%
- Item 7 – Proxy Access Bylaw – 61.9% for 38.1% against
- Item 8 – Report on Compensation for Women - 8.5% for 91.5% against
- Item 9 – Report on Lobbying – 25.8% for 74.2% against
- Item 10 – Increase Capital Distributions – 4.1% for – 95.9 against
- Item 11 – Policy to Limit Global Warming to 2°C – 18.5% FOR 81.5% against
- Item 12 – Report on Impacts of Climate Change Policies – 38.2% for 61.8 against
- Item 13 – Report Reserve Replacements in BTUs – 5.5% FOR and 94.5 % against
- Item 14 – Report on Hydraulic Fracturing - 24.5% for 75.5 against
Preliminary Chevron Vote Results
- Carbon Legislation Impact Assessment --41%
- Greenhouse Gas Reduction - Science-Based Targets -- 41%
- Lobbying Expenditures - Climate Policy
- Quantify Reserve Replacements in BTUs
- Right to Call Special Shareholders' Meeting
- Shale Energy Operations - Quantitative Risk Management -- 31%