Exxon Mobil shareholder group will support climate change proposals at May 28 annual meeting

By Lisa Kerner

Charlotte, N.C., May 21 - Nineteen institutional investors with more than $740 billion in combined assets under management are voting in support of resolutions asking Exxon Mobil Corp. to address "climate change risks and opportunities."

The group said it will also support a proposal to separate the position of chairman and chief executive officer currently held by Rex Tillerson, according to a Ceres news release.

Ceres is a coalition of investors, environmental groups and other public interest organizations working to address sustainability challenges such as global climate change.

Exxon Mobil's annual meeting is set for May 28.

The group of institutional investors includes the California Public Employees' Retirement System, the California State Teachers' Retirement System, the New York State Common Retirement Fund and Connecticut Retirement Plans and Trust Funds.

"Exxon Mobil has taken an alarmingly relaxed position when it comes to dealing with climate change and the risks it presents to the company's long-term success," Ceres president Mindy S. Lubber said in the release.

Lubber is also director of Ceres affiliate Investor Network on Climate Risk, which helped coordinate the shareholder resolutions.

Shareholders are asking Exxon Mobil to develop comprehensive greenhouse gas emission reduction targets and to create a task force to investigate the consequences of climate change on business models in emerging markets.

In addition, shareholders want Exxon Mobil to report on how it will become "an industry leader in developing technologies to create energy independence in the United States."

According to the release, Exxon Mobil, unlike peers such as Chevron, BP and Shell, does not support national climate policies to curb greenhouse emissions.

On May 20, CtW Investment Group announced its support of shareholder proposals.

CtW Investment said the Irving, Texas, oil and gas company needs "to develop renewable energy programs that address global market changes related to climate change."

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