Shareholders Demand Accountability from ExxonMobil

ExxonMobil shareholders demand climate risk assessment

“ExxonMobil’s chief executive Darren Woods said the company would reconsider how it communicated the risks to its balance sheet arising from climate change and climate policy, after shareholders approved a measure calling for increased transparency on climate risks. Sixty-two percent of ballots cast were in support of the proposal.

The proposal asked ExxonMobil to report on risks its business could face from energy and transportation technology changes, and from climate change limitation policies such as the UN’s 2015 Paris Accord – which President Donald Trump is reportedly on the cusp of having the United States withdraw from.

“We take the vote seriously, will respond to that feedback, and look for opportunities” to communicate the company’s climate exposure, Woods said.

In the run-up to the vote, Woods and the company’s top management had argued that it already provided sufficient information on the potential impact of changing technologies and energy demand on its asset portfolio.”

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