Exxon shareholders launch fight against directors over climate change proposal
New York State Common Retirement Fund and the Church of England vow to vote against board at the company’s annual meeting due to inadequate response
New York — A group of Exxon Mobil shareholders launched a proxy fight against the oil company’s directors after failing to get a climate proposal on to the ballot for the company’s annual meeting. The New York State Common Retirement Fund, led by New York state comptroller Thomas DiNapoli, and the Church of England said they would vote against all Exxon directors at the company’s May 29 annual meeting and urged other shareholders to consider doing the same. Exxon’s “inadequate response to climate change constitutes a serious failure of corporate governance” they said in a filing on Friday. The investors, who said they are acting with the Climate Action 100+ group of investors who oversee $32-trillion in assets, also urged shareholders to vote in favour of proposals for an independent chair, the establishment of a climate change board committee and a report on lobbying. Scott Silvestri, an Exxon spokesperson, pointed to the company’s proxy statement in which the board recommended th...
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