London — Earlier in 2019, one of Meryam Omi’s deputies at Legal & General Investment Management (LGIM) sat down with board members and managers from ExxonMobil to discuss how the oil giant could address climate change. LGIM, which manages about $1.3-trillion, is one of Exxon’s top 20 shareholders.

The Exxon delegation listened, but it didn’t accept the suggestions, says Omi, LGIM’s head of sustainability and responsible investment strategy. Around the same time, Exxon persuaded the US Securities and Exchange Commission (SEC) to block a shareholder resolution that pushed the oil giant to do more to address climate risks...

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