BlackRock, world's largest asset manager, sends sharp message to
Investors sent a sharp message to both Chevron and
At Chevron, a resolution asking the company to produce a report disclosing the extent to which its lobbying aligns with the Paris Agreement achieved an historic 53% majority in its first ever year on the ballot, a result that "puts Chevron, and companies everywhere, on notice that investors view lobbying as a critical part of a company's core climate strategy," according to Ceres senior director of oil and gas
The shareholder proposal was led by investor
Logan added: "Majority votes on climate resolutions are here to stay, and companies had better get used to them.
Last September, investors with a combined
Similar resolutions on climate-related lobbying disclosure are on the ballot at
At Exxon, the world's largest asset manager BlackRock sent a sharp rebuke to the company's board, putting its significant weight behind a proposal to separate the board chair and the CEO position, and voting against two of the company's board members specifically on the grounds of its governance around climate change.
BlackRock took the significant step of discussing and explaining its position in a published bulletin, where it said: "We continue to see a gap in the company's disclosure and action with regard to several components of its climate risk management...we have not seen independent leadership of the board in either our direct engagement with board members, or through outcomes that signal the company is approaching these risks with the sense of urgency embraced by the market, investors, and the company's peers."
Logan added: "When the world's largest investor cites a failure on climate risk in its votes against two members of your board and its vote to strip the CEO of its position as board chair, you know you've got a problem. Exxon, as well as the rest of its investors, should hear this message loud and clear."
"Climate change poses a systemic risk for intergenerational investors like CalPERS." said
While
Ceres is a sustainability nonprofit organization working with the most influential investors and companies to build leadership and drive solutions throughout the economy. For more information, visit ceres.org and follow @CeresNews.
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