HOUSTON, May 25 (Reuters) - Exxon Mobil Corp
shareholders on Wednesday backed the energy company's board and
its energy transition strategy, voting against most proposals to
accelerate cuts of carbon emission.
Major oil producers this year flipped the script and won
over investors to their climate-change strategies as worries
over energy security and fuel prices overshadowed environmental
resolutions. At Exxon, results marked a major shift from a
year-ago when activist investors secured three seats on its
Shareholders voted down a resolution from Dutch activist
group Follow This that sought to set targets for reducing its
customers' emissions from burning its fuels, called scope 3.
Only 28% of votes that were cast backed the proposal. If
approved, it would have reduced sales of fossil fuels, and made
the company set and publish medium- and long-term targets for
cutting overall greenhouse gas emissions.
Chief Executive Darren Woods said the company is expanding
investments in fossil fuel production to minimize a global
energy shortage and the rising prices for consumers.
"We don't believe scope 3 targets are an effective way to
manage total society emissions," Woods said. "Access to reliable
energy is foundational to our daily lives."
A report on low-carbon business planning collected 10.5% of
ballots cast. Investors also gave thumbs down to a providing a
report on plastic production, with more than 37% in favor.
While Exxon's operational strategy got investor backing,
shareholders did endorse a call to provide better climate data
analysis. It seeks an audited report assessing the impact that
the transition to net zero emissions would have on its finances.
Todays vote is a major win for both investors and the
planet, and a step change in ensuring company accounts match
climate rhetoric," Charlie Kronick, a senior programme adviser
at Greenpeace UK, said.
Exxon shareholders also rejected calls to replace directors
by re-elected its board, and supported the companys executive
(Reporting by Sabrina Valle
Editing by Chris Reese and David Gregorio)