Exxon shareholders back board and vote no to faster carbon emission cuts


By Sabrina Valle and Rithika Krishna

HOUSTON, May 25 (Reuters) - Exxon Mobil Corp XOM.N shareholders on Wednesday backed the energy company's energy transition strategy, voting against most proposals related to accelerating carbon emission cuts.

Major oil producers in the U.S. and Europe faced less hostile investor votes tied to climate change this year compared to a year ago as energy security and rising fuel prices overshadowed environmental concerns.

In a preliminary voting session with more than 80% of Exxon's investors, shareholders voted against a resolution filed by activist group Follow This urging faster action to battle climate change.

Only 28% of the participants backed the proposal for setting and publishing medium and long-term targets to reduce the greenhouse gas emissions from Exxon's operations and products as well as reducing hydrocarbon sales.

A proposal calling for a report on low carbon business planning was not approved, with only 10.5% votes in favor. Investors also gave a no vote for a report on plastic production, with 37% voting for it.

Shareholders approved a proposal for the company to create a report on scenario analysis for climate change.

(Reporting by Sabrina Valle Editing by Chris Reese)

((sabrina.valle@tr.com; Twitter: @sabrinavalle;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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