Close, but no cigar.
Exxon and Chevron shareholders have voted down resolutions demanding that their companies explore their vulnerability to climate change action.
Chevron shareholders voted 41% in favour. Exxon shareholders came in at 38% in favour. Support does seem to be growing but the executive and directors remain off the hook - for now.
The number of shareholders supporting the climate-risk measures “is significant, and it will continue to grow,” said Beth Richtman,investment manager at the California Public Employees’ Retirement System, which manages about $290 billion. Calpers owns about $1 billion worth of Exxon shares and approximately $600 million in Chevron stock.
“There’s a groundswell of share owners who are going to keep pushing this forward,” she said. “We need to see them rise to the realm of best practices in terms of climate risk reporting, and we’re not there yet.”
While the shareholder votes aren’t binding, supporters of the measures declared victory even in defeat after the oil companies’ annual shareholder meetings Wednesday.
“You have to read this as a shot across the bow of the industry,” saidAndrew Logan, director of the oil and gas program at Ceres, a Boston-based nonprofit group that advocated for the proposals.