ExxonMobil investors show record support for climate change resolution.

• Author: Mastny, Lisa
• Position: ENVIRONMENTAL INTELLIGENCE

In May, shareholders of ExxonMobil Corp., the world's largest energy company, gave record support to a resolution seeking greater corporate analysis and transparency about the financial risks posed by climate change. The first-year resolution, asking the company to disclose plans for how it will contribute to meeting greenhouse gas (GHG) reduction targets in countries participating in the Kyoto Protocol, received 28.3 percent of shareholder votes, representing 1.5 billion in shares with a market value of about $83.3 billion.

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The resolution was filed by members of the Interfaith Center on Corporate Responsibility and backed by several U.S. and European institutional investors, including the California Public Employees Retirement System public pension fund, the London Pensions Fund Authority, and Institutional Shareholder Services, a key investment advisor on proxy voting issues.

With few first-year resolutions making it into double digits, or even past the quartile mark, the vote was a success for shareholder activism. "Today's vote sends a loud and clear message that shareholders want and deserve more action from ExxonMobil on the climate change issue," said Mindy S. Lubber, president of Ceres, a coalition of investors and environmental groups that helped file the resolution. ExxonMobil has vigorously denied the broad scientific consensus...