US regulator lets Exxon block shareholder vote on climate proposal

The SEC said the company is not required to let stockholders vote on a proposal that it disclose objectives for greenhouse gas emissions

Business Finance

Securities regulators will allow oil monster Exxon Mobil to block stockholders from voting on a proposal that the company disclose goals for reducing greenhouse gas emissions.

Activist investors led by the New York state comptroller pushed relevant proposals, which urges Exxon to set annual targets in line with goals decided by the 2015 Paris climate agreement.

Exxon expected the Protection and Exchange Commission in January for permission to barroom the relevant resolutions.

On Tuesday, the SEC’s corporate-finance division notified both sides that it has not been able to recommend enforcement action against Exxon if the company keeps the item off its annual shareholder fulfill in May, a green light for Exxon to drop the matter.

An SEC lawyer says the policy measures would “micromanage” the company and supplant the judgment of Exxon both managers and directors.

Environmental activist investors crave Exxon to be more accountable over climate change.

Read more: https :// www.theguardian.com/ business/ 2019/ apr/ 02/ us-regulator-exxon-block-shareholder-vote-climate-proposal

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