Oil giants ExxonMobil and Chevron will hold Annual General Meetings (AGMs) today. Investors in the companies will push them to tackle climate change within their businesses by proposing climate resolutions at the AGMs. The Asset Owners Disclosure Project (AODP), which rates the world’s 500 biggest investors on their success at managing climate risk, and jointly run Vote Your Pension, the biggest global shareholder engagement campaign, say the resolutions could result in big changes in the industry.
Julian Poulter, CEO of AODP, said: “This is a seminal moment in the low carbon transition. The Exxon and Chevron resolutions show how investors are waking up to climate risk and driving big oil to change.
“Exxon is facing a record nine climate resolutions and a record number of funds with assets worth $10 trillion have announced they will vote for climate risk disclosure. A vast majority of the world’s largest 1000 pension funds have been contacted by their own members to urge them to vote against the Exxon and Chevron board.
“A strong vote for climate risk disclosure today could signal the end of investor support for Exxon and Chevron’s oil based business model and start their transformation into diversified energy companies. This really is the opportunity for investors to turn big oil into ‘big clean’.”