No sooner does one proxy resolution season end, it seems, then another begins. The religious shareholder activist group As You Sow has announced last week it will continue to push proxy resolutions at Exxon Mobil Corporation in 2015. If there’s any doubt what stance they’ll take, those doubts should be allayed by As You Sow’s presence at last weekend’s Climate Summit at the United Nations:
The world will be watching, and this is a time to stand up and be counted. As You Sow will be there to march and stand up for the voice of investors. We invite you to walk with us, raising our voices together against climate risk, for a sustainable future, and a strong economy.
What exactly is meant by AYS’s assertions for climate risk, sustainability and a strong economy? In a Sept. 12 press release, the shareholder activists reference a recent report by Carbon Tracker Initiative, a London-based nongovernmental organization in which ExxonMobil is accused of “understating climate-change risk to investors.” CTI’s agenda is to reduce the use of fossil fuels, of course, but over the past several years they’ve presented a new wrinkle to the argument. It seems that – if successful in their renewable-energy mandates and carbon caps – ExxonMobil investors will be left holding an empty sack as a result. According to AYS and Arjuna Capital, another group of progressive investor activists:
ExxonMobil is underplaying the risks presented to its business and investors by the need for international action to prevent climate change, according to a new report.