The Interfaith Center on Corporate Responsibility, shareholder activists of the corporate God-fly variety, are gearing up for the May 25 ExxonMobil Corporation annual general meeting. The ICCR agenda isn’t about maximizing shareholder value, but seems far more intent on reducing it.
For the record, your writer possesses no financial stake in ExxonMobil, but if he did it’s certain he’d be upset mightily at ICCR’s efforts to hobble the industry giant and send stock prices plummeting even further. The religious-left activists of ICCR have submitted seven proxy resolutions aimed at ExxonMobil this season. Aiming to protect the interests of all its investors, the company challenged the resolutions, but was overruled by the U.S. Securities and Exchange Commission. According to the ICCR website:
Included in this group of resolutions are calls for greater disclosure of lobbying activities that may be tied to the types of climate change denial campaigns currently under investigation, as well as a call for board expertise on environmental issues and a resolution asking that the company acknowledge the “moral imperative of limiting global warming to 2 celsius”, the threshold participants at the COP21 climate talks agreed could not be exceeded if we are to safeguard our planet’s future. Another resolution asks that the company assess the risks of their carbon assets within the context of this carbon-constrained future.