Climate resolutions are not getting the support they deserveAt this year’s annual shareholder meetings major oil companiesCompanies and investors decide that tight energy supplies are more important than climate concerns.
Major oil companies have Many climate resolutions can be easily defeatedAfter last year’s string of hostile votes, shareholder activists brought these items to this year’s annual general meeting.
Follow This, a Dutch activist shareholder organization, received support for its climate resolution at BP (BPThis week’s meeting: From 21% a Year Ago, it has fallen to 15%, lamenting that “Big Oil” has convinced some investors that the energy crisis outweighs the climate crisis.
88% shareholder support was given to BP’s first ever advisory vote on its energy transition plan.
Only 42% cast at ConocoPhillips’ (COPAfter 58% voting in favor of a similar measure last year in a non-binding resolution, a majority of the delegates at this week’s meeting supported stricter emissions targets.
Recent weeks have seen Just 17% of shareholdersOccidental Petroleum’sOXY) annual meeting backed a Follow This climate proposal, and 16% supported a resolution asking Marathon Petroleum (MPC) to report on how its energy transition plans affected workers and communities.
Investors could also be reacting to the additional details oil companies have provided about their transition plans, Neuberger Berman’s Caitlin McCSherry told Reuters.
BlackRock (Another development this week)BLKIt is ( Support unlikelyShareholder resolutions to limit oil and natural gas investment “as they are not consistent with our clients long-term financial interests.”
Three Exxon board member were thrown out of the company’s board last year. Unknown activist investor Engine No. initiated shock vote 1.