Edward Mason, Head of Responsible Investment for their Church Commissioners, said "With declarations of support for this resolution now in from investors with over $8trn in assets, and the backing of both main proxy voting advisors, it is clear that our concerns about Exxon's approach to climate risk are very widely shared. We hope that this vote will be the moment when shareholders give an unequivocal signal that, following the Paris Agreement, the time for climate risk reporting has arrived."
The resolution was co-filed by the Church Commissioners for England and New York State Comptroller Thomas P. DiNapoli as Trustee of New York State Common Retirement Fund. It asks Exxon to disclose how resilient its portfolio and strategy would be if policy measures to restrict global warming to 2 degrees, as agreed in Paris in December 2015, were successful. It is one of a number of climate-related resolutions that ISS and Glass Lewis have indicated their support for at Exxon this year.
The resolution will be put before ExxonMobil's AGM on 25 May. A resolution with the same request on portfolio resilience has been co-filed at Chevron by Wespath Investment Management and Hermes EOS, again for voting on 25 May.
Notes to editors
The wording of the resolution, item 12 on Exxon's AGM ballot, is available here: http://www.ceres.org/investor-network/resolutions/exxon-carbon-asset-risk-2016.
The full list of investor supporters, updated on a rolling basis, is available here: http://www.ceres.org/issues/carbon-asset-risk/investor-support-of-portfolio-resilience-resolutions.
Exxon's AGM papers are available at the following address: http://ir.exxonmobil.com/phoenix.zhtml?c=115024&p=irol-asm.