Proposal Passed

Demand ExxonMobil Disclose Climate Related Risk in its Fossil Fuel Expansion

ExxonMobil Corporation is one of the largest publicly traded international oil and gas companies operating worldwide, one of the largest chemical companies, and the world’s largest refiner and marketer of petroleum.
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We are delighted to announce that this proposal was passed with a 51% majority vote at the 2022 AGM.

The company continues to explore for new oil and natural gas on six continents despite its acknowledgment of climate change-related risk. ExxonMobil’s Chairman even stated, “Few would disagree that one of the most urgent societal challenges we face today is addressing the risks of climate change.” As such an expansive company with global impact, ExxonMobil must be held accountable for its continued development of new fossil fuel resources without adequate climate impact disclosures and measures to reduce greenhouse gas (GHG) emissions.

Our Goal

Our goal is to support As You Sow’s proposal to ExxonMobil by launching a campaign that allows individuals to invest in a more sustainable future and hold ExxonMobil accountable for its continued development of new fossil fuel resources without adequate climate impact disclosures and measures to reduce GHG emissions by voting at the company’s next shareholder meeting. Investors owning stock as of 1 April, 2022 are eligible to vote at this year’s AGM. The proposal requests that ExxonMobil's Board of Directors seek an audited report assessing how applying the assumptions of the International Energy Agency’s Net Zero by 2050 pathway would affect the assumptions, costs, estimates, and valuations underlying its financial statements, including those related to long-term commodity and carbon prices, remaining asset lives, future asset retirement obligations, capital expenditures, and impairments. A “win” would result in ExxonMobil being required to publish this audited report by February 2023, supported with reasonable assurance from an independent auditor.

Why It’s Important

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How Tulipshare works
We identify opportunities for ethical change at public companies
These opportunities are identified through our own research analysts and the community we’ve built at Tulipshare. We then work with our legal team to verify and build our campaign.
We work to acquire company shares so that we can engage as an investor
Unfortunately, there’s a minimum investment threshold to be able to vote and propose changes at public companies. That’s why we created Tulipshare - so that we can unify the investing power of like-minded individuals to drive change from within.
We leverage the collective shares of our investor community
Once we acquire enough shares, we start discussions with the company to promote ethical change. This isn’t always easy and the company may object to our requests. However we keep our investors informed of progress and all communications - so you’re aware of what’s happening every step of the way.
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