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 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