- Proposals for Exxon Mobil (XOM -0.1%) and Chevron (CVX +0.3%) to nominate directors with climate change expertise, set greenhouse gas targets and compile reports on minimizing fracking risks are among resolutions being voted on today as the two biggest U.S. oil companies hold their shareholder meetings.
- Climate proposals regularly surface at oil company annual meetings, but today will mark the first time shareholders at XOM will vote on adding an independent climate expert to the board; the measure also will be considered at CVX's meeting after being rejected by an average of 77% of votes cast in previous years.
- The companies oppose all the measures, and none are expected to pass; support for a resolution urging XOM to set goals for cutting greenhouse gases may even decline from last year's 20%, thanks to an about-face by investor advisory service ISS that supported the proposal last year but this year has urged a no vote after saying XOM already discloses sufficient emissions data.