Exxon Mobil (NYSE:XOM) must include a climate change resolution in its annual shareholder proxy, and cannot keep a proposal spearheaded by New York state's comptroller from a full shareholder vote at the company's annual meeting in May, the SEC rules.
If approved, the proposal would force XOM to outline specific risks that climate change or legislation designed to curb it could pose to its ability to operate profitably.
XOM had argued the proposal was vague and that it already publishes carbon-related information for shareholders, but the SEC determined XOM's efforts do not go far enough.
New York state Comptroller DiNapoli, who oversees the state's $178B pension fund, calls the SEC's decision a "major victory" for shareholders.
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