Environment For the first time, majority of shareholders push oil giant Chevron to align with Paris climate pact

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  1. tom_mai78101

    tom_mai78101 The Helper Connoisseur / Ex-MineCraft Host Staff Member

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    Proposals by the Climate Action 100+ investor signatories calling on major oil and electric power companies to disclose lobbying activities and improve governance on climate change earned record support during the latest shareholder proxy season.

    Notably, a 53% majority of shareholders at Chevron Corp. CVX, -4.15% voted for a resolution seeking a commitment from the oil giant to align its climate-policy lobbying activities with the goal of the Paris Agreement, an international voluntary effort that aims to keep global average temperature rise to below 2 degrees Celsius, and ideally limit it to 1.5 degrees.

    Filed by Climate Action 100+ investor signatory BNP Paribas Asset Management, this was the first climate-related proposal ever to win a majority of Chevron shareholder votes and it was the only proposal on Chevron’s 2020 proxy ballot that won a majority, Climate Action 100+, a group of more than 450 leading asset managers, pension funds and others with a combined $40 trillion in assets, said in a Tuesday release.

    “This landmark vote at Chevron signals an evolution of investor concerns about corporate lobbying activities. Lobbying that is inconsistent with the goals of the Paris Agreement presents a direct threat to our portfolios, our economies, and our clients,” said Adam Kanzer, head of stewardship for the Americas, BNP Paribas Asset Management, the lead sponsor of the proposal.

    Read more here. (Market Watch)

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