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

tom_mai78101

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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.

 
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