ExxonMobil shareholders on Wednesday supported a measure calling on the oil major to lay out how a rapid global shift away from fossil fuels would affect its finances, according to the Financial Times (FT).
The vote, which was supported by 52 per cent of shareholders is seen as another victory for climate campaigners against America’s most valuable oil company, a year after an activist hedge fund won three seats on its board, the FT said.
The measure requires ExxonMobil to publish an audited report setting out how the International Energy Agency’s modelling for a net zero economy by 2050 would impact the “assumptions, costs, estimates, and valuations” underlying its financial statements, FT said. The report said that Exxon’s management had urged shareholders to vote against the measure, arguing the information was already readily available.
