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(Reuters) – Two shareholders of Exxon Mobil Corp announced Friday that they would not support the re-election of all ExxonMobil directors at the company's annual meeting because of the "inadequate response" by the US oil company to climate change.
The Church Commissioners for England (CEC), the Church of England Endowment Fund, as well as the Controller of the State of New York, Thomas DiNapoli , which manages the state pension fund, have also urged other shareholders to vote in favor of an independent chairman.
ExxonMobil's inadequate responses to climate change indicated that its board of directors was not functioning effectively due to the absence of an independent chairman, said the two shareholders in a paper.
Exxon Mobil did not immediately respond to a request for comment. A spokesman for DiNapoli declined to comment immediately on Friday.
This statement comes after the Securities and Exchange Commission announced earlier in April that Exxon Mobil was not obliged to let investors decide on a shareholder proposal inviting the company to fix targets for emissions beginning next year.
Exxon had described the resolution as misleading, implemented substantially and was attempting to interfere in its management responsibilities.
The proposal, which would have asked the oil company to set emission targets "aligned with the greenhouse gas reduction targets set by the Paris climate agreement," was rejected by the Securities and Exchange Commission of the United States.
(Report by Akashdeep Baruah and Philip George at Bengaluru and Gary McWilliams in Houston, edited by Stephen Coates)
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