Shareholders have significantly dropped their support for climate-related proposals at US oil majors ExxonMobil and Chevron. Votes for the Follow This climate resolution to introduce Scope 3 emissions reduction targets fell to 11% at ExxonMobil from 28% last year, and to 10% at Chevron from 33% in 2022. Founder of Follow This Mark van Baal said: “It’s incomprehensible that most investors still accept the US super majors’ refusal to cut emissions this decade.” Preliminary proxy voting results also show that just only 1.6% of shareholders at Exxon and Chevron voted in favour of establishing a new board committee on decarbonisation risk, and only 5.2% at Exxon supported a proposal for an additional carbon capture and storage and emissions report. At Chevron a modest 18.6% of shareholders voted in favour of a proposal to report on worker and community impact from facility closures and energy transitions. Further, 18% of shareholders at Exxonand Chevron voted in favour of resolutions calling on them to disclose the role of asset transfers in their reported greenhouse gas emissions reductions.
