By Karen Savage
The Covid-19 crisis moved oil companies’ annual meetings online this year, but that didn’t prevent shareholders from pushing companies to address climate change. Here’s a quick look at how some of 2020’s climate change-related proposals fared:
BP shareholders withdrew a resolution asking the company to disclose how it plans to reduce emissions in order to align with the Paris Agreement. That came after the company agreed to work with investors to draft and submit a similar proposal to be voted on in 2021.
Chevron shareholders passed a resolution asking the company to disclose its local, state and federal lobbying activities and expenses. The proposal included indirect lobbying through trade associations as well as payments made to tax-exempt organizations that write or endorse legislation.
Investors, however, rejected a proposal to create a board committee to evaluate the company’s climate strategy and to better inform board decisions on climate risks and opportunities. They also failed to pass a resolution asking the oil company to evaluate and disclose the public health risks of expanding petrochemical operations in areas increasingly prone to climate-driven sea level rise, storms and flooding.
Also voted down was a resolution asking the company to disclose its lobbying activities and expenses, including indirect lobbying through trade associations. Shareholders also declined to approve a resolution asking the company to report on the human rights impacts of its operations.
The Securities and Exchange Commission allowed the company to avoid voting on proposals requesting the company disclose if and how it plans to align its operations, investments and emissions—including Scope 3 emissions released by the burning of its products—with the goals of the Paris Agreement.
ConocoPhillips and Devon Energy were allowed by the SEC to avoid voting on similar proposals, which requested the companies disclose plans to align its operations, investments and emissions—including Scope 3 emissions released by the burning of its products—with the goals of the Paris Agreement. Royal Dutch Shell shareholders rejected that same proposal.
Dominion Energy was allowed by the SEC to omit voting on a proposal asking the company to disclose how it is managing the risk of stranded natural gas infrastructure and assets.
Duke Energy investors voted down a proposal requesting the company disclose its lobbying activities and expenses, including indirect lobbying through trade associations, as well as a proposal asking the oil giant to disclose its political contributions.
Exxon shareholders rejected a proposal asking the company to conduct a “greenwashing audit,” which would have disclosed the amount it has spent on public relations and advertising campaigns intended to bolster its public image.
Investors voted down a proposal requesting the company disclose its lobbying activities and expenses, including indirect lobbying through trade associations, as well as a proposal asking the oil giant to disclose its political contributions.
A proposal asking the company to evaluate and disclose the public health risks posed by the expansion of its operations in areas increasingly prone to climate change-induced storms, flooding and sea-level rise was rejected, as was a proposal to split chairman and chief executive officer Darren Woods’ role into two separate positions. Proponents of that proposal say the combined position is hampering progress on climate change.
The SEC allowed the company to block voting on proposals requesting the company disclose if and how it plans to align its operations, investments and emissions—including Scope 3 emissions released by the burning of its products—with the goals of the Paris Agreement.
JP Morgan Chase & Company shareholders by a slim margin defeated a proposal asking the company to disclose if and how it plans to reduce the level of greenhouse gas emissions associated with its lending activities as outlined in the Paris Agreement.
Phillips 66 investors narrowly approved a resolution asking the company to disclose the public health risks posed by the expansion of its operations in areas along the Gulf Coast which are increasingly prone to increased storms, flooding and sea level rise due to climate change.
Investors of the Southern Company and XCel Energy rejected a proposal asking the company to disclose its local, state and federal lobbying activities and expenses, including indirect lobbying through trade associations and payments made to tax-exempt organizations that write or endorse legislation.